Posted by Deborah on November 25, 1998 at 14:15:50:
While I don’t know anything about the Stefanchik organization, I do know this, that you can learn how to research trust deeds/mortgages simply by going to the local county recorders’ offices and county courthouse and asking the clerks to assist you in locating individuals who need or might want to cash out on existing personal loans(for reasons such as notices of default for example and or for other reasons want a big chunk of their money now sans the remainder they would normally get-takes A LOT of DIGGING!) against real property.Once you locate these properties, you send a letter to the owner of the mortgage/trust deed offering the amount you would pay to liquidate the mortgage he has created for the borrower. A very small percentage, say 1 out of about 200+ in our area want or even would consider liquidating their personal loan in this way unless they have been having the payment problems that cause many to file foreclosure proceedings, and that adds attorney’s fees!!!
Also, a thought might be to look in your yellow pages for a trust deed/mortgage purchasing type company and consider working for them for awhile to get the hang of it, or, if the business owner is open to it, a discussion of what they have found is most effective in securing a trust deed/mortgage below market by simultaneously beating their competition to it by offering a bit more so the mortgagee comes out a winner!
Other ideas might be to run an ad stating exactly how much you will pay for trust deeds/mortgages of varying amounts that way the ad is an automatic qualifier and you lessen the percentage of unqualified callers.
As far as Stefanchik organization, any knowledge they can impart can be located at your local library, by asking people in the bus of buying trust deeds/mortgages, and getting to know the people in the county recorders and courthouse offices-if they like you they will frequently help you out quite well when they have spaces of time with nothing to do!
Good luck with your free information!!!
I live in California and we are known as a “trust deed” state!!!