jp or anyone, do you ever run people on public records searches to see if they got a mod or had their nod removed? I am not sure if it available online everywhere, you may need to go in person but you can look at them for free. It is helpful if you are focused on certain properties in a certain area, you can find out exactly what is happening.
Here’s how, maybe someone will do a test and check a dozen or two and post the results, especially on those that had nods or nots and never came to market.
foreclosure.com gives the name on nods and nots of the borrower without subscribing and the county at least here in riverside county allows grantee searches by name online for free. When a street i liked came up as a nod, I’d check out the owner and sometimes it would list and entry for “notice of default” then a few months later “notice of trustee sale” and if the next entry was “release notice of default” I’d know that they figured out something (mod, refi, lotto win, relative to the rescue, whatever) but they escaped, however the foreclosure sites don’t erase it, it drops off after the auction date but it never was auctioned, the sale never records.
I wonder how many you would have to sample to gauge your market to see how many are getting mods where you want to buy.
for my hood these are the ways to find out what is really happening, other areas may have similar websites
halfway down, pick the map viewer, then on the map window that pops up, zoom in, then switch to the info cursor and click on all the houses on the street till you find the one that matches the name.
agree to terms, then enter the name and you will see a list of transactions, dates and transaction types, for a $2 fee you can get the doccument but you don’t need it unless you stumble onto a speculator with multiple properties in default. If the entry after the the notice of default says release notice of default, it’s time to move on and stalk another property, they got a mod.
I have to imagine that riv co isn’t the most advanced place in the world so your area probably has similar government websites where you can take the pulse directly from public records and avoid the innacuracies of the data clearing houses.
