Hi,
I work for a company that sends out late notices and demand letters for several lending institutions.
Would it be wrong for me to use this information for leads in buying preforeclosures?
I don’t want to break any privacy laws.
Thanks.
I work for a company that sends out late notices and demand letters for several lending institutions.
Would it be wrong for me to use this information for leads in buying preforeclosures?
Thanks.
How do plan to use this information?
If the foreclosures are not final, I would not post the information.
If you are buying yourself, how many could you handle?
If you are trying to buy pre-foreclosure, you could send out letters
that look more like mass marketing, instead of “Mr. Jones I know
for a fact that you are $5,243.43 behind on your payments”.
With your knowledge you could paint a picture that hits home.
“Looking for people in such n such area that need my help”.
“I will try to help, but you have to call me, because I don’t know
who you are”.
“Need someone to get you out of a bad situation with a house?”
“We may be able to make the pain go away! It doesn’t cost to ask.”
“Is the rest of your mail getting you down? I may be the answer to your prayer’s.”
Try putting a tag line such as the above on the outside of the envelope,
the person that you are looking for does not want to open all of
the mail that he is getting.
I receive calls often from lenders that tell me of properties where
the borrower is in trouble, in hopes that I can help the two finalize
their business so that it does not drag out and become a foreclosure.
Lis pendens information is readily available to the public.
I would keep the source of the information to yourself, many jealous
people including your co-workers will be more than happy to try
and make it a problem.
Unless, you are coming out of the gate running, you may only need
a few deals a year.
Morally – no
Legally – not a problem unless you make it a problem.
This is not conclusive legal information, just one investor telling another
how he would handle the info.
Moneytalks
Money,
Thanks for the reply/advice!
Since I would only be doing a few a year, I don’t think that would draw any unwanted attention.
I like the way you think - you’re really trying to maximize the valuable information available to you. Kudos! However, until the borrowers’ delinquent status is made public through a foreclosure notice in the paper, I believe (and hope!) it’s confidential. Your employer probably has a policy regarding the confidential information its employees have access to - perhaps you could check with the human resources department.
Good luck!