I heard from a friend (here in CA) that NOD’s are coming now at 10 to 14 months of missed payments! Can anyone confirm? If that is the case then isn’t there the issue of paying some hefty back payments?
If I want to find homes, with or without any equity, but nevertheless without several months of back / missed payments, how would I go about this, if NOD’s are too late? Are there lists that lenders, or credit agencies or others with just late payments? What about county recorded “notice of delinquent assessment” (in the case of HOA’s) or late property tax? Any firms compile any kind of early or pre-preforeclosure info?
It is true that some lenders are not filing the Notice of Default for several months. We can only speculate that it is the government foreclosure prevention programs or the banks using this as a balance sheet management tactic.
When the Notice of Default it filed you will see the default amount which you can then use to calculate roughly how many months they are behind in payments.
It is possible to purchase delinquent loan data but we caution you when using this data to contact homeowners. Since delinquent loan data is not a matter of public record you need to make sure you are contacting them in compliance with the Fair Credit Reporting Acts. If you are unsure what this looks like read the fine print on the back of a credit card solicitation. Credit card companies purchase a lot of credit data which is how they determine who to target with the “pre-approved” credit applications.
Delinquent HOA dues will not typically become a matter of public record until they file a lien. It is possible that someone would stop making their property tax payments but keep in mind the lender may pay the taxes and add that amount to the new monthly payment.
I forgot that FR has default amount posted, and it’s searchable. Is this fairly accurate, as it’s public record?
The default amount is taken directly from the Notice of Default. Just last night we were looking at the default amounts which on average continue to creep up. It would appear that lenders are taking 2-3 months longer to file the Notice of Default over last year.