Making a Loan Modification Sale – The Basics

Even though mortgage and housing market news seems to be all negative, there are several opportunities to grow your business, particularly if you are helping homeowners with loan modifications. Homeowners are desperate for assistance. Meanwhile, bank and government programs are struggling to get the attention and reach all of those that are in need.

This offers enormous potential for those willing to work load modification leads and have the ability to offer consumers the help they so desperately need. If you are considering purchasing loan modification leads, there is no better time.

Let’s go over the basics of a loan modification sales process:

Loan Modification Sales Process

Step 1 – Contact the homeowner in need. First, create a marketing process that identifies likely loan modification leads, preferably in your local area area. However, there are large portions of the country in dire need to modify their existing mortgage loan , so don’t hesitate to broaden your market if you are appropriately licensed. Once you have your leads acquired, begin by contacting the homeowners directly.

Step 2 – Focus on stopping a foreclosure. If the homeowner moves into foreclosure-options become severally limited. So, your first order of business is to stop the foreclosure. No consumer wants the blemish of a bankruptcy or foreclosure on their credit history if they can avoid it, which means that you are likely to have a very attentive audience. Focus on the benefits of a loan modification and shape your pitch around their needs, not what is in it for you.

Step 3 – How a loan modification works. A loan modification is a renegotiation and restructuring of the terms of an existing mortgage. This solution benefits both the bank and the borrower saving the expensive nature of foreclosures and the homeowner’s home.

Step 4 – Guide the borrower through a loan modification. Your primary value to the homeowner is quickly and efficiently getting them to the right people and into the right program. Spend your time understanding and creating good processes to expedite all of the various loan modification programs available.

Things to Look Out For

Unfortunately, there are many loan modification scams–companies taking advantage of stressed consumers and it will be important to differentiate your business. Take the time to build a relationship with the homeowner so that they feel comfortable working with you. They’ve likely been through the ringer and may be a little hesitant until you can gain their trust.

Loan modifications are a great way to improve your business, but they must be handled carefully. By following these guidelines, you’ll be well on your way not only to a successful loan modification business, but also to helping someone who is in dire need of your assistance.

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• Reader: How Do I Make Use Of the HASP? (hsh.com)

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