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Short Sale & Loan Modification Leads – Distressed & Delinquent Homeowners
Marketing to delinquent homeowners is tricky. The goal is to generate a response that is ready to work on either a short sale or loan modification or something in-between to avoid foreclosure. There are many options out there but avoiding foreclosure is the most important and in most cases achievable if you can approach the homeowner at the right time. Black Book Data provides daily and weekly updated sources of delinquent homeowners via the Credit Bureaus and Public Records sourced data.
Below is a comparative chart showing the different criteria that we can pull from several of our Credit Bureau and Public Record sources. As you will notice, each source can pull different attribute.
Attribute Table For Short Sale & Loan Modification Leads.
| Criteria (Selects) |
Credit Bureaus |
Public Records |
| Credit Score |
Yes |
No |
| Original Loan Amount |
Yes |
Yes |
| Lender Name |
No*** |
Yes |
| Current Loan Balance |
Yes |
No |
| Interest Rate |
No*** |
Yes |
| Age of Most Recent Mortgage Loan |
Yes |
Yes |
| LTV (Equity %) AVM & historic adjusted CLTV |
No* |
Yes |
| Original Home Sale Amount |
No*** |
Yes |
| ARM Adjustment Date |
No |
Yes |
| # of HELOC and Balance of HELOC |
Yes |
No |
| Current Delinquencies (30, 60, 90, 120, 150+) |
Yes |
No |
| Foreclosure Filings (Notice of Default/Trustee Sale) |
No |
Yes |
| Monthly Mortgage Payment |
Yes |
No |
| Other Revolving and Installment Debt |
Yes |
No |
| # of Mortgage Trades |
Yes |
No |
| Loan Type |
Yes |
Yes |
| DNC Phones |
Yes |
Yes |
| Additional Criteria Available - Call 888-818-3282 today for answers on your specific attribute questions. |
Yes |
Yes |
*Equity can be a % of the paid down loan balance but is not overall the most reliable indicator
*** Certain Credit Bureau data providers have allowed us to overlay these variables into a file that also includes credit score, loan balance, interest rate type, etc… Not all bureaus however provide this information.
Contact us today for a detailed report for your specific needs. We also offer turn-key direct mail including postcards and self-mailers for short sale, loan modification, and foreclosure avoidance. We can tailor your mail piece to your specific design specifications as well as track and record the calls to help you train your team for better conversion. Industry News and Articles
Reverse Mortgage:
Putting Your Direct Mail in High Gear
By John Rooney, October 2011
Looking for a proven way to capture your fair share of the reverse mortgage market? If you haven't already, it's time to put these simple, yet highly effective methods to work for you: identify the right target, develop a compelling mail piece, and build a test campaign to fine tune the best long-term approach.
1: Identifying the Right Target:
The obvious is a given: homeowners 62+ with equity. But you have to look deeper than that. What is it that will motive these seniors to take action? The common answer is money. Perhaps it's their personal debt that needs addressing: are they piling up debt in exchange for making their monthly mortgage payments? Or worse, are they paying late on their mortgage every month just to maintain their lifestyle? Both of these attributes can easily be included the mail list criteria, and should be addressed in the content of the letter as reasons to respond (more on that below).
2) Developing a Compelling Mail Piece:
As mentioned, you need to address the homeowners need for money, either as a lump sum, or monthly cash payments. Emphasize how it can be used to pay off debt, healthcare expenses, or even stop a potential foreclosure on their home. It's also important to stress that they can free themselves from the burden of monthly mortgage payments, and they can still retain the right to will their home to anyone they wish (i.e. family members).
Seniors are also especially cautious about being taken advantage of, and mortgage offers can be confusing. Try offering a free information packet that they can read on their own terms, on their own time. Also, consider a free $50 gift card call as an added incentive to ask for the free information (as always, some restrictions apply).
3) Set-Up a Test Strategy:
So, what is the key motivator to get people to pick up the phone and call? Is it the need to pay-off debt? Or perhaps it's to address their struggles to pay the monthly mortgage payment. The answer is that it all depends. Remember, marketing, and direct mail in particular, is just as much of an art as it is a science.
That's why setting up a test campaign is a smart way to demystify the process and gain valuable knowledge to what's working, or what may be under-performing. I recommend at least an A/B test using two separate list criteria: one with credit card debt, and one with late mortgage payments. The letter can be the common fixed variable. Once the best performing list is identified, a second test can be used with two different letter versions. Over a short period of time, you will know the right combination to use for generating the best possible results going forward.
Getting Started
If you're ready to put your direct mail campaign into high gear, call me today for a free 15 minute consultation. I'll help you identify the right targets, develop a compelling mail piece, and set-up a winning test strategy to maximize your success!
John Rooney
Senior Marketing Consultant
www.blackbookdata.com/html/john_rooney.php
Toll Free: 888.818.3282 x105
Direct: 858.240.7848
Cell: 858.761.3003
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