When Dealing With The Bank Directly?
On finding foreclosures thru banks, how does one get the leads they need without getting the perverbial runaround? I'm new at this and want to find out how to approach the bank, what to do once I'm there, and please not waste any time. lol. My friend and I are starting this and trying to obtain as much information as possible. Can anyone help us?
Thanks. :-D
Presumably, you are speaking about REO. REO are properties already taken back by the lender thru foreclosure...
This is a short sale board which addresses preforeclosure acquisition techniques.
The banks won't share with you any information about preforeclosed loans... unless you have authorization from the mortgagor.
It is possible to be in loss mitigation and receive preforeclosure leads. I do it for a company. They actually PAY me to go to the persons door and ask them if they need help. I have to be a real estate agent in order to be allowed to do it, though. These people are typically 2-3 months behind and not yet had foreclosure filed. The goal is to either help them with a repayment plan or list the property. This is a third party company that does it though, I know I have done a couple Ameriquest loans but cannot remember the other loan companies. I have one Ameriquest one I got last night, as a matter of fact.
Quote:
On 2004-12-02 13:27, TheShortSalePro wrote:
Presumably, you are speaking about REO. REO are properties already taken back by the lender thru foreclosure...
This is a short sale board which addresses preforeclosure acquisition techniques.
The banks won't share with you any information about preforeclosed loans... unless you have authorization from the mortgagor.
Ruman, what is the name the company that send you out to the house? Is it Falcon, Thunderbird, or something like that?
Brenda
In that case, You are acting as their agent (agent: representing, either directly or indirectly, the Principal) correct? You are not anonymously cold calling for leads.... right?
A fiduciary relationship exists between the Borrower and the Lender, and the penalties for a breach of confidentiality are very explicit. The lender may not broadcast the specific credit problems of others....(except to a credit reporting agency)... lest they expose themselves to a lawsuit.
If you are being hired by the lender, or the lender's agent... that fiduciary relationship quite probably extends to you.