As debt settlement statistics tell us, if you're doing really well with loan modification, diversify, and fast, as debt settlement services are needed on a 10 to 1 basis and, there's a double dip in it for you. Imagine, you're able to not only save your clients home, but settle their debt for as little as 50% on the dollar. Succeeding sales offices nationwide are offering both services and the response is staggering.
Moreover, the value of simultaneously providing debt settlement to your client, so they can more concernedly modify their loan is invaluable. DTI! - lower their DTI by first settling your clients debt.
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If you're unable to get your clients' mortgage modified because their debt to income ratio is too high, go back over their credit report and add up all of their un-secured debt - credit cards, hospital bills, etc. The summation of these items can average $22,000 and more per deal.
Hello - what you just added up (this $22,000) is the "Debt Settlement Industry" and with fees averaging as high as 8%-10%, it's got enough commission income structure in it to not to walk away from. FYI: the average fees charged to the client, industry wide, is 15%, but the average payout to an affiliate office is 7 1/2% to 8%.
Think about it, you've got the client in your hand, relying on your expertise to save their home, modify their loan, and without blinking an eye, you have one more way to make that possible.
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Let's take a closer look;
After your client makes their first payment to the debt settlement company, you can prove that they no longer have the same payments due for the aforementioned credit card debt, etc. You've effectively and very quickly, within as little as two weeks (with written proof from the debt settlement company) lowered your clients' DTI.
The average size of a client's debt can differ from one company to the next and that's an entirely other very important topic we'll get to below, but for purposes of reality, here's the skinny: $22,000. Now, that means that if you buy leads that do not filter the average un-secured debt amount, you'll do less than say the office that specifically targeted people with minimally $20,000 of unsecured debt. In doing the latter, you'll likely to pick up the $60k, $100k deal. So do it ... the cost of doing so is minimal vs. the upside of reaching and closing deals double and triple in size.
If the average deal is $25,000 (nationwide)
There are certainly ways to get these numbers higher, but actually attaining a 10% payout and a $35,000 average deal well; investigate the links below.
The cost to generate this deal was really a collateral benefit of your loan modification client either one, not needing their loan modified, but rather needed their debt settled or two, in order to get their loan modified, you needed to get their debt to income ratio (DTI) down, so you settled their debt first.
And get this; there are no upfront fees to collect, there's no paperwork necessary, and to close a deal, most of your more advanced debt settlement companies offer a paperless online platform. You don't have to schedule an appraisal, collect any paperwork that's got to be verified. The client simply presses a button via E-Signature from an email you sent them and you get paid.
So, it obviously makes sense to put your loan modification company in a position to settle your clients debt. And if you're not, your competitor who is also modifying loans is!
Some additional tips include: Don't get cheap on your marketing needs, especially in the beginning if you want to experience the results you were told you'd expect by the affiliate net branch decision maker. Pony up, as it takes just as much time to speak to a $10k deal, as it takes to speak to a $45k deal.
With The Right Profiled Bureau Data and Live Lead Transfers, an Affiliate Office "Agent" Can Close 2/3 Deals Daily - Now multiply that by how many Agents you have on the phones! As you can see, there's a ton of money to be had in the debt industry, so take your time and see what characteristics differentiate one Company from another.
Remember to avoid debt settlement companies that charge your clients monthly service fees.
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