
So based on the 'graph' above we can draw a few conclusions...
Conclusion #1
Giving tax breaks and incentives to the "upper class" is irrelevant! Apparently they don't pay their mortgages, and in fact (based on market data) they are more 'delusional' than an 'average' income homeowner just trying to pay their bills. If you bought a home that was valued over a million dollars and even at the height of the market, you 'probably' have a six figured salary. My hypothesis is that 'millionaires' are involved in strategically defaulting on their homes. Now I realize that this is a broad statement and I have NO data to support this, but a million dollar homeowner would be 'savvy' enough to understand that by defaulting on a loan that size may have a positive 'out' for them. At the very least, based on a new survey I conducted with several homeowners who owned homes that were purchased for a value greater than a million dollars they are and were in fact very savvy at understanding these concepts. Many that I interviewed (alright, interrogated) who purchased and have lost their value were considering the idea of 'strategically defaulting'...
Leading me to conclusion #2
Why would you lower your target zone when purchasing delinquency information? My request would be as follows: Zip codes of at least 4 zones of million dollar homes Pre NOD 61-91 day dq Price range of 1 million or greater AND purchased no later than 2008 I would then use my permission based marketing and double up the educational process, because these homeowner's 'think' themselves much smarter than the 'average' homeowner.
Marketing messages on my automated drip campaign (after I get their email through my MONSTER campaign): Introduction letter - loan modification education - testimonial video - strategic default education - testimonial - alternatives to foreclosure education - testimonial - how money works - testimonial All of the emails with a call to action...
Remember this, they really do think they're smarter than the room in this crowd. In most of my dealings on conversion with this crowd, they are VERY frustrating...
My final analysis, use a maximized drip campaign from email address and avoid as much scripting as possible. AS A FINAL NOTE:
Wow, they default more!
lee.honish@yahoo.com
www.honish.com
Lee Honish
858-663-2537
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