Use Da News to Convert More Loan Mod Prospects to Clients!

Great piece in today's Wall Street Journal about mortgage delinquencies. Did you see it?

More important, do you understand how you should use it to help you make the case for your loan mod leads? Check out this short video for a loan mod marketing tip that pays!

If you want to see how I used today's news to communicate to my loan mod prospects and clients, click here.

Free Report Available!

I just polished off a report about the Five Deadliest Sins of Loan Mod Marketing. It will help fix problems in your loan mod lead generation and sales pipeline. Fill out the "wicked" short form on the upper right to get this info!

Show them why they're nuts to attempt their own loan mod

Sometimes the stars align and a marketing opportunity just falls on your lap. My buddy Marlon just forwarded me this ABC News story on loan modifications. Maybe you've seen it.

If you're having any trouble trying to convince your loan mod leads or prospects - the "do-it-yourselfers" - that they're doomed to a horrible failure if they attempt their own loan mod, show them this news story. Then shut up.

It features Congresswoman Maxine Waters trying to call Indymac & Bank of America on behalf of two clients who are behind on their mortgages. She's given the run-around, put on hold, disconnected...and they know she's a congresswoman!

Even more aggravating, the corporate spokesperson for Bank of America says something completely stupid about the average wait time on hold for people calling in for their own mortgage modifications is "two minutes."

The next scene shows Congresswoman Waters on hold for two HOURS.

Use news stories like this to make your argument for you - show, don't tell, your loan mod prospects what is likely to happen to them if they attempt their own modification!

Loan Mod Warrior Backyard Pep Talk

Here's a quickie update/pep talk from me in my hot, muggy back yard!

How a half-crippled, pathetic middle aged guy got 19 loan mod leads in 1 hour while flat on his tush

I blew off my workshop last Wednesday, but it didn't matter. Let me explain.

First, the embarrassing reason I no-showed to a room of 35 plus people was because my friggin' back has been KILLING me this week. I herniated a disk in college (back in '88) doing something incredibly stupid - doing squats with the football team, trying to keep up. (I played basketball but had no business trying to hold my own against those animals.)

So once in a while the injury crops up - hasn't been this bad in years, though.

So I woke up Wednesday, hoping and praying that I'd feel better- i.e., be able to stand like a hominid instead of some kind of hunched creature from a bad sci-fi movie. No dice.

I texted my buddy Marlon who does a lot of processing for my loan mod bidness. I had taught him the workshop presentation a few weeks ago and by this time he had already given two live presentations. A real veteran.

Marlon stepped in at the last minute and came through like a hero - out of the 19 "units" who showed (families - some of which brought multiple guests) - 14 requested an appointment with him and a handful booked him right on the spot.

If I told you that I'd been harassing Marlon for months to do his first workshop it would do it justice - I'd tried all sorts of sensitive, motivational techniques like assaulting his manhood and calling him a "little girl" - politically correct, caring stuff like that.

But finally Marlon relented and embraced my system. He's a reluctant, but powerful, Loan Mod Warrior, gaining strength and confidence every day. Oh, and he's booking appointments with prospects like crazy.

So even though I was stuck at home, lying on my back, the show went on without me and we'll ring the cash register. My lead generation, presentation and post-workshop follow-up all happened without me. That's the pipe dream behind having a system that works even if you're home in the fetal position, sniffling and sucking your thumb like I was last week.

I'm going to beta test this system, The Loan Mod Warrior Battle Plan, next week. Keep your eyes out for an announcement.

Changes to the loan mod law

I have to admit that I was a little freaked out at the seminar on the loan modification business that I attended last Friday. We were walked through the new revisions to the foreclosure rescue statute in Florida (501.1377) that pertains to loan modification and foreclosure rescue services.

Did you know that Florida loan modification agents (not attorneys) cannot charge "up-front" for any loss mitigation services as of July 1? And, after January 1, the law changes again to protect the Florida homeowner even more - foreclosure rescue consultants in Florida will not be able to charge anything until the homeowner receives a material benefit; in other words, is approved for a loan modification or some other loss mitigation solution.

Since that process can take months, it's a big gamble for any loan mod agent to take for months of work without being able to cover his or her costs with a nominal application fee. Attorneys will be similarly restricted. I don't know any attorneys who would work for free.

I predict a lot of loan mod agents will either break the new law on a daily basis or decide that they can't make a living under the new structure here in Florida. I also predict a heavy lobbying effort by attorneys and mortgage brokers to have this line-item vetoed by Governor Christ.

I have not looked closely at other states' laws but my understanding that, with the exception of California, most states have not gone this "hard-core" in this direction yet. Stay tuned.

What's your loan mod prospect really afraid of?

This post covers is about understanding what your loan mod prospect is really afraid of and how that factors into their decision-making. Warning - this post (and book tip) can be used the wrong way - to manipulate your loan mod prospect. Please do not watch this video if that's how you do business, seriously.

This tip is exclusively for responsible loan modification professionals - Loan Mod Warriors!