Notice Of Default!?!
Alright, I have a question for the experts out there.
If I'm going to want to find preforeclosures before everyone else, I'll need to know where to find the notice of default info, correct?
Where do I find this info? Would it be possible to contact a foreclosure attorney and ask him for help in return for offering him $3-400 for every deal he gets for me?
Where do I find the notice of defaults?
The Courthouse
Hi and welcome to TCI specialparking,
Kansas is primarily a judicial state, To foreclose in accordance with the judicial procedure; a lender must prove that the mortgagor is in default. Once the lender has exhausted its attempts to resolve the default with the homeowner, the next step is to contact an attorney to pursue court action. The attorney contacts the mortgagor to try to resolve the default. If the mortgagor is unable to pay off the default, the attorney files a lis pendens (action pending) with the court. The lis pendens gives notice to the public that a pending action has been filed against the mortgagor. The purpose of the action is to provide evidence of default and get the court's approval to initiate foreclosure.
What you are talking about is know in the industry as "NOD's" (Notices of Default).
Please do not go into the courthouse and ask to see their NOD's you may just offend! "Just joking".
Most every courthouse will allow one to do what is called document search; normally you can check for recorded documents within a week period of time.
You will want to focus specifically for example this week and work your way backward for 30 days. In doing this you will be able to reach the potential customer before it even hits the legal publication. Many lenders will file Notices of Default as a preliminary stage to the foreclosure and record the document at your recording office.
The primary document used is lis pendens, but others are used as well. I suggest taking your legal news paper and research say 10 or 15 upcoming foreclosures just to see what documents are primarily used and only do your document search for that specific document.
As for asking an attorney for leads of this nature is a conflict for the attorney and a violation of federal and state disclosure laws. You are better served by creating your own pre foreclosure list by way of courthouse research.