California Foreclosure Report

The most recent foreclosure report published by ForeclosureRadar has some good news and some bad news.

  • Notices of Default – the first step in the foreclosure process – increased 26% and reached a record peak in March 2009 with 54,268 filings (previous peak was April 2008)
  • Notices of Trustee sale – which set the auction date and time – increased from February by 82.3% to 33,178 filings
  • Sales at auction decreased 41.4%.  While there is a lag between the foreclosure filings and the sales, this will catch-up eventually.

Your status as a buyer or a seller will determine whether or not this is good news or bad news.  The perfect storm of low mortgage interest rates and low real estate prices make this a great time to buy, but that can be a little tricky if you need to sell your property before you can buy another one.

List of foreclosures in California

Are you looking for foreclosures in California?  We have the access.  Send a message to info@mangledmortgage.com with “foreclosures” in the subject line.

Foreclosure Coaching for Agents and Brokers – How to build a big REO business from someone who knows

One of my coaching clients made over $1.1 million in commissions in 2008 by focusing her attention on selling foreclosures.

Oh yeah…she won’t turn 30 for a few more years.

Whether your new to the business or well-versed in foreclosures already, the coaching program will make you better.  It costs less than the major competition and provides superior results.  No long-term contracts, no gimmicks, no inexperienced coaches.

If you’d like to learn how to sign-up for Jon’s REO coaching program, send a message to  info@mangledmortgage.com.

Check back for Technology Coaching…coming soon!

Foreclosure lists

Foreclosure List Update:

Most of the lists of foreclosure information are available for free from your county office where you’re searching.  There are many title insurance companies that can provide the information in an electronic format for their customers as well.  You will usually have to be a customer in order to get access through the title companies.

Update for agents and brokers:

Some of the asset management departments and asset management companies are no longer allowing their asset managers to assign listings.  Countrywide has had this policy for a long time already.  The reason behind it is the potential for an asset manager and a less-than-honest agent to be in cahoots for stripping a house of valuable items.  When the asset management company has a neutral employee assigning listings, it helps limit their risk.

For specific questions about foreclosures, foreclosures lists for your area, or industry news and trends, send a message to Jon Sterling at info@mangledmortgage.com

REO Asset Manager Lists For Sale

Consumers and agents BEWARE!

There are individuals and organizations out there selling lists of their asset manager contacts.  Exercise extreme caution when considering buying one of these lists.  Many times, they are nothing more than a collection of phone numbers to a bunch of banks across the country.  You can get the same information by visiting the websites of the banks themselves.

The lists are marketed to both consumers and real estate professionals.  Consumers can use the lists to contact lenders to identify properties to purchase.  Real estate professionals can use the lists to generate foreclosure listings.

The lists can cost hundreds or thousands of dollars.  There are real estate professionals who do lots of foreclosure business who will sell their lists of asset managers and their contact information, so it’s up to you whether or not it is worth the cost.  Some say yes, some say no.  If you are planning to buy a list, do some research and make sure the source either is selling or has sold foreclosures and used that list to generate business.  If you cannot verify, you probably want to keep searching.

I do not sell lists, but I can point you in the right direction if this is something that interests you.  Email info@mangledmortgage.com or simply post your questions below.  I have coached dozens of people through this process, so you can learn from our collective mistakes.

Yours in success,

Jon