Where to find a list of loans in imminent default?

Question

So I know of the various avenues to source a foreclosure and pre-foreclosure list, but I wanted to dig a bit further and see if it's possible to locate loans in imminent default- that is a loan that has defaulted less than 60 days. Can anyone hit me with some knowledge? Thanks!

Account Closed · Answer

You can search the county register for assignment of deed of trust or appointment of successor trustee. That might give you a few days lead time.

Jay Hinrichs · Answer

@Amr Makki having done this for quite some time ( past life and prior to anti skimming laws being passed on the west coast) I found that when this first happens to borrowers they are in major denial... and are NOT motivated to do anything..

they then as you say get bombarded with letters .. after reading about 50 of those they realize the verbiage in many is literally verbatim the same and they tune out the direct mail folks.. ( now you can get some response but its going to be as you know sheer luck)

The way to land these is just wait until about 10 days before the sale and if nothing has happened then you pound on the door and start to get reporte' they probably will still be in denial.. the best deals are made 1 to 3 days before they lose it... you cannot believe how many will actually wait to the day before the sale.. that's when I got my very best deals.

if it has an opening bid and its the day before my team is pounding on the door.

my driver is ready to drive cashiers check to trustee and we record our deed that day.

if you want the screaming deals that how its done. you reinstate and if need be you cash out the entire 1st if you only have to bring it current then you pay off balance shortly there after. you must have a great title company that will give you a date down on the phone day before etc.. and you will take some risk... but that's part of the game

Dion DePaoli · Answer

A loan that is less than 60 days past due is not imminent default. It is delinquent.

0 to 29 days past due = current
30 to 89 days past due = delinquent
90+ days past due = default

In a primary/secondary residential loan Notice of Default can not be filed until the loan is 120 days past due.

That I know of there are no sources for delinquent loans other than what a loan seller publishes for sale. Notice of Default or Lis Pendis is the constructive notice which many FC lists use to add addresses. Prior to that publishing that sort of data could be a breach of privacy onto the borrower by the lender.

Jorge Vega · Answer

@Amr Makki well if you have access to something like that then you should be golden. It sound like you would in a way have access to others credit reports ? or is it just for mortgage accounts?

in regards to the NOD and NOTS list, let me know if that ever interest you. Im part of a big loss mitigation firm and we wouldn't charge for the list however we would be interested in processing the transaction for any of the ones that are in a short sale postion that turn into listings.

Either way please let me know a little more about what you are referring to, it sounds interesting.

Amr Makki · Answer

Account Closed when you get that first deal message me and let me know how it goes! I'm keen to know. Good luck!

Amr Makki · Answer

Account Closed Thanks for that tid bit, totally didn't think of that. Have you had some success that way in previous deals?

Account Closed · Answer

Working on it. Newbie here. ;)

I use google spreadsheets at importxml calls to automate the process as much as possible. I've got a stack of letters I'm running to the post office ASAP.

Jake Thompson · Answer

@Amr Makki, any luck finding foreclosure deals?

Amr Makki · Answer

@Jay Hinrichs Thanks for the in depth info! That's a pretty good method and makes the driving for dollars pretty efficient. I'll need to lock in some local private lenders with cash on hand to work in such a tight time frame. I'll be reaching out to you directly for more questions!

Amr Makki · Answer

@Jorge Vega Not the credit report itself, but there are a few "list compilers" out there like Acxiom and Experian who create data derived from these reports and sell them off to list brokers who in turn retail to people like you and I. Think of it this way, you know those pre-approved line of credit offers you get in the mail? The companies sending those got your information through this process. I'll keep you in the loop if I venture to NOD/NOTS.

Where to find a list of loans in imminent default?

Where to find a list of loans in imminent default?

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