Loan Modification Leads from Direct Mail Marketing
Direct mail marketing has been the number one lead generation contributor for harvesting loan modification leads since the foreclosure crisis began in 2006. With foreclosures continuing to spin out of control, now is the time for targeting homeowners who do not qualify to refinance with your direct mail pieces. Successful foreclosure prevention and mortgage relief companies have realized more loan modification leads from direct mail marketing targeting struggling homeowners who have no equity, bad credit and hardships.
Direct mail marketing provides a unique opportunity for loan modification companies to make more money, while also to helping stop the foreclosures with legal remedies like loan modification programs and loan workouts. Here are some examples of what you can include in your direct mail pieces:
o If your mailing list includes people with Countrywide Financial loans, your direct mailing for foreclosure prevention should include that the modification program covers subprime and pay-option adjustable-rate mortgage loans in which the borrower’s first payment was due between January 1, 2004 and December 31, 2007. Many borrowers still are not aware of this program. You could be giving them the opportunity to save their home while creating more business for your company.
o Citibank customers with monthly mortgage payments that exceed 38% of their gross monthly income would appreciate hearing about Citibank’s loan modification program. And, because this program ends in May 2009, you can include the needed sense of urgency for them to act quickly. It’s a huge opportunity for you to get some quick business while borrowers can get the mortgage relief they need.
o Fannie Mae mortgage customers could benefit from the Fannie Mae streamlined modification program (SMP). Let your direct mail piece be the one that tells them about it.
o Why not target FHA mortgage customers with a direct mail piece about the FHA Partial Claim mortgage modification program? Cash strapped borrowers would welcome the news that under this program, a deferred “silent” loan is used to cover the arrears and bring the loan current. No payment or interest is due on this loan until the home is sold or the loan refinanced.
o Targeting homeowners who are 30-days late, 60-days late and 90-days late on their mortgage with loan modification offers could yield excellent results. It could be particularly beneficial to target homeowners that have debt consolidation loans not covered by the Debt Forgiveness Act of 2007, which only covers to any indebtedness incurred in acquiring, constructing, or substantially improving the principal residence of a taxpayer if the residence secures the debt and not any debt incurred for cash unrelated to home improvements (e.g., debt consolidation loan). Let these people know that foreclosing could cause them to end up with a huge tax bill. Through your direct mail piece tell them that a loan modification would save their homes and save them a lot of money.
Millions of homeowners are facing foreclosure. A timely direct mail piece could offer them the mortgage relief they need while expanding your bottom line. Direct mailing does require an initial invest, but the ROI for generating loan modiifcation leads from direct mail is typically quicker than simple internet and telemarketing leads that do not require too much of an investment up-front. Like Jeff Morris, an executive with Legal Loan Relief recently said, “With loan modification leads, you pay for what you get.” Morris continued, “Direct mail costs a little bit more up-front, but if you are serious about seizing the mortgage relief opportunities, it is the best bang for your buck.”
Direct Mail Advertising Buzz has partnered with Kelly Media Group in an effort to utilize KMG’s powerful technologies that enhance direct mail results like, live telephone operators and click to call live transfers for customers that go online to get more information. KMG direct mailing services for mortgage, foreclosure prevention, debt settlement and credit repair, include direct mail strategies, mailing list acquisition, data analytics, creative design and production and measurability.
