So I Went To The County Recorder's Office And Found This...
I bought the last month's worth of default notices ($1.50) and then looked them up at their computer...I only picked about 8 because they gave me about 40.
They all look the same, and i need help deciphering them.
Anyone with experience?
I found one guy that i know personally, and I printed his "Notice of Default and Election to Sell under deed of trust"
This is what the page says, paraphrased:
| Quote: |
This amount is $5477.21 as of 8/22/2003 and will increase until your account becomes current. |
That is about all the important info...No address...it does have the name listed though. How do i proceed next? how do i find the home?
Thanks
anyone?
If you have the name you should be able to search the ILS system ( the county's computerized system). You should be able to search by name only and this should pull up the property address. Search public records index at the courthouse and the name is all you need. i.e. type in 'Jones' under search all records and you will get all the Jones' that have had land records in your county.
good luck
Don
You could also do a name search with your online phonebook service...
While you should be able to access it by the name alone ( per previous posts' directions), did it not have any reference to parcel number or legal descript?
take the persons name and cross reference with tax assesment..this will give you the address..then go back to the recorders office and input the name to the data base and you should be able to check each, but not always every ,docket number to where there is a recording under this persons name..the system may be different in fresno..but the recording person will steer you in the right direction..hope thjis helps a little..good luck..
regards-pat
Great, thanks for the replies. I know what street this guy lives on, i just didn't know the exact address.
What is my next step?
is the $5477 the amount past due? and the $40,000 the original loan amount?
Most likely yes, that is the past due at the time of the notice. However, you can find all the info you need with a criss-cross directory, they are sold in all major cities and on CD, they are costly but worth the money. Keep digging you will find the info you need
Good Hunting
Don
Thanks Don.
What do the criss-cross directory's provide?
I really want to know what I am supposed to do next.
How long until the home is actually foreclosed?
I'm sure he know's he is past due...should I talk to him? What kind of offer should i bring to him.
Comps in that area are between $90-150K.
I would be willing to spend $60-70 for my primary residence for a few years.
Criss cross directory cross reference address, phone numbers, prefixes, and names with each other, if you drive by an address and want the name or phone you can get it through the criss cross directory, If the equity is enough, you must talk to the homeowner, offer him what you have and if need be even a split of the profit after the sale, either way, you win, he wins, get a contract and do not advance any money until you have a legaglly binding contract and a closing date, check the title for liens, Irs is the worse, be careful.
good luck
Don
Quote: If the equity is enough, you must talk to the homeowner, offer him what you have and if need be even a split of the profit after the sale, either way, you win, he wins,
What do you mean if the equity is enough? He is being foreclosed...IMO he has no right to the equity, correct? I'm going to try to help him save face/credit due to the impending foreclosure.
am I mistaken?
Is a title search by a title company with title insurance the best way to go?
I really appreciate your help Don.
O.K. Stones,
In Virginia, where I am, there is minimal time to foreclosure, having said that, you would think someone in foreclosure would gladly accept your offer to save their credit, but they won't, people are stubborn and sometimes stupid. Be fair and offer them a reasonable offer to move along, if need be hire a moving company and pay them to move the person out. Offer them what ever you think is fair. Generosity is not necessary but just be fair. Foreclosure = stubborness in most instances. Good luck, I will offer them what is reasonable to me with the idea to get them out and still make a nice profit. make not mistake the profit is paramount in the offer.
Good luck
Don
Stones, (cool name by the way)
Let me give you a real deal example. Had a prop in foreclosure that owed 89,000 on the 1st, no liens , no 2nd. FMV of 165,000, I offered him 30,000 at closing to sell to me before the sale, he said no, it went to sale and he ended up with about 5000 after all expenses, is that stupid or what.
Don
Thanks for the advice, I know understand. What if I want to stay in the house? should I just get a loan for greater than the amount and give that to him at closing?
I really want to know what to do next?
How do I find out his mortgage balance?
Does he have any liens?
Does he have a second mtg?
Is there anything i am overlooking? this will be my first deal.
bad news on my potential deal.....Here is what i've gathered.
2nd mtg is foreclosing for <$40k
1st mtg was for +-$75k in 1999
Is there anything I can do?
2nd is GMAC, 1st is Countrywide.
Thanks
O.k.
How much is the house worth?, if it worth enough to make the deal worthwhile for you, and you have the money or can get it, then just buy at the sale and you can then take over the first without having to actually out lay any thing except money for the second. If you want to buy before the sale then tell him this, get a yellow pad (legal) and tell him that at foreclosure he will get nothing and the 1st and 2nd could and probably will come after him personally for any shortfall in the amount they receive at sale. ( this may or may not be true, but he does not know either way), offer him 5000 upfront and take over the second and the first if you really want this prop for yourself. If you wait until auction you may get a better deal than if you buy befoe hand, there are probably some liens and judgements also against him or the house. Go to the courthouse and just ask a title researcher there to help you do this title and ask them if they do independent title searches for individuals for a fee. They will be willing to help you if you ask.
good luck
Don
Hello Everyone! Good to be back after a very long summer!
Hello Fresno,
I'm in Pleasanton so I can offer what little advice I have. If you are seriously thinking about this being your "own" home to live in then you need to consider if this a good deal for you? Can you find property cheaper? Is the owner motivated? Do you think you can swing a deal? How much is his monthly payments - is it doable? Is it worth your time and effort. Only you know the answer to these questions. What condition is the property in? How did you come up with comps? What was it last appraised for? You will have to talk to the owner. Is he willing to let you work a deal for him. What's the situation? There are a couple of ways to deal if you can but you need to talk with the owner. I can help with some tips that others have helped me with. Email me.
Valerie
[addsig]
Stop, you are running in circles. There is no deal here unless you are the Supreme Master of Transaction. The two notes are over the value of the property. Looks to me like GMAC is going to have a lovely time. Bid them short when they go REO. (After forclosure sale)
But you dear sir, need a little education.
In Calif. a foreclosure from filing of the Notice of Default takes 90 days plus 21 days of advertising prior to the Foreclosure sale. This is your area of operation (time wise). You need information to play this game. You need to get it on your computer, work from that.
Your information source is RETRAN, go look them up. They supply you with all of the information you will need to run foreclosures. Learn to read them fully, they are not easy takes a little while. If you do not have the money for the service go to the Hall of Records. There is a tape of every recording each day. Now the title companies get that tape I think the Night Search Crew, pick a copy up at close of downdating titles prior to 0800 (master recording time)in the morning. Ask who is abstracting NOD's in your county. Thats your source. Learn to read them. Know the legal descriptions of the tracts in your county. Learn to read the tax assessments and values and the ratio between them and present highly inflated values. Etc. Etc. You are in a really interesting area do not be afraid to step out into the close in farming areas and of great interest small houses on two to five acres. Grab and hold, you have a pop pressure increase upcoming in that area and fast.
Get a list of all subdivisions their numbers and names, learn their approximate locations. Learn to read the legal descriptions and match them with areas, types of housing etc. This cuts down your running time. Most of this is done on the computer. You think that at 81 I am running around like I used to? No almost everything is displayed on that skinny 17 inch monitor. Educate yourself dear sir, and if you ride the changes about to occur you should be well off within five years. Cheers Lucius
You need to have the owner sign a document that gives you authorization to speak with the lenders (notarize if possible), Countrywide is really difficult to work with, I'm not familiar with GMAC. You won't be able to negotiate a short sale most likely because there is a fair amount of equity. You may have success setting up an arrangment with the lenders arranging new financing or other aqrrangements. Many lenders are stubborn, but they really don't want the property back. Good luck.
[ Edited by Win-WinInvestor on Date 09/15/2003 ]