Loss Mitigation Leads

Marketing to Homeowners With Late Mortgage/Pre-Foreclosure Status

Foreclosure And The Public

Some homeowners have a million dollar home with million dollar home payments. Nothing new right? Well what if it's in a newly depressed area appraised for $180K.

Troubled or Late homeowners are now paying more than their homes are worth and when they see a direct mail marketing piece that may help them out of the jam they are in, well this is something they will read. Many will pay for years as they watch the value going down. Vacant properties scarcely are treated to the needed upkeep. And Lenders spent their time bustling to contact newer failing borrowers. This is America, this is today.

Subprime borrowers are no longer the only possibility when it comes to foreclosure. Who hasn't felt the loss of jobs. Who didn't take a loss when questionable conduct tapped-out corporate funds. Thousands of Homeowners go into foreclosure every single day. The point being that not all home losses originate from low-income borrowers. Slipping appraisals in previously inhabited neighborhoods are a bane on overwhelmed budgets.

What Can The Industry Provide

The answer is Loss Mitigation. Loss Mitigation Telemarketing works to keep homeowners in their homes. Working under a new scrutiny Loss Mitigation attempts to preserve Mortgage Loans. Any percentage of success on this issue is great for our country.

Special programs, initiatives and a range of services come under the Loss Mitigation umbrella. In most states every stage of deliquency is getting a fresh unrestricted direction. Lenders are looking at their portfolios again as they hire new staff. And curious Home Owners are becoming aware of a new financial gestalt.

Some of the programs that come under The "Loss Mitigation" Category:

  1. Cash For Keys: the lender will pay the homeowner to vacate.
  2. Deed in Lieu: The Homeowner gives another collateral to get out of the Mortgage.
  3. Forbearance: The Lender will allow the homeowner to make a smaller payment or no payment for a time after which repayment is planned.
  4. Loan Modification:the mortgage is modified and both lender and homeowner are bound by new conditions.
  5. Partial Claim:An FHA and HUD program where the homeowner gives a promisary note for an interest free loan.
  6. Short Sale: the borrower is allowed to sell the home at the market rate when the lender reduces the principal balance.

A Good Loss Mitigation Prospect needs to be available to borrowers at risk. Presently, lenders are having a hard time identifing a failing homeowner.The industry average in catching the troubled loans is 75% when borrowers are contacted. This is the perfect time to send out a Consumer Debt Leads Mailer. A Mailer can answer the questions and direct the response in this asset recovery process.

Call today and speak with an RM Consultant who can help to put you in touch with Late MortgageLeads.

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