The vast majority of pre foreclosure data sources compile their information from public records once the Notice of Default (NOD) or Lis Pendens (Latin for "Suit Pending" has been filed by the lender. The challenge in working these lists is that because that data is widely available to anyone that seeks it, there is intense competition among agents, investors, bankruptcy attorneys, credit repair firms and a host of others clamoring for the same crowded mailbox space.
Enter "soft" credit data that captures the information of delinquent homeowners once the lender reports the borrower as being late. Since this isn't yet public knowledge, agents can have an early advantage in getting in front of those distressed homeowners before the NOD or Lis Pendens.
There are several ways to filter the data based on demographic, mortgage and credit attributes.
- Number of days late
- Aggregate mortgage balance range
- Number of mortgage trades (1st, 1st and 2nd, etc)
- FICO score
- Elimination of HELOCs
- Hispanic Surnames
- Presence of phone number
- LTV
- Single Family
To get a free area analysis in your area, visit www.preforeclosuredata.net/countrequest.htm.
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