Foreclosure Listings???
If I'm looking at foreclosure listings (NOD's) either at the recorder's office or from a site that gives them to me daily, how can I be sure that the owner has not made the loan current now. Say a NOD was filed in Aug.1, and I did a search today and found that listing, how can I be sure that property is still in the 90 day period(here in California it gives the owner 90 days after the NOD is filed to make the loan current) and it hasn't been made current? Should I just get the address of the property and contact the owner to find out? Any feedback?
I buy a service it is a little expensive but it puts it up on my computer and is only two to three days behind the actual recording of the NOD. The service is called Retran and is on line. It breaks the NOD's down into Zip codes so you can pick your areas of interest and run them or mail them or whatever. Also it of course gives the Trustee Name and Telephone number. To ascertain if the sale is still on you call the Trustee on the telephone, give him the Trustee Sale Number which is also on your report and ask if it is still running. Yes, you keep going, No and you do a different type of run. You proceed on phase two. A slightly different approach to those who have just cured their foreclosure action.
There is plenty of information as to the house, prior date of sale etc. etc. more then you can use. After awhile you will be able to interpret all of the information on the reports.
When running defaults it is best to research an area, and while you look at everything coming down in and around your city or town. It is really best to concentrate on one or two zip codes and really get to know them. This is called "King of the Mountain" You become the person in that area. You build your reputation on how well you help the people you call on.
Remember, the essence of the Perfect Real Estate Transaction. Everybody wins. So have fun get rich and help solve the problems. Lucius
If you can, using your counties web site to find the NOD's is your best bet. It is free and usually more up to date then a company you pay for.
As for knowing if the loan was brought to current, I would guess you should call the owner and strike up a conversation with them.
Me personally, I send out a post card to them and go from there. Granted I have yet to get a reply from them but it's only a matter of time.
Also, do other types of marketing as well, signs, flyers etc.
Remember, you can lead a horse to water but you can't make them drink!
1.I'm not from CA (vote for the Governator). There are several active reporting services ****Must Reach Senior Investor status before posting URL's*** don't use their services so wouldn't recommend anything I've never used. Call up a title company. Ask for the foreclosure dept and ask for names of these services.
Most will send you a sample of the types of information provided. It may take switching 2-3 times before finding the service which pleases you. If your county Recorder has them online so much the better. A 4closure reporting service is worth the money & sure beats spending time at the Recorder's office digging them out yourself.
2. If your Recorder is online, they generally record documents in real time. Call the Recorders office to verify this.
You can look up the property which will show a "Recision" if they have reinstated the loan. That's not a perfect solution because there's a gap between the date the defaultee reinstates the loan and the date the lender files the Recision notice with the Recorder. Also, if the defaultee files bankruptcy ( a federal act) that would not show up on the recorder's website.
Calling has not been too productive for me and is time consumming.
They should list a phone number for the trustee.
Call the Trustee. Ask if the property is still going to sale. They're used to people calling.
Hope This Helps,
Mrs. Meltzer