pre- foreclosure software - Posted by Brent

Posted by Tom-FL on April 03, 2004 at 16:20:49:

I didn’t say there were no programs or services out there. Just no legal ones. Bottom line is that it is not legal to share private banking information without being presented a valid court order.

Now after the legal requirements of public notification are met, and this varies from state to state, then all bets are off.

Here in FL, courthouse records are public (unless sealed), so as soon as one gets filed, the public can see it. That’s you and everyone else who cares to look.

I have seen many many ads claiming they can get me this info before anyone else, even before it’s published in the paper. Beating the paper ain’t hard. They have to file it before they can publish it because the published notice has to have the case number on it. As a result, the publication lags filing by several days.

Now, since my county has public access via web to the recorder’s office, I can get the filings within a few minutes of them being scanned downtown. In fact, I can get the film of the Lis Pendens probably while the rep is still standing at the counter waiting to pay the recording fee.

The problem is that the county setup is what I’d call “user hostile”. It’s very cumbersome to get the data out of there and cross reference it so that it’s meaningful. In light of this, I use two services, both of which gloat that they get me the info before anyone else. Well two weeks after filing ain’t before anyone else.

The reason I use them is that they do all the work. They find the property address for me, the balance, the tax value, last payment date, plaintiff attorney, and about 8 or ten other things not on the raw courthouse data. See, I get the data the same time THEY get it. They couldn’t possibly get it before the county recorder.

There are a few ways I know to get the inside track, and all of them involve breach of confidentiality. Most involve working for a bank or the banks contractors. My favorite is to set yourself up as a Mortgage Field Representative. This is an independant contractor that does (among other things) occupancy checks. When the money stops coming in, the bank needs to verify that the house is not vacant, or the insurance will be canceled and the bank is not covered if something happens. You can work for as many banks as you can handle since you are independant. Basically, the bank or Mortgage Co tells you who isn’t paying long before anyone else knows, so you can go see if the place is occupied, and maybe just happen to snap off a few pics or look inside and do a ballpark repair estimate. The pay is not good at all, but you might have an inside track. Problem is if you ever got found out, your inside track would be history.

pre- foreclosure software - Posted by Brent

Posted by Brent on April 01, 2004 at 19:43:15:

Is it possible to buy software that will get you the info on a pre-foreclosure even before the owner has been notified through the mail. I have met people that say they use this program but they will not tell me what it is. Are they pulling my leg?

Re: pre- foreclosure software - Posted by Tom-FL

Posted by Tom-FL on April 02, 2004 at 17:55:32:

Methinks somebunny pulling your leg.

First, the owner is notified of the late payment about three days after the payment doesn’t show up.

Second, this is confidential information until it becomes public record (as with a court filing of Lis Pendens).

Anyone who provides you with such information would be likely to lose his job and possibly be subject to legal action.

There may or may not be a program out there that can break into the credit bureau computer network and sniff out late pays in a certain area. I wouldn’t want to be sitting at the keys when the swat team arrives though.

Re: pre- foreclosure software - Posted by Scott

Posted by Scott on April 01, 2004 at 20:25:19:

Brent, I’ve been doing pre-foreclosures for about four months now, following Jeff Kaller and Ron LeGrand’s courses. I’m not aware of any special software that gives you a “leg” up on finding out about future trustee sales beyond the following methods I employ:
1st: Public notices in the legal section of the newspaper. and 2nd: Having your title companies send you advance notifications of sales. This second method is working good for us as the sale info hasn’t even reached the newspaper and we beat our competition. Regarding these F/C info services… I’ve tried a few, but found the info was either outdated or so incomplete it wasn’t worth the price. Hope this helps.

Re: pre- foreclosure software - Posted by brent

Posted by brent on April 02, 2004 at 18:18:31:

I think they may be misleading a bit. I have a feeling this is acually a service and not a program. Although I have been told by several people there is such a program. I have heard of very expensive services that can get this info as well. I have heard of shark programs that monitor the web for new info on a specific subject aswell.

I guess I will have to just keep looking for the next creative way to get people to call. In my area we are swamped with bandit signs. So I am on the hunt for a new way to get the calls.

Re: pre- foreclosure software - Posted by Dave

Posted by Dave on April 01, 2004 at 21:49:16:

You might also try your county website for all Lis Pendens filed in the previous week or so. Working the Lis Pendens list gives you a running start even over those with a “leg” up.