Pre-foreclosures; Harris County
Does anybody know the best way to find pre-foreclosures in Harris County (Houston), Texas? I have found a website that gives me info on the upcoming property for auction (21 days in advance), but I was wondering if I could find properties when they file a notice of default or Liz Pendens (before 21 days).
HELP!
The 21 day notice is as about as fast as it gets unless you can get the owners to call you. The 20 day default letter is mailed to the property owner and is not recorded or made public. One way to find them early is find out who does the BPO or appraisals or inspectors for various lenders and get to know them. They may be able to advise you of pending deals. There is the privacy thing today and they may not even be able to help.
Good LUCK and Thank You
Hope this helps some
Ted Jr
In the long ago past a small company called Mortgage Associates, was formed and in certain states, Texas being one, unable to obtain official notification at the filing of a Notice of Default, sent a business letter out to all Mortgage Service Companies and Prime Lenders Active in the State. Their names gained by observing all county recordings over the prior 90 day period of time. Micro tapes utilized in those days were hard to view you could get very nauseous after an hour or two. But it was done.
They followed this up with telephone calls in which they asked for appointments with the heads of REO, Loss Mitigators, Loan Service etc.
The service offered was to contact all those who were in foreclosure, about to be in foreclosure. This included of course those who had not yet been recorded on but were only up to 90 days late.
Then in small teams massaged the delinquent portfolios and almost with no exception brought back to current all those who were delinq. Some refinanced, some modified existing loans, and some they arranged secondary financing.
Having finished this little chore as a going away present, they modified the existing SOP in such a manner that the loan service organization would insert into the loan contact procedure a little help and understanding and a desire to correct the small deficiency and thus avoid a larger one. Partial payments, etc.
Our experience was not too good on the latter part of the program and we soon discontinued. Needless to add with no correction in the SOP, within a period of 12 months the delinquency rate began to rise and in time all things were as before.
I think the time has come for some small changes in the official way of handling foreclosures in the great state of Texas. Perhaps a Legislative correction sponsored in part by the local Chapter of the Mortgage Bankers Association or whatever. To accomplish such a task start with a single County. Restructure the Foreclosure Proceedings so that proper notice is given and the public can obtain some assistance during a most distressing time.
Might get you into heaven.yeah.
Lucius