targeting pre foreclosures
I have noticed on a county tax bill some have written, "our records indicate that your statement has been requested by a mortgage co". Since I'm in a non-disclosure state (Tx), is this a good indicator that they are in default or would there be any other reason a company would request info?
Also, in a short sale, when exactly are we doing our "due diligence"? After phone contact and before meeting at home. After meeting and before sending in short sale package? Thanks! TY
Ty-
A mortg co would request the tax bill in order to pay the bill, as well as to view a delinquency, so that is not necessarily a realistic way to determine foreclosure; however, although TX is a non-disclosure state, you can print off the "Freedom of Information Act" from the internet (forget where) and ask for the info you need at the courthouse. I know many investors in TX and you can get foreclosure info at the courthouse according to them.
As for due diligence, great question. I have the ability to go on-line to the courthouse or property appraiser's office (find out if yours has a website) webstie free to pull lien info and tax roll info. IF you can't get info at the very beginning of your deal, then you can request title work when you know that the bank is in the ballpark of what you are willing to pay.
I hope that answers your questions. Best of success....Sharon