Getting Deals Before The Nod Is
Filed
By Herschel Bentley
The author has permitted the reprinting and redistribution of this
article.
You may have heard in the past that the value is in the list. Well,
when it comes to being the first in line to talk with homeowners about
buying their home via short sale or helping them doing a loan
modification then mortgage late leads are the only game in town!
A homeowners interest in selling or restructuring their mortgage loan
peaks and is never more urgent for resolution than when they have
fallen behind in their mortgage payments. Once they have fallen behind
the increased collection calls can become a nerve wracking experience
for most. This happens long before any notice of default filing has
been started.
So, if the homeowners urgency for making their mortgage problem go away
increases as their situation deteriorates, it only makes sense the
sooner you, the investor, can move in to help cure the problem, the
better.
Once a mortgage is 30 days past due about 20% of the homeowners know
that their ship is sinking and they simply have no way of making that
up.
At the 60 day past due mark then half or 50% do not have the capacity
to catch up. At this point, most are realizing that even if they could
catch up, due to the current market conditions it may be best to look
at other alternatives.
When a homeowner becomes 90 days past due there is an 80-85% certainty
all is lost unless they get outside help through loan modification or
selling the house. Most sales under the current market conditions have
a short sale possibility.
Under most circumstances a notice of default at the earliest stage
isn’t filed until the mortgage is 120 days past due. At that
point the troubled property becomes public record and the homeowner is
bombarded with offers from investors and realtors alike.
These homeowners that have gotten 30, 60 or 90 days past due are a
literal gold mine to those that can get their hands on them. Therein
lies the problem, list companies provide these leads but they carry
stringent disclosure and mortgage licensing requirements, put in place
by the credit bureaus, that the average investor, realtor nor loan
modification specialist can meet.
There are but a few places where these leads can be found and pricing
can be prohibitive gusting over a buck a lead or requirements to get a
minimum of 5000 leads. Either way this can be tough to stomach for a
lot of investors.
So, when saying “the value is in the list” truly
sums up these kind of leads. Investors that market to these on a
consistent basis have found a steady stream of motivated sellers long
before the average investor even knows anything about it.
Needless to say, when you have a steady stream of motivated prospects
coming your way you’ll see that profit margin keep going up
and up!
Herschel Bentley is an avid investor, along with 28 years of mortgage
and credit experience. Find out more at
httpwww.my306090list.com
If
you would like to take advantage of the market and learn how to invest
in real estate and you are local to the Dallas Fort Worth area, I know
a really great teacher and mentor here in Arlington Texas. Please take
a look at his web site: DennisJHenson.com,
Dennis has a great Mentoring and training program, I know because I am
one of his former students. I learned a lot from his one on one
teaching technique. - Michael Harman 817-457-7572
mchfun.business@gmail.com
http://www.biggerpockets.com/articles/