Hello. I am fairly new to real estate investments and wanted to focus in foreclosures. I reside in GA and wanted to find out if anyone knew if there is a way to notify individuals who are initially in default BEFORE their names are posted to the newspaper.
For example, if they are a month and a half in default, have NOT been notified by their mortgage firm of their default and their intent to foreclose.
Please advise. Thanks for your help.
AFAIK, there is no legitimate way for you to get this info because if the lender leaked this info out, they would have a lot to answer. Huge privacy issue for a commercial entity.
Yeah, start a mailing campaign to the areas you are interested in.
You’ll reach 'em all.
thanks so much for the information
Reading this post I have a question. Turborocket, what if a lender rejects a homeowner trying to refi and it was disclosed that the HO was in arrears. Is that info illegal to get hold of?
TDM
If you can get a company to release information to you, more power to you. I don’t think you are doing anything illegal. However, keep in mind that it would be a huge public relations nightmare for the company if anyone ever found out that that company had a practice of releasing private information. Keep in mind, I am not a lawyer.
Do this business above board and you won’t ever have to look over your shoulders.
What they have told you is not true, there is a company is S. California called Real List I believe they provide you with lists for your area that are 30-60-90 past due and no nod has been filed. I haven’t used them yet they require a min order of 5000 names for the list and my funds are limited. I can’t find their contact info right now but I found out about them from richard roop, I’ll post contact info when I find it
Don’t believe everything the gurus tell you. Their main job is that of a “salesman”. Most of these gurus don’t even do real deals anymore. I have access to Realist and nothing on their site gives me information on people that are 30 - 60 - 90 days late.
A lot of real estate investing is nothing more than common sense. This topic is no different. How hot would you be if you were 1 month late on your mortgage, and your lender decided to sell off your personal information? Common sense will lead you to the answer.
Realist is a product/service offered by First American Real Estate Solutions, one of the largest companies that provide a full vertical spectrum of real estate solutions. So, I leave room for the possibilty, but I will believe it to be “true” until I see it.
I might be wrong on the name I’m still trying to locate it. I have called and spoken to the people about the service, and have only not decided on ordering because I’m getting enough leads through NOD and Expired listings so it doesn’t seem beneficial to me to pay for the list, due to funds being kind of short right now. But as soon as I get some time probably sat or sun I’ll post the name and number
Ok here is the info the company is called Guarenteed List, I have a phone number its 866 314 2040 the contact of the man that I spoke with is ken williams
LOL. Speaking from purely a literal and technical perspective, I guess this fits what BREICO asked about. However, that is how I interpret his query, nor was it what I am referencing.
There are numerous companies like Guaranteed Lists that sell demographic data and direct mail leads. In all cases, they are aggregating vast sources of public data, and also including data that they collect from consumers either by mail, tele-marketing, web sites, or other forms of data collection. Companies like this have rows and rows of telemarketers on the phone, trying to get consumers to volunteer to take some survey, get you interested in a product/service, etc., and then get you to answer a bunch of questions.
How do I know this? I own a lead-generating/lead-capture web site that is targeted at gathering pre-foreclosure leads across the country, and have been solicited by a couple of these types of companies to sell them my data. No thanks.
The “leads” provided by these types of companies give you data that is either already in the public domain or the consumer has VOLUNTEERED the information. There is no legitimate and systematic method to get data on homeowners who are late-but-pre-NOD unless the customer volunteered the information first. This was my central point.
I am sure Guaranteed Lists or other like companies may be worth a look for some investors. I am just skeptical I guess, and it is not my cup of tea.
I have been working the preforeclosure market in Georgia for the past 5 months. Georgia, being a non-judicial state, has 3K to 4K foreclosures in the metro Atlanta (13 counties) area every month.
Unlike judicial states, the NOD’s never make it to the public records, therefore data gathering services can’t help obtain NOD information.
The foreclosure process in GA is one of the fastest in the nation. Four weeks prior to the foreclosure sale the, only available, info is posted in the newspaper and the data collectors get busy. All of the Investors hammer the Home Owners with postcards and letters and it becomes a “50 yard dash to the finish line”.
Short sales are difficult to accomplish succesfully because the Lenders are swamped and the Investors are sending in the package with only a few weeks till the courthouse sale. The Lenders are letting them go to foreclosure because they don’t have enough time to issue the BPO order, get it completed and totally analyze the short sale offer verses their REO alternatives. There are a few exceptions, however, SS are tough in this arena.
Your only hope of getting a running start on the rest of the GA Investors is if you have an inside connection that will “leak” the information to you before it hits the public record. I’m not an attorney, but I think that there could be legal ramifications for you and the “leaker of info” if you get caught.
The Georgia frustration goes back awhile. Check out this post from June 11th…
If you find a way to get the NOD info, have fun and play it smart!