Lis Penden List For Finding SUB-TO Deals??

Hi. Quick question...I just went down to the court house and got a list of all the lis pendens (3 months behind on mortgage) filed in the last month.

Have any of you used this as a means of finding potential sub-to deals?? Does it mean they are just behind on payments (and you will have to make them up if you buy) OR is it more complicated than that and you will have to go through a lot of legal and/or gov't crap??

Thanks,
Brian

Comments(6)

  • nebulousd5th November, 2003

    I had a friend who did something simular. I went with him on a couple of deals. It's an okay idea, it's just that those back payments cut into your profits. If the seller agrees to a sub to and you catch up the payments, the house is yours. you just need to have the money and can act fast in selling to get you money back.

  • PassingThru5th November, 2003

    I use the lis pendens all the time. It allows you to work with the homeowner to get the loan back on track with a modification, partial claim or forebearance.

    If you want to take it subject 2, try to get the mortgage company to do a forebearance and then take it subject 2. This will bring the payments current and no money out of pocket.

    Barbara

  • InActive_Account5th November, 2003

    You indicated you went to the court house and got a lis penden list. Is this something you research to get this information or is there actually a list made up that the court house can provide? In other words, how do you get this information?

  • bth1265th November, 2003

    PassingThru,

    What did you mean by "modification, partial claim or forebearance" to make a sub-to purchase possible?? Can you be more specific...please?

    And to answer another question, I just went to the county recorders office and asked for lis pendens filed in the last month.

    **However, where I am, I DO have to research each one individually - dig a little to get the ADDRESS associated.

  • mcl81905th November, 2003

    What did you mean by "modification, partial claim or forebearance" to make a sub-to purchase possible?? Can you be more specific...please?

    You contact the lender as a "friend" of the the mortgagee (3 way call, or signed permission). You explain to the lender that the homeowner has a plan to straighten out the mess that he has gotten himself into and that you would like to work with the lender to make sure that they get all of their money. Tell them that the big issue is the past due amount, and how can you work it out to make this more doable for the mortgagee, can you add the past due amount to the principal of the loan, pay 25% this month and 25% a month for the next 3 months.

    You are just trying to get the lender to work with you so that you don't get socked with all of the past due money up front. Saves your Cash Flow

  • moneyprivate5th November, 2003

    What you need to learn about the leis pendins (intent to collect a debt). Is the time frame a atty has knowlege of an impending foreclouser. This can be a good buying window for you keep your eyes open.

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