Investors and buyers that are experienced in buying houses and properties on short sales all have a wide variety of pre-foreclosure telephone tips that they use to get the homeowner's attention and get them interesting in working with the investor. If you don't use the pre-foreclosure telephone tips you may still find a homeowner that wants to sell to you, but using these tips will greatly increase your chances.
The key to keep in mind when using the pre-foreclosure telephone tips provided below is to be genuine and considerate of the difficult situation that the homeowner is currently in. Tone of voice and ability to relate to the owner is almost as important as the words that you use, and this is one of the most critical of the pre-foreclosure telephone tips provided by successful investors.
Other equally important pre-foreclosure telephone tips include:
• Avoid calling homeowners at specific times such as during meals, immediately after work when people are trying to relax, early in the morning when families are all busy getting off to school and work or late in the evenings. Consider the best time to be between 7-9 pm or in the afternoons on the weekends or holidays.
• If you get an answering machine leave a message, don't just hang up. Most people will have caller ID and will assume you are either a salesperson or some type of debt call, so just plan to leave a simple message that includes who you are, what you want to talk about and how the owner can contact you.
• If you are calling the bank or lender be sure to have a detailed plan of how you wish to handle the short sale and what you are prepared to offer. Be sure you know what points you want to go over with the bank official, pre foreclosure or mortgage officer and be prepared to ask for a face to face meeting to work out the details.
• Be open and honest with the homeowner. If you are an investor, detail your experience in helping out homeowners in buying their homes while in foreclosure. If the homeowner knows you have experience, they will likely be more comfortable with the process.
• Always leave the homeowner with contact information. This helps the homeowner feel comfortable that they are working with a real person, not some heartless and distance investment company.
• You may not want to start out the discussion with the price you want to pay for the home. Finding out about the owner's anticipated or desired price, getting an opportunity to see the interior of the house and find out the particulars of the owner's financial position are all important before providing a number.
Following a few simple pre-foreclosure telephone tips from investors can make your cold call list much less challenging plus you will find out you are able to communicate and connect better with homeowners.
No homeowner plans to go into pre-foreclosure through default on their home loan repayments. Unfortunately many homeowners find themselves in this very situation each and every day. With worsening conditions in the economy more and more homeowners, especially those with the so called "jumbo loans" or those with variable rate ARM (adjustable rate mortgage) loans are particularly at risk for going into pre foreclosure. The good news is that there is a pre-foreclosure solution that can work for many homeowners, but it does require being proactive and acknowledging the problem as soon as possible.
The first step for a homeowner to come to a pre-foreclosure solution that will work for both themselves and the lender is to eliminate all other debt as quickly as possible. This may mean taking out a long-term fixed rate consolidation loan on all credit cards or car notes and other debts before falling behind on the house payment. Most homeowners simply ignore the warning signs of mounting debt, seeming to hope they can somehow borrow their way out. This never works, and even a consolidation loan will only work if you are also eliminating all expenses and luxuries out of your life and living as much as possible without using credit. This means getting rid of those extras such as cell phone plans that are above the basic, eliminating luxuries such a broadband internet, satellite television or expensive plans on your home phone. Most families can save hundreds of dollars per month just by cutting out those four expenses in the house. Using this pre-foreclosure solution of living well within your means helps your lender understand that you are serious and proactively working to get back on your financial path.
The second step in a mutually agreeable pre-foreclosure solution is to prove to the lender that you have the income you need to make the payments if they either modify your mortgage or refinance. This means someone in the household may need to take on an additional part time job to add to the total monthly income. Most lenders are not going to be able to work with a homeowner that has no increase in income and decrease in spending since there is no mathematical way to justify a loan or a mortgage modification.
The third step is to prepare a hardship letter for your lender, which will outline the problems in your financial history and how you have resolved these issues. A big consideration that many lenders look for is a pre-foreclosure solution that includes using a reputable credit counseling service to assist families in getting back on track financially.
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