Is There Opportunity In Subject-To-ing Local Pre-Foreclosures?

[Parker Sanburn]

Hi again everyone! 

I've just recently began to implement the owner financing and Subject-to opportunities in my options when offering on deals, but would I be able to do this with pre-foreclosures? What I would like to do is find a list of people who are late on mortgage payments and plan on foreclosing their house or selling to make the payment and contact them and offer a 'subject-to' option to basically absorb their debt and rent out the place until a possible refinance in the future to buy more places. I think this could be a great thing because we could get magnificent properties for pennies on the dollar, all while the people get to keep their credit, and the banks gets their money. Win-Win-Win. 

Possible calculation of what I want to do: 

$100,000 property 

$90,000 left on note

$12,000 in delinquent payments 

We catch up the payments of $12,000 and then clean it up, put a tenant in, and start cash flowing the property. We get a $100k property for ~$12k, the people leaving keep their credit, and the bank gets their money. 

So my main questions are, is there a list containing people who are delinquent on mortgage payments (Public information?), and how do I et a hold of it? And if you've done something like this before, what has and hasn't worked for you? 

Thanks a lot!