According to the Mortgage Bankers Association 12% of Mortgages were not paid on time in the month of May and this number is likely to rise during Covid-19.
When a borrower has missed more than one house payment their lender will at some point send a Notice of Default to them. This is a notification that the lender is beginning a foreclosure process. This process takes several months to complete depending on the type of loan instrument that was used, the state and local rules regarding foreclosure, and the lenders backlog of other foreclosures.
During this time the borrower can always make their payments and pay the penalties to avoid losing the property and, of course, lenders always prefer that the delinquent account be reinstated rather than take the property in foreclosure.
There are many reasons for a homeowner not to make their mortgage payment including job loss, illness, divorce, or a death in the family. When an event or a series of events prevents the homeowner from making their house payment, often they feel like they are entering downward spiral.
When they receive a letter from their lender indicating that they are now at the beginning stages of a foreclosure it can be confusing and scary. As a top producing REALTOR you can help by giving them a consultation on their options. One option is to sell their home. Check out this quick script:
Good Morning is this (homeowner name)? My name is (your name) I am a REALTOR with (company name). The reason for my (call, visit) today is that I was doing some research on properties in your neighborhood and I am not sure if you are aware but Zillow has listed your home in a pre-foreclosure status… many of my friends and clients have been in a similar situation which is the reason I (called, stopped by). The thing is a lot of homeowners underestimate what they could sell their home for in today’s market. My question is would you be open to selling your home to a cash buyer?
(Yes) Great, the market is low on inventory and my office has many buyers circling – it’s exactly why I was doing research in your area. Would you have some time today or tomorrow for me to stop by and we can talk more about getting your home sold?
(No, Maybe) I understand let me ask you would you be open to a free market price evaluation – this can be useful even if you don’t sell. It takes about 10 minutes to do a quick tour of the home. Would you have some time later today or tomorrow for me to do a quick walk through?
Watch this quick video on how lead generating with Pre-Forclosure properties can lead to more listings.
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