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?

Thank you!

Look into a 1023B refi.  It might work for your situation.

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.

Boyd, you are the man! I will try that

While I was writing the letter to the borrower, I listed the note on fciexchange and got a nice chunk of change for it.  Thanks, Guys!

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.