Is it time for prospecting to homeowners in distress? It looks like it.
According to Mortgage News Daily now that the moratorium on foreclosures has been over for 3 months, foreclosure filings are increasing.
Notice of default filings are on the rise…
Filings were up 5% in October compared to September, with 20,587 properties subject to a default notice, scheduled auction, or final repossession. Filings affected one in 6,675 housing units nationwide, with the highest rates occurring in Illinois, Florida, New Jersey, Nevada, and Ohio.
Much of the activity centers around homes that are abandoned or vacant, and some were in foreclosure prior to the moratorium. It could be that homeowners have given up – but perhaps by prospecting to them you can help.
If you begin prospecting to homeowners in distress, you may reach some of them before their foreclosures are final. You might help a few people retain some of their home equity while you get some new listings.
Or – you might help them avoid foreclosure by engineering a short sale.
The end of forbearance may place more homeowners in distress.
About a fourth of the 1,013,000 loans in forbearance are nearing the end of their terms. They may or may not be candidates for foreclosure, depending upon the terms of the forbearance.
There will always be some homeowners in distress…
Job losses, illnesses, divorce, or deaths in the family can all cause such a reduction in income that homeowners are unable to maintain their mortgage payments.
If you have the compassion, patience, and skill to help people in these trying situations, you should always be prospecting to homeowners in distress – because they will always need your help.
Yes, I have the letters you need to reach distressed homeowners…
If you don’t know what to say, check out my selection of prospecting letters for homeowners in distress and get busy mailing! Click the links below to discover more about each of these letter sets.
- The Short Sale Letter Set
- I Have a Buyer Letters for homeowners in distress
- Short Sale Postcards
- Short Sale Letters for agents who hire a negotiator
- Notice of Default 6-Letter Set
- Notice of Default Letters –Postcard sized
- Notice of Default With Equity 8-letter Set
- Notice of Trustee’s Sale letter set
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