Do lenders file Lis Pendens in Texas or is there any way to get a list of upcoming foreclosures earlier than the 21 days prior to the auction? I’m about 90% sure the answer is no, I just wanted to make sure.
Mike,
I follow the foreclosures typically, but am not an expert. I’ve bought some preforeclosures over the years, but never made it a focus.
I have a two part answer. As far as I’ve seen, there is not a document specifically related to the preforeclosure that’s public until the Substitution of Trustee is filed. That said, I have heard rumors that there is an earlier trigger, but I’ve yet to find someone who knows what it is.
It could just be a vicious rumor, or it could be some other sort of document unrelated to a default, but close enough that it’s a good indicator that default is looming.
Sorry I couldn’t be more help.
I suspect you’ll need to talk to whoever you can find who specializes in foreclosure processing. There may be some things that don’t seem important to him that will matter to you.
Also, there are of course other ways to locate foreclosure info in advance of anything recorded.
Joe Kaiser
Foreclosure works like this…
The noteholder sends out a 20 demand for the money…
No notice of that is filed at the courthouse… Nothing required…
After that 20 days… a notice to foreclose is filed/posted at the courthouse least 21 days in advance of the 1st Tuesday of the month… and notice is then sent to the homeowner as well…
There is Nothing else that has to be done…
Occasionally some banks file it a couple months before the actual auction…
So, My suggestion… get good at filing BK’s to stop the actions… negotiating with banks to stop the action… or find them long sooner than the notices…
David Alexander
I suspect other things happen . . .
Somewhere in the process, well before anything is filed, I’m guessing title gets ordered. No?
Any contacts at the title company?
We post notices of default here, a full 30 days before anything is recorded.
Any contacts with the fellows who do the posting?
Field reps check out properties well in advace of foreclosure. Other companies come out and rekey and secure vacant properties.
There’s actually a fairly long list of folks who you can tap into long before notices are filed. But it takes some work.
Joe
You could find the folks that agents that do the BPO’s…
And I have a friend that used to have a contact with a title company…
That buys him about 2 weeks extra… He starts sending postcards…
Me… I still prefer to catch them… Much earlier in the process… Like when they just start realizing something might go wrong…
Again… It’s the tale of two cities…
I want them to call me… You want to sniff them out…
Both work… just different avenues for different folks…
David Alexander
Hey Mike,
The guys are shooting pretty straight to you so far. Unlike some other states which you can view the Complaint which lists all amounts due as well as the Summons where the owner was served, in Texas privacy rules.
If you are dating the secretary of a bank foreclosure department or something, you may be able to obtain an address/tip etc.
You should be aware however, that very nasty legal action could be taken should you approach the owner when there is no visible sign that the property is for sale. If there is an Ad, MLS listing or sign in the yard, feel free to approach. In the instance above, an astute owner who knows the law would sue you, your bank date and the bank itself, not to mention the fact that if you get this many lawyers together in one spot, they’ll think of some more expensive stuff I’m sure. Now practically speaking, I do not know how many would/would not know this, but realize you may be rolling the dice which could wipe out any future you may hold for your fledgling business.
Be carefull my friend.
Regards, Mike M.
In some counties, you can pay for a newspaper for around $10 to tell you the all of the properties listed for auction.