Foreclosure letter failure - Posted by Joseph Madera

Posted by phil fernandez on November 06, 2000 at 18:15:46:

Here’s my take on your letter.

The first line, " According to public records you are in a foreclosure proceedings", is MUCH TOO blunt. It sounds like you are “Big Brother” almost scolding them.

#4 “Clean your credit”, You might stop them from having a foreclosure on their credit report, but late and slow payments will still appear on the report that will certainly hurt their credit score. This statement might be somewhat misleading.

But the main problem you are having with no responses is mostly due to the owners denial that they have a problem. Often these people think that somehow the situation will work itself out.

As Joe Kaiser would say, you have to get to the kitchen table face to face with these distressed home owners. How many other letters do you think the owners have received and from what I hear most if not all end up in the trash.

Joseph, what you really need to do before going much further with the foreclosures is order Kaiser’s foreclosure course. In it you will find all of your answers.

Hope this helps.

Foreclosure letter failure - Posted by Joseph Madera

Posted by Joseph Madera on November 06, 2000 at 17:10:16:

Could someone answer the following question: The following letter is the one that I would mail out to owners in foreclosures. I would send about 30 a week for about 1 month with no response at all not even a phone call. What is wrong with this letter:

Dear Mr. Owner

According to Public Records you are in Foreclosure proceedings. We are here to help you retain homeownership and avoid Court House Sale of your property.

OUR SERVICES INCLUDE THE FOLLOWING:

  1. YOU GET OUT OF FORECLOSURE
  2. HELP SETTLE YOUR DEBTS FOR LESS
  3. BRING DOWN YOUR DEBT PAYMENTS
  4. CLEAN YOUR CREDIT AND ALLOW YOU TO BORROW IN FUTURE

Contact us to further explain to you our services and give you an evaluation of your situation.

YOU CAN REACH US AT:

TEL 305 978-8955

FAX 305 643-4923

BOLIVAR J. MADERA
TRADE & HOLDINGS
P O BOX 440845
MIAMI, FL 33144-084

Re: Foreclosure letter failure - Posted by Joe Kaiser

Posted by Joe Kaiser on November 06, 2000 at 19:52:16:

Think “FRIENDLY!” The idea is to be 100% non threatening.

They don’t want to hear about “your” services. It’s not about you, it’s about them.

The “evaluation of your situation” scares me, and my payments are current. The last thing people want to do is get naked in front of a stranger, and putting their “situation” out in the open, for you to “evaluate” is a scary thing indeed.

You need to decide who you are, what you do, and put a plan together to get you there.

Me, I’m a friendly investor who enjoys discovering solutions for homeowners with financial problems, and I try to convey that in my letters.

Joe

P.S. Take that “trade and holdings” thing out of there too. If you don’t have a reason for something being there, leave it out. “Holdings?” Yikes, you rub shoulders with the Donald or something?

Re: Foreclosure letter failure - Posted by Bill Gatten

Posted by Bill Gatten on November 06, 2000 at 19:13:58:

Waaaay too blunt and too institutional sounding. And too much like all the others.

Here are a couple techniques that we use that really work (we get several calls a day):

We buy houses
FULL PRICE, ALL CASH or TERMS
No House too old, upside down or ugly.
Foreclosures, liens, judgments, late payments, missed payments…No Problem!

We’re seeking those who will allow us to take over payments on the existing mortgage. If you will do that, we will bring all back payments, taxes and insurance current and agree to completely pay-off your loan in 2-3 years. Our prompt payments will, of course, aid in reestablishing your good credit. In most cases, we will even pay your moving expenses.

Please call my private line at once, if I can help.

B. Madera, XXX XXX XXXX

(When they call, put them on hold for a moment and say “let me get to a private line” Then pick up again. 'Works wonders and instills confidence.

Now…the main issue (Phil touched on it). When you send out these mailers, be sure to hand address and stamp them.

You MUST continue mailing to the same people at least 4 or 5 times once a week until the date of sale. At first they’re all in denial; then they get serious; then they get frustrated; then the decide, ?Aw to he** with it, let it go back to the bank.? It?s the message from the party they’ve heard from the most that they’ll respond to in the end.

This will help. I guaranty it. Give it a shot.

Bill