How do you know if there is Equity?

[James Ritter]

I am building a targeted list and am trying to figure out how I find out if there is equity in a property.

I found a home that was in contract for 225K in 2014 but has not closed.. It is in super rough shape but ARV would easily be 1MM. Probably take 300k to remodel the entire home. I see that the guy had a mortgage 10 years ago for 600K. Is there a reliable way of finding out the balance of the mortgage without asking the guy? Any service that would tell me this?

I plan on calling the owner, sending him a letter, emailing the attorney that was representing him, calling that attorney, sending that attorney a letter.... at least to start.