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| Pre-Foreclosure Leads in Load Modification |
Written by Anita Knight
< Back to more of Anita's articles.
If your company is involved in loan modification or loss mitigation pre-foreclosure data is a necessity for your marketing. A list broker can provide you with a variety of data and/or leads. They should have access to TV and internet generated live transfers, internet inquiries, aged loan mod leads and credit bureau data.
The best prospects for a loan modification mailing are people that are currently 60 and/or 90 days late on their mortgage. These consumers need a way out of their predicament and want to save their home.
In addition to late mortgage payment filters for loan modification data, you should target consumers that owe enough money on their home to so that they are qualified prospects for your service. These can be filtered by mortgage balance or monthly mortgage payment.
Marketing for pre-foreclosure leads of homeowners or absentee/ non owner occupied homeowners is a tough pill for most lead and list companies. There are a couple of options when trying to target late homeowners that are dealing with investment properties.
First, pull homeowners with 3 or more mortgage trades that are 30-90 days late on their mortgage. This guarantees that a homeowner is a valid pre-foreclosure lead and that they own more than one residence. In order to make sure this file is valid, you will need to select that the homeowner is late on all of their mortgages but even just being late on one or two trades may be good enough for your product or service.
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Second, pull a file of non-owner occupied homeowners with LTV over 100%. This guarantees that the homeowner is underwater and will need help. This file is easier to obtain because there is no credit based information on the file so it is not going to require a lender license or credit disclaimer on the marketing piece.
Both of these options work well. In the first case, the universe is much smaller because credit information and late mortgage information is not as prevalent as title information found at the courthouses. In the second case, an approximation of LTV and a knowledge that the property is non-owner occupied. Both have their merits and both should be tested depending on your goals with generating pre-foreclosure leads.
Develop a rhythm when marketing with pre-foreclosure leads. All too often customers are unwilling to pull enough data or pull frequently enough to get the most up to date and freshest pre-foreclosure leads. If you work in an area and have history there, it's imperative that you obtain the freshest up-to-date data every month.
Only companies that consistently mine the same area over and over, pulling fresh data month in and month out have had success with pre-foreclosure leads. The reason is simple... homeowners see a plethora of offers and they are going to pick the offer that comes early and that is effective. If you are the 10th offer for the same service, even if your product is better it will be overlooked...
Timing is also key to set up a predictable result... this will help you test mail copy, test other pre-foreclosure leads vendors, and ultimately give you a powerful advantage over your competition because your marketing is on 'auto-pilot'...
With pre-foreclosure leads, you are piecing together the best way to reach new homeowners just coming over that edge of uncertainty and they are looking for alternatives to their dire situation. All you have to do is stay consistent and fine tune your closing and you will not only have great response but great conversions.
Give us a call today or fill out the inquiry form and we will contact you during normal business hours. For more information on pre-foreclosure lead attributes, click here.
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"Aaron we sent out 15,000 mailers and received over 600 calls, that is over 4% response!"
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