Obtain Loan Modification Leads

There are several ways to seek out and obtain loan modification leads. Everyone now needs help with their home loan but banks are not willing to work a deal out with anyone until they get behind and their credit is seriously impacted. For most companies that deal in loan modification, getting qualified and credible leads is a challenge. Many have no money to help with a modification and even worse, many are not even behind they are just worried about their principle being wiped away. To find a qualified client, companies have to discern both a genuine hardship exists and there is enough liquidity to pay for the service and the new loan.

Most banks are not ignorant to the current situation and modifying loans is a viable option to foreclosure and other methods of loss mitigation. When a borrower starts defaulting on a loan and goes 30 and then 60 days late, modification and mitigation firms play a huge role in preventing a notice of default (NOD) from being issued. The loan modification leads that work best seem to be those that catch homeowners right before the NOD is filed or right after it's filed and before it becomes public knowledge.

Having a foreclosure mark on your record will open you up to all kinds of predators and lenders. It's public information first off, which means investors, equity skimmers, and other foreclosure prevention "specialists" will be knocking on your door. As a loan modification firm, having first strike advantage is key, especially if you can isolate those borrows you can actually help verses those that may need or want help but simply can't qualify or pay for your services. Most loan modification leads fail in this department and that is why there is such a huge demand for quality leads. Knowing for instance the likelihood of someone wanting to stay in their existing home is huge. For example, we have clients that will target those with high equity because all of these borrowers do not want to lose their home and will do whatever it takes to modify the loan.

Having a customer on your side is critical. When dealing with a borrower that is unsure of whether they want a short sale, loan modification, or to simply work it out think about what your goals are and who you want first.

Pulling no equity will likely draw a short sale customer - is that what you want? Targeting homeowners 90 or 120 or 150 days late may be too late for a modification. All of these issues are critical when developing the right set of loan modification leads.