30 /60 /90 using list source question!

[Karla Yanez]

Good day guys! I have a question about using ListSource.com How do you narrow down a list (filter) to show all home owners that are behind in their mortgage payments? Are those people the ones whose equity percentages are in the negatives? Thank you in advance! 

[Ron S.]

They do not sell a list where the borrowers are behind in their mortgage payments where there is no legal filing. Any information prior to the filing of the first legal on a defaulted mortgage is NOT a matter of public record. You can't find the filter button for delinquent borrowers because there is none, again, unless the borrower is actually already actively in foreclosure.

If you are buying a list of loans in default, you are buying a list that is public information that anyone has access to and usually for free. The only benefit of a list like the one you are interested in is that it can be tailored to some precise statistics like location, product type, maturity date, property type etc., but there is no list for borrowers that are 30, 60 or 90 days delinquent.

To the second part of your question, no list you buy is going to answer the question of negative equity. The information you buy contains data at the time of origination, not today so, if you have a loan that says it was 80% loan to value when it originated in 2011, you don't have any idea what the equity or lack of equity is. The only way you are going to know that is to have a copy of the payoff statement and a copy of a recent valuation. Getting the payoff is easy, have the borrower hand it to you. The copy of the valuation is also easy, spend $400 to buy one or, trust a real estate agent to give you a comparable market analysis on the property.

Hopefully you get that there is no proverbial "List" that is going to get you the information you want. Yeah, you can get a list to start your hunt but there is SOOOOO much more work that goes into it and it only starts with a "list".