Posted by Steve(TX) on April 28, 2006 at 12:00:52:
Unless he actually has the account numbers (and passwords) of “everyone”, I’d be suspect. I’m guessing it’s no more than a financial amortization program that shows the balance of a loan on a given date (given the original loan balance, term, and int rate).
How to find out what people owe on loans - Posted by Dale-Ohio
Posted by Dale-Ohio on April 28, 2006 at 10:11:24:
I was chatting with a local investors in my area. he were trying to tell me that they had a software program that tells him what eveyone owes on there loans. I thought he was full of crap and bragging. I have never heard of such a thing. I also would think that it would be borderline illegal. Because thats private information. Account numbers Etc. So i thought about asking what you guys thought of this. Is he full of it? or is it a real item. Thanks
Re: How to find out what people owe on loans - Posted by Natalie-VA
Posted by Natalie-VA on May 01, 2006 at 17:00:57:
Dale,
As others have said, you can find out the original amount and terms and run an amortization schedule, but this is not reliable. You really don’t have any way of knowing what they paid and what later agreements they might have with their lender.
I recently attended an auction where the 2nd DOT was foreclosing, and it was subject to a 1st DOT in an original amount of around 68k. The people who were bidding assumed that since the loan was only a few years old, they probably owed around 70k including possible late payments. I happened to know that the balance was really over 86k.
Your buddy is full of it and playing with fire.
–Natalie
Re: How to find out what people owe on loans - Posted by Sailor
Posted by Sailor on April 28, 2006 at 21:27:15:
I always look up the county records when I am interested in a property. This is useful info, as it can tell me how badly the seller needs a deal & his/her equity. I am looking @ a property now, & am better prepared to make an offer to my advantage because I now know that the seller’s ARM has just increased. No magic software, just a quick trip to the courthouse.
Tye
Re: How to find out what people owe on loans - Posted by DSmith
Posted by DSmith on April 28, 2006 at 12:01:47:
Security deeds are public record. You can look them up to get the original loan amount and run an amortization to get close to what is owed.