You can find people with high revolving debt, LOW LTV ratio, low credit score, and low income.
Post altered due to violation of Forum Rules.
So can the title company for FREE
hey mike
you must have some bang-up title companies in your area, most of the ones here don’t provide that kind of info anymore because of some new RESPA-like legislation that was approved a year or so ago…
anyway… i would be interested in knowing your pricing on the 30,60 & 90 lists and the minimum order size, pm me with details Tom…
There is a little used way of finding the pre-foreclosure list. Before foreclosures are announced, they are accumulated in, what some counties call, the “Green Book”. This book is actually held in the land records office and they will not let you take it with you. No one will ever tell you it exists, but they will give it to you if you ask. The foreclosure list starts to accumulate 3 to 4 weeks before they are actually announced.
You could be making deals before the other people get the foreclosure list. Good luck
So you can actually walk in in this office and ask and they will give you this book no questions asked?
Rama, there are all sorts of useful records available down at the county offices. You can’t take them out, but you can see them, and sometimes you can pay for photo copies.
If it is public record, you are allowed to see it.
You can absolutely be able to get the book, no questions asked. You just have to know it exists. Also, it helps if you are nice to the clerks behind the counter. If they don’t want to cooperate, you will be plagued with “bad luck”. So be nice.
It’s also a good idea to have criteria before you walk in … like, mortgages older than 10 years, etc. You’re going to be writing these things down, for the most part, and it would be good the “cherry pick” your deals. I first do a search to see what the interest rate was during various years. Then I have a table that gives me the loan balance after so many years. Then the appraised value. Use the appraised value and the loan balance and you have the equity. That’s how you cherry pick. Good luck.
JD123~
What office of a town municipality do you ask for this green book? And also, i am trying to figure out what you were talking about with writing down the mortgage rates, and the price to attain them. Where do you find the attainment prices given the interest rates? Thanks for your help.
We have terrified homeowners calling or emailing us from all over the US. Most are not in foreclosure, many are not even delinquent, but they know they will be in trouble shortly and want help.
Remember your Mommy told you you can catch more flies with honey than with vinegar? She was right. We advertise to help people avoid foreclosure. We give them helpful information they pay us.
If they cannot keep their homes, we have already built a trusting relationship with them and they will are much more likely to let us help dispose of their property.
We make money whether we buy their homes or not.
Try it, it works!
Bill
Yeah Title companies in Texas do not provide them due to a new law. I’ve talked to a company that sells such lists for $0.35/name with minimum 5000 count, but they indicated willingness to break it up into two orders of 2500.
I have also talked to loan officer and an employee in a financial institute (didn’t get more details, I didn’t want to date her for the list but thats another story) who gets access to such lists for free so the list is floating around somewhere if you can get your hands on it.
The same office that publishes the foreclosure list accumulates those names over a period of 3 to 4 weeks from the last list publication. All the properties on the list don’t appear on the day they are published. As they accoumulate over that 3 to 4 week period they are kept in a book. Ask those people that publish the list where that list accumulates. You’ve got to go to the courthouse and look for it. It has to be there. Just ask.
The next part of your question related to interest rates. The answer is 2 parts. First you create a tables called Table of Remaining Principal - 30 year amortization. Along the top you have have interest rates i.e. 4%, 5%, 6%, thru 10%. Down the side you have year 1 thru 30. Inside the table you have a percentage number which is the % of the original principal that remains after so many years. So after 11 years at 8% interest, the remaining principal is 87.31% or the original loan.
You do another table with 20 year amortization, and another with 15 year amortization. That will give you an idea quickly of what the loan amt is.
Then you do a historical study of FannieMae rates. You’re trying to get a ball park over time. So 1996 the FannieMae rates were 7.5% for instance. If you’re working with a sub prime lender, it could have been higher.
If you don’t know the interest rate you can guess fairly well using the historical number. Then apply the table and you’ll get a good idea of the remaining principal.
Then you go to the tax appraisal office and get a ball park of the value of the house. Or go to www.Zillow.com, go into the neighborhood, and see what houses have sold for in that neighborhood.
If you’re working with a foreclosed 1st mortgate, you have a pretty good idea about equity. With that you pick the properties you want to do a pre-foreclosure on. I hope that was clear enough.
JD,
Do you have a rule of thumb that you use for properties? Such as you only look for properties with mortgages 10 years old or older.
I guess I’m wondering, from your experience, if you’ve found that mortgages must be a certain age before they have enough equity to pursue? and is 10 years enough time to put you beyond these crazy subprime loan packages back to where the numbers are more accurate for figuring up how much equity is in a home based off 30 year amoritization table numbers?
Do you also take into account if the property has appreciated over that same 10 year period? -or- do you just look for the equity build up over that 10 years?
I have another question maybe you would know. I live in Tuscaloosa, AL and from the research I’ve done there is no filing of a NOD in the public record in Tuscaloosa County. From what I understand the banks turn it over to their attorneys and the attorneys publish the info in the paper for 3 weeks in a row then it goes to auction. If this is the case, would there still be a “green book” in the records room?
TIA
John
Sparky,
I am having similiar experience here in TN at our court house. They do not get NOD lists. They do however have a computer list of Assigned Trustee on preforeclosed properties. When borrowers get behind enough here, the banks pick their favorite attorney (Assigned Trustee) to handle the foreclosure. Takes about another month or two for attorney to post notices in the newspaper. And then the auction date at court house steps. I have had no luck talking to banks here about doing short sales… Something about privacy act and getting liens removed. Good ole boys club got this one locked up I think…I can get short sale cooperation from some out of state lenders however.
Clem
To answer your question about rule of thumb … I do choose 10 years but I “cherry pick” my deals. The top 1 to 3 deals are the only ones considered. I don’t fall in love with “sticks & bricks”. If the numbers work, I look at them. I also go to 2 or 3 counties. If statistics look better in another county, I go there. THE NUMBERS TELL ME WHAT TO DO. The decision making process is used to place the deals in priority order and that process is very specific. #1 - You identify alternative that meet or surpass your minimum. You order them according to the numbers and then #2 Stop the analysis and make a decision. #3 Use due dillegence on your top choices. #4 Go after the best of the best. The worst thing you can do is to make decisions before you’ve studied your alternatives. Follow the decision making system.