We've been sending 50k mailings a month since jan 1.
We're doing loan mods and FB's for 30-120 day lates. We have more leads than we know what to do with right now.
We can handle all the loan mod deals but have a ton of short sale and bankruptcy leads that we aren't set up to handle.
These leads are people that have no choice but to sell or file bk and are almost always ready now.
I have a couple questions about what we can do with these leads.
I have heard it is illegal to sell BK leads to attorneys, is this true?(MA)
Any idea on how to sell short sale leads and get paid up front so we don't have to wait on closings?
Since no one else is answering... I went o my REI meeting. There I met a guy who specializes in short sales. He also pays bird dogs $500-$1,000 for good solid leads if they close. He emailed me an intake sheet with blanks for property information. The idea is I get the lead, fill out the info, then shoot it to him to work the SS. If it closes, I get a fee. I have sent severl to him but nothing yet. You might want to find one or more similar companies to start referring your overage of leads to.
We'd like to throw our hat in the ring as we directly deal with these programs in bulk. We cover the entire gambit of programs including short sale and filing BK's. It is possible that we could work out a program to assist you with your flow of clientèle. Our counselors have dealt with as many as 600 cases (each) a month and have experience working internally for one of the largest lenders in the US. If the offer is still open we can discuss this in further detail. Feel free to reach us.
As to being illegal to sell leads. It is not at all Illegal. BUT, (that is a big but :D) it is unethical for the attorneys to pay you. In fact they can be fined are or disbarred. Now with that said there is no law against it for your sake. It also does not mean that this is not a very common practice. With that said we are BK preparers and have no issue setting up a relationship that may be mutually beneficial.
Depending on how the short sale works out there also may be a way to put money back in your pocket for all the leads that you are finding yourself with. Upfront and maybe at closing as well. Look forward to speaking with you.
It is illegal for the BK attorney to pay you for the leads or any kind of kickback. However, you may be able to do a loss mitigation work-out plan within the bankruptcy. In other words the BK attorney would pay you for this service, for their client, just as they would pay for any other outsourced service (ie. court reporter, paralegal, etc.).
As paying people for leads is an offense that can get someone disbarred is there any knowledge that you have as to it being illegal for a bankruptcy preparer governed by different laws to pay out referral fees. I'm not sure if I have seen that one. Let me know if you can find something. Look forward to your response.
May 12 '08, 07:01 AM
