Frequently I will get questions about how to market clients that are late on their mortgage, but have not received an formal NOD. Their main interest is that the NOD lists that they are using for marketing are not converting well for them. The reason those listings tend not to convert well is because once the borrowers information goes public they are inundated with phone calls and mail. The next largest matter is that many times once an Notice of Default has been delivered, the client may have already abandoned the dwelling.

The good news is that there is a way to market the borrowers when they are only thirty, sixty or ninety days late on their mortgage. Our operation has the ability to get lists of clients as they have missed a payment, instead of once an Lis Pendens has been published. If you contact a client at this stage, they become ideal candidates for a short sale. At this point in time they are down one or two payments and are at a important decision making stage affecting whether or not they are going to make an effort to save their house. It is up to you to facilitate these clients to make that decision and show them the benefit of a Short Sale or Loan Modification.