Contacting Lenders For Default List
Anyone successful in getting default leads from lenders, thereby by-passing the registry notice and potential competitors (assuming you got it before it hit the registry? What techniques did you use?
Obviously you can't just call them up and ask, for who's behind on payments, since its confidential information and the homeowner still has time to pay (lenders don't wanna upset the homeowner or break laws).
I am giving you my gut answer on this one. In dealing with financially distressed properties lenders require written permission from borrowers just for the lenders to talk to you. They are doing this, in part, for their own protection. They certainly are not going to release the names of borrowers who are behind on payments to you.
This may be an alternative, but you might try finding some loan brokers who specialize in difficult loans. If you get friendly with them, they may have a client that is beyond help and they might ask them for permission for you to contact them. Even better, the broker may convince them to call you. This way you will have a leg up on the competition. I picked up a pre-foreclosure last year from a referral by a loan broker.[ Edited by edmeyer on Date 11/11/2004 ]
Yes, by talking to local banks with portfolio loans. Specifically, by establishing a relationship with the VP in charge of these loans and offering to purchase loans in default (at a discount) prior to foreclosure. This gives you a free look at the default list.
No as far as large mortgage servicers are concerned, since they are more concerned about confidentiality and sell paper only in bulk.