How do Loan Brokers know Loans on Property?

Financing, Hard Money Lenders, Private Money
1

I receive mailings from Loan Brokers showing my loan balances and I would like to know
how does one find out the balance owed on a 1st and 2nd; and the interest rate the owner is paying on the loan?

Is there a source of information they are using? If so, please let me know where to find it?

I live in Southern California.

R. Davis

2

Howdy R Davis:

It is public knowledge when it gets recorded at the county courthouse. You can go down and look it up yourself if you want. It is just a copy of the deed and deed of trust or mortgage you signed when you bought the house. A lot of counties also have it available on line. Like you I get a lot of spam that has the name of my bank and the amount I owe. They may also get it from other sources as well. I have applied at several of the online mortgage companies to try to refinance our home.

LOL

3

HI TEDJR,

HOW DO THE BIG MORTGAGE COMPANIES GET THE INFO, DO YOU THINK THEY GO TO EACH TOWN HALL? I’VE LOOKED IN MY AREA AND I’VE ONLY FOUND A FEW TOWNS THAT HAVE THIS INFO ONLINE. OR MAYBE I’M NOT LOOKING IN THE RIGHT PLACE.

AUGGFLO

4

I am a loan officer and we get that knowledge from public records. Ours is posted online…our telemarketers use this information to call a customer. Most of the time it is inaccurate if the homeowner has refinanced since they have bought the home. Also, we do direct mailings. We have a list guy who works closely with the credit bureaus, and he has more in depth information such as the mortgage amount, your revolving debt, the LTV on your house, your credit scores, etc…He gets paid good money to provide these lists for our direct mailing. It allows us to choose the the type of customer we are targeting almost to a tee. Hope that helps answer your question.

5

ShaunG

Thanks, the part about the Credit Bureau type info is what I was looking for because recently I received a mailing that knew exactly how much I had used on a credit line as well as my mortgage loan.

In order to purchase a Credit Bureau list, what would I have to do?

Thanks,

RDavis

6

A list of your debts or just a list of people and their debts? You can get yours in numerous places online and if you want a list such as the ones I use to mail. You need to find someone in the business of providing the lists. Im sure there are plenty in your area or even ones that are not local that you could hook up with. You just need to look around a bit,