Mail your marketing information to the homeowner or knock on the door and introduce yourself. As if they would like to sell and let them know if you have buyers for a quick sale.
Our researchers collect the data directly from the court.
Every business day except holidays and when the courts are closed.
We archive 4 years of data.
Pre-foreclosure is when a homeowner has had a Lis Pendens filed against them.
New Jersey is a Judicial Mortgage State. As such, a law suit known as a Lis Pendens must be filed by a Lender to start a foreclosure proceeding
Typically the homeowners are three to four months behind on their mortgage when the Lis Pendens is filed.
There are many reasons for falling behind on payments. Loss of income and divorce are the most common. In a down market, the mortgage balance may be higher than the value of the home. Regardless of the reason, the borrower must take action quickly or the lender will end up repossessing their home.
At this early stage, the homeowner still makes decisions about the property.
If they can no longer afford the payments, there are few options left for these borrowers. They can apply for a loan modification, refinance if they can, they can sell their home, they can possibly declare bankruptcy, or the Lender will eventually repossess the home.
A lender may agree to allow a homeowner to delay monthly payments for a short period of time. A forbearance agreement states that the amount owed will be paid at a later date.
No, telephone numbers are not filed with the courts.
Short answer, it depends on how you go about your business. These borrowers are in need of help. If you truly try to help the borrower and do the best for them that you can, you are not taking advantage and are entitled to be compensated for your effort.
There are three basic ways to contact them. You can try to get their telephone number and call them. However, at this point they may not be answering the phone as many or all their creditors are calling. They may also be on a "Do not call list." You can canvass their neighborhood and knock on their door, which is the most direct path. And of course, write them letters. With the mailing label program included on the website, and the sample letters we provide, this is simplified.
Advertising agencies will tell you that you need to get your name in front of people five times for them to recognize it. Do not be afraid to be up front and frank with these homeowners, especially if you have already put your name in front of them several times. Let them know what will happen to their credit if they go through foreclosure. Would they be able to buy another home one day? How they would feel to see their home auctioned on the courthouse steps. How it would feel to have the Sheriff come to evict them. Sometimes these homeowners need something to shock them into action. Inaction is the worst of all.
Actually yes and no. If you are a Mortgage Loan Officer, Investor, or Bankruptcy Attorney, you will probably want them to know you are aware of the situation and are there to help. If you are a Real Estate Agent, you may want to keep this knowledge to yourself until you need it.
The Attorney makes absolutely no decisions at this point. They may not even speak to you until much later in the process. But you should certainly contact the attorney if you have worked out a deal with the homeowner.
Explore doing a Short Sale.
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