If you market to bankrupcy leads please let me know how many people call you back. I have tried couple times to market to them send around 600 mails and did not get any call back. Any advice ???
Hi,
I think you lack basic understanding of Bankruptcy! When someone files bankruptcy as soon as the documents are filed with the court they are frozen, the current owner can not legally make any representation in reguards to there assets or debt.
Normally if a property owner is discharging property in court, the property comes out the other end of bankruptcy owned by the 1st trust deed owner. There may be a 15 to 30 day stay allowing the current owner to pack and get out, however it is no longer owned by the insolvent party.
Now if a property say has equity and need’s to be sold and proceeds applied to the debt a trustee is assigned to liquidate the property. A trustee can not sell the property without permission of the court and it has to be sold for a fair return to the insolvent parties debtor’s. It certainly will not be a fire sale and will be offered retail to a owner occupied buyer.
Now if the bankruptcy discharges and the bankrupt party “re-ups” on there mortgage to keep there home chances are they will not sell it in the first year as that is generally used by most debtors to re-establish positive credit and payment history!
If a property is offered by a trustee it will normally be listed with a licensed agent as the transaction has to be arms length from the independant trustee and the court!
GR
:bs You can market to dismissed bankruptcy cases. Bankruptcy can be dismissed for a number of reason - not cooperating with the courts, not making payments, failure to carry insurance…In any case this means the foreclosure would start again and now they really feel helpless! These people will be highly motivated and you’ll be able to catch them months before a NOD or Lis Pendens.
Do a google search and you should be able to find a list company that provides these leads. It’s something I will be adding in the next month or two. I know of some people that rank this as one of their best lead sources. :deal
Sorry about your waste in marketing dollars towards active bankruptcy leads. Charge it to the game and move forward!
Ugh…you don’t have to go to a stinkin list broker. Go to www.pacer.gov and sign up for an account. You will have to pay for the information, 8 cents a page, but all the information is there. You are going to want to look for dismissals that have a mortgage attached and motion for relief from stay’s where the mortgage company is involved.
Mail a yellow letter to these people and you will at least see a 10 to 20 percent response rate.
I signed up for an acct on Pacer. Is there an easy way to search for dismissals with mortgages? You get charged .08 for every page of people on the summary and then if you click on any particular case you get charged another .08 for every page of details under that person. Is there a way to streamline this process? Thanks.