Foreclosure statistics sites

18 Replies

In anticipation of more foreclosures in the future, I want to know the best sites that can provide this kind of information. I am not planning to do a mail campaign but want to see the market direction for timing the investment (though one can't time the market perfectly, but don't want to invest when it is at its peak). 

A few of them I listed here. Is there a specific one is more useful than others? Any recommendation? 

https://www.realtytrac.com/statsandtrends/

https://www.propertyradar.com/pricing

Thank you for the response. No. I have not..  I dont understand how this works. 

Hi, if you live in Florida, Auctiontumbler.com is probably the best one you can use. Foreclosure auctions is my sole focus. this is what I am finding in Hillsborough County, Florida. With COVID, banks are offering forbearance. Which if you read the fine print, is going to get ALOT of people in trouble. ALL of the money is due at the end of the 3 months in which they were not paying. If they did not have the money in first place, why would they magically have it at the end?

Recently, the banks plaintiffs' have been cancelling all of the foreclosure auctions. 99%. We can only speculate why, but most likely because they are just super busy with everything that is going on, and it just makes more sense to just worry about unloading those assets later when they have more bandwidth (that is my theory). in 1-2 months, all of the auctions that were not sold will be relisted, so there will a lot of foreclosures coming up in the next few months. 

Secondly, going on my first paragraph, A lot of people are going to be in a mess in 3 months. If we take an average foreclosure process of 6 months, that means in 9 months, there is going to be a huge increase then, which is around January 2021+. 

Originally posted by @Chris Seveney :

@Pandu Chimata

Curious if you have looked at investing in mortgage notes? Buy the paper and in some instances if you cannot work something out with the borrower (which I believe should be attempted) then you can foreclose.

Not only should, but would be required to try to "work something out". Unless you are an institutional note buyer, no mom and pop is going to be purchasing the note. Any institution selling a note could be liable for the actions of the note buyer, hence why mom and pop note buyers are only buying mom and pop notes, and not in bulk or from any reputable financial institution.

 


@William Howley - I believe that after 3 months, the consumer has multiple options to pay off the 3 months mortgage amount - they can make installment payments in the next one or two years, or extend the loan term for 3 months or refinance the loan if that makes sense. I have not heard that they have to pay all the money at the end of 3 months which is not going to happen.

Regardless of the options, I see there will be problems in the next year or two as some of the jobs will never be gained back and the unemployment can remain high for a longer period of time.

@Ron s. I am not sure how this will process works. I heard about note buying at a 50% discount and then work with the homeowners either to restructure their mortgage payments or evict them and/or foreclose the house, etc. 

Originally posted by @Pandu Chimata :

@Ron s. I am not sure how this will process works. I heard about note buying at a 50% discount and then work with the homeowners either to restructure their mortgage payments or evict them and/or foreclose the house, etc. 

 That's more urban legend than reality. Again, if your neighbor carried a private note, and they want to sell it to you, ok, i can see that scenario as possible but, you are not going to be calling Bank of America up and offering to purchase their notes at a discount. Just isn't going to happen.

Originally posted by @Pandu Chimata :

@William Howley - I believe that after 3 months, the consumer has multiple options to pay off the 3 months mortgage amount - they can make installment payments in the next one or two years, or extend the loan term for 3 months or refinance the loan if that makes sense. I have not heard that they have to pay all the money at the end of 3 months which is not going to happen.

Regardless of the options, I see there will be problems in the next year or two as some of the jobs will never be gained back and the unemployment can remain high for a longer period of time.

The consumer only has the options given to them by the lender/servicer/owner of the note. There are quite a few lenders that require it to be paid at the end of 3 months. Government loans have more liberal payment options but still, once the deferment is over, a demand will be made to pay all of the deferred payments. The options could be that the deferment continues until up to month 12, at which time a repayment plan could be considered. There are formal modification options such as "cap and extend" as well as options, etc. but those are only for government loans. Any other "option" is at the discretion of the lender.

 


@Ron S. Thank you for the insight about the notes. It makes sense that you just can't have an agreement with bank to purchase the notes at 50% discount.

@Ron S. With respect to mortgage, that would be a challenge for many if they need to pay off the balance all at once after 3 months or x number of months. This is going to be a challenge for many and that could force them to avoid paying mortgages. In fact, some people really managed this scenario last time in 2008 and they could repeat the same this time as well.  I believe we can see the trend by Oct/Nov but the real impact may not happen until 2021 Q1. 

I don't use any websites to track stats but I like the idea of this! We get our foreclosure data from 2 different title companies(I believe they get their data from each counties recorders office and also listsource) I have them send me everything for the 4 closest counties to me.

@Eric 

@Eric Trostle - How did you approach title companies? Do they generally provide that kind of service? or you pay them?

@Pandu Chimata - They are title companies I use on a regular basis for title work/closings so they just send me the lists as they come through. You could talk to the title companies you work with to see if it's something they provide or if you haven't established a relationship with any specific companies you could talk to various title companies to see if they offer that service. They dont all do it so you may have to ask around a bit...but let them know you are looking for "notice of default" or "NOD" lists to help homeowners avoid foreclosure. the title companies don't have any written agreements for me to sign but its more like you scratch my back and ill scratch yours.