How to Market Ahead of Lis Pendens
Frequently I will get inquiries about how to market clients that are late on their note, but have not incurred an official Notice of Default. Their essential interest is that the Lis Pendens lists that they are using for selling are not converting well for them. The cause those listings tend not to close advantageously is because once the client info becomes public they are stuffed with phone calls and mail. The next largest matter is that many times once an Notice of Default has been announced, the client may have already vacated the property.
The good news is that there is a way to market the borrowers when they are only 30-60-90 days past on their mortgage. We obtain this pre-foreclosure list from the credit bureaus because deed lenders will report to the authorities when a borrower misses their note payment. By targeting clients in this position they are perfect for short sale leads. The borrowers have just missed their 2nd or 3rd note payment and they need to make a determination shortly if they want to be able to salvage their house and credit. It is now time for you to make contact and educate the client about the prospective benefits to enter into a short sale transaction.
