Hunting Down Pre-Foreclosures?

Question

We know that working with pre-foreclosures can present unique opportunities to create win-win situations for the seller and investor alike.

What do you think are the best practices for hunting down pre-foreclosures (especially during this time of social distancing in 2020)?

Online platforms, recommendations from experience, etc?

Any insights for the Indianapolis market in particular?

Joe S. · Answer

People behind in payments think the government is going to bail them out. Right now they are not quite motivated overall. A lot of places the foreclosure has been halted.

Michael Thompson · Answer

Remember, there hasn't been a foreclosure filed in Indiana since March 18th.  You have to have an in with a foreclosure a attorney or with the mortgage companies for now if you want to see who is in pre-foreclosure.

Ron S. · Answer

Be cautious with anyone that offers you an "inside track". They may be committing a crime or at the very least, violating company/state/federal rules. If its not public information, any "list" is not to be shared with you unless you have a legitimate purpose for that information. I can assure you that YOUR legitimate purpose would not be viewed as legitimate to a law enforcement or regulatory agency. NO ONE can legally obtain a list of people behind on their payments (That's called a credit report!) without legitimate business purposes and soliciting them is not a legitimate business purpose.

Yes, there are attorneys and employees at banks (and other places) that will share that information. That doesn't make it ethical or legal. If you want "Pre foreclosure" information, go to the courthouse and get the NODs or lis pendens. Those are public but, trying to find out who's behind on their payments or otherwise in default, is not public.

Gavin D. · Answer

Here.... Marion County Lis-Pendens.   You're welcome : )https://pastebin.com/M4CxjYKY

Jason Powell · Answer

Ron, you bring up some vaild points. Pulling the notice of default down at the county courthouse is an approach at the top of my list. However, in this era of social distancing, I'm wondering about the best ways to do that online... If you have any insights, feel free to share...

Jason Powell · Answer

The more information I gather, the more I'm leaning toward going with the FSBO-lead route... Still surveying...

Jason Powell · Answer

@Michael Thompson Thanks for sharing.  That seems like there's an opportunity in this specific area even more so than I thought; that is, for those who get the inside track to that list, like the ways you mentioned.

Hunting Down Pre-Foreclosures?

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