Does anyone have information on becoming a default note finder for real estate investors?
I would like to find default mortgage notes held by individuals to sell to investors for a finders fee. I have no experience with this. However, I have provided other finder and referral services for real estate investors. I would need an inexpensive way to get additional information and training to do this. Any assistance would greatly be appreciated.
Answer:
You'll need to find the public notices of default. You will have to do a little research to find out where this information is published, it's different for each county. But when the mortgage note is going into foreclosure, there should be a public notice on it.
Once you have a list of foreclosures, you can look up the rest of the info you need at the county courthouse. Lender address, original loan amount, etc.
Then you can either mail out to these people, or call them. Good luck to you.
Everybody who owns mortgages gets hundreds of solicitations from people who want to buy them. It seems you want to solicit the ones in default.
The only public record of defaulted mortgage notes I can think of would be foreclosure notices. So, you would essentially be soliciting buyers of foreclosure actions. Your source of information would be wherever foreclosure actions are filed. There are already investors who buy foreclosure actions & who buy distressed properties. So you're gonna have some heavy duty competition.
You could use the same mailing lists used by those who solicit good mortgages & address it to people with defaulted morgtgages. I don't know what the economics of that would be.
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Answer:
You'll need to find the public notices of default. You will have to do a little research to find out where this information is published, it's different for each county. But when the mortgage note is going into foreclosure, there should be a public notice on it.
Once you have a list of foreclosures, you can look up the rest of the info you need at the county courthouse. Lender address, original loan amount, etc.
Then you can either mail out to these people, or call them. Good luck to you.
Everybody who owns mortgages gets hundreds of solicitations from people who want to buy them. It seems you want to solicit the ones in default.
The only public record of defaulted mortgage notes I can think of would be foreclosure notices. So, you would essentially be soliciting buyers of foreclosure actions. Your source of information would be wherever foreclosure actions are filed. There are already investors who buy foreclosure actions & who buy distressed properties. So you're gonna have some heavy duty competition.
You could use the same mailing lists used by those who solicit good mortgages & address it to people with defaulted morgtgages. I don't know what the economics of that would be.
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