Huntington Beach, CA · Member since 2014 · 137 posts · 33 votes
HI Note Investors,
I currently hold a reperforming note where the borrower has a very impressive track record of 24 months of payments since her loan mod. I would like to help get her refi'd so 1) she will save money and 2) I can exit this investment with a significant profit.
What steps should I take to get her to refi? Should I write a letter to her explaining she can be saving hundreds of dollars each month in interest if she refi's? What strategies have you employed?
Investor · Adkins, TX · Member since 2012 · 193 posts · 93 votes
11y
Send her a letter with a new dollar bill and ask her if she would like to get more of them. You will get a phone call for sure. Now ask yourself what is in it for her? Have an incentive? I offered a small discount in that I told the borrow I would pay $1,500 on their car note. They jumped at the chance.Remember if they can not see an advantage for themselves they will not be motivated to action.
Also have a soft credit report pulled so you know if their credit score is such as they can get a loan at a interest rate no more than what they are paying you. If you are not using a service company to collect the monthly payments then her payment history will not be reported to the bureaus which would boost her credit score.
By pulling a soft credit report you will know what bills she has. The you can say "Mary suppose I would pay $xxxx on your car or furniture note?"
If for some reason she says no, then every 90 days send the dollar bill. It will eventually work.
Investor · Adkins, TX · Member since 2012 · 193 posts · 93 votes
11y
Send her a letter with a new dollar bill and ask her if she would like to get more of them. You will get a phone call for sure. Now ask yourself what is in it for her? Have an incentive? I offered a small discount in that I told the borrow I would pay $1,500 on their car note. They jumped at the chance.Remember if they can not see an advantage for themselves they will not be motivated to action.
Also have a soft credit report pulled so you know if their credit score is such as they can get a loan at a interest rate no more than what they are paying you. If you are not using a service company to collect the monthly payments then her payment history will not be reported to the bureaus which would boost her credit score.
By pulling a soft credit report you will know what bills she has. The you can say "Mary suppose I would pay $xxxx on your car or furniture note?"
If for some reason she says no, then every 90 days send the dollar bill. It will eventually work.
Investor / Rehabber · Fort smith, AR · Member since 2014 · 178 posts · 30 votes
11y
I have a great mortgage broker that I set them up with and tell them how much money they can save and they usually call him and refi.
Now sometimes I have to give the mortgage broker their info and this speeds up the process. I dont use BANKS! I let the broker figure out how to get them their loan.