How to Market Ahead of NOD
I receive calls each day from Realtors that inquire how they can get in contact with clients that are presently 30,60,90 days late on their note and have not received a Notice of Default yet. Their essential interest is that the NOD lists that they are using for selling are not closing well for them. Most of the time low closing ratios are attributed to the information going public at a particular period. In which event the market gets inundated with telephone calls, mail and fliers. Some Other reason is that most of the time the client is so far along in the foreclosure process they are already half way moved out and have given up on keeping their house or credit.
The good news is that there is a way to contact the clients when they are only thirty, sixty or ninety days past on their mortgage. We pull this pre-foreclosure list from the credit bureaus because mortgage lenders will report to the agencies when a borrower misses their mortgage payment. By targeting borrowers in this situation they are perfect for short sale leads. The borrowers have just neglected their 2nd or 3rd note installment and they need to make a decision before long if they need to be able to preserve their property and credit. It is up to you to serve these borrowers to make that decision and show them the benefit of a Short Sale or Loan Modification.
