Notice of Default, Notice of Trustee Sale, Lis Pen Dens
Leads
Public record data offers an
alternative to the 30 60 90 day late mortgage leads as
another data source to market to home owners who are late on their
mortgage. This pre-foreclosure list comes
directly out of the county recorder's office and depending on the
state is the first official public notice. Every state
has a different process for recording various stages of foreclosure
before a property can be auctioned but the process will generally
be determined by the state being a judicial or non-judicial
foreclosure state. There are many subtle differences between
the two but the largest difference is that Judicial states require
a judge's approval to foreclose where as Non-Judicial states
have the power of sale written into the trust-deed.
Understanding this difference is key to targeting various stages of
foreclosure.
Public record data goes by many
names: Notice of Default (NOD), Notice of Trustee Sale (NTS),
Notice of Election Demand (NED), Lis Pend Dens, and many
more. The name for a particular type of lead will largely be
determined by the state the property is located in and wether the
process is judicial or not.
The important question is how does this
relate to marketing and why would this list be used instead of the
30 60 90 day late list. As noted in our other
article most of the late mortgage marketing will be more
productive with the pre-foreclosure list but there are times when
public record data may be a better fit:
1. There are no compliance concerns
and very few marketing restrictions on public record data. It
is not privileged information and does not have some of the same
restrictions as other data types.
2. The defaulted borrower may have a higher level of
motivation as the prospect of foreclosure becomes very real.
3. Public record generally will have a higher level of property
specific details than other data types.
4. Full information is available about the foreclosing lender and
trustee.
Filters:
| Recording Date |
Within 30, 60, 90 day; Custom Date
Range |
| Geography |
State, County, City, Zip |
| Property Status |
Pre-Foreclosure, Auction Date, REO |
| Property Type |
Commercial, Vacant, Residential (SRF, MFU,
Condo) |
| Mortgage Information |
Number of Loans, Loan Amount, Default Amount |
| |
Original Lender, Foreclosing Lender, Trustee |
| Property Information |
# Bedroom, # Bathrooms, Lot Size, Year Built,
LTV |
| |
AVM Value, LTV, Home Size |
More detailed filters are available up
on request. Please give us a call for help determining which
data set is right for your marketing. As we have noted
in our other articles there is no perfect data set that fits every
marketing effort. Some will need the 30 60 90 day late leads
and some will need the Public Record (NOD) leads as described
here. Our consultants can quickly help you determine
what's best for you.