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Identifying Distressed Homeowners 30, 60, 90 Or 120 Days Past Due On Their Mortgage Payment

There are a plethora of sources to obtain pre foreclosure lists, but what they generally have in common is they are public record information, compiled after the lender has served the Notice of Default (NOD) or Lis Pendens, legal instruments which begins the foreclosure process. 

While very inexpensive or sometimes free, the drawback to these lists is that because they are in the public domain, they are used over and over again by the masses. The homeowners on these lists are inundated with solicitations from REALTORS, investors, bankruptcy attorneys, credit repair firms, and other parties that are competing for the same crowded mailbox space. 

By using "soft" credit data, you can eliminate the bulk of your competition by pinpointing exactly which homeowners in your area are 30, 60 or 90 days late on their mortgage payment. Since this data is insider information obtained when the lender reports a delinquent payment to a credit bureau, it is not public record information that everyone else has access to. Armed with this early, accurate and exclusive credit bureau data, you can be the first to reach out to financially troubled borrowers at the first sign of hardship. By reducing the bulk of your peers and being the first to reach sellers and lenders, you can get ahead of the curve and get more consummated short sale transactions. 

Select troubled homeowners by zip code, how far behind they are, mortgage balance range, and number of mortgage liens. Refine the search by percentage of equity, loan type, credit score and myriad other attributes to put your message of hope and solutions in front of your most qualified prospects. 

How many struggling borrowers are falling behind in your area? You can get a free area analysis by requesting a quick count

 

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Comment by David J. Bellovary on April 23, 2011 at 9:28am
Excellent ideas, Jim.  Thanks for the advice!

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