What is A Notice of Default?

111 days before a house goes to auction in California, a Notice of Default is recorded at the recorders office.

The public is notified of a pending foreclosure sale in a public location like the court house and published in the local newspaper. This is public information that anyone can and will see. People who buy foreclosures know that a homeowner is behind on their payments. People who read the newspaper can see all the houses that are in foreclosure.

Some homeowners know this is public information; however, some do not and are very shocked and surprised to get letters and phone calls from people wanting to “help” them. They begin to get bombarded with offers to buy their house, or offers for financing, or any variety of other products.

As investors and purchasers of foreclosures, or pre-foreclosures, it is vital that you differentiate yourself from all the “junk mail” they get. How do you get someone to read what you send them and open their minds to what you have to say? How do you earn their trust? Rule #1 – Don’t Bullshi* them! You are not the only game in town, you don’t have to be cutesy, or clever or be a salesperson. Be up front and honest. Don't waste their time - as time ticks away their options are dwindling.

You need to:
1. Be honest
2. Be Knowledgeable
3. Do everything you say you will: build trust and do not break it

It is all over the news how people are being taken advantage of while going through foreclosure or a short sale or a loan modification. In every type of economic climate there are people who will take advantage of the hysteria and do illegal things. In good time and bad, you will find this. And throughout all those times, there are also people doing things the right way; helping people, following the law and solving problems that others are unable to do. Help build the reputation of the investors – do things the right way and do it a lot! Now Get to Work!