Note Servicers
What I want to talk to you today is about note servicers. You’re going to buy a know whether it’s a performing our non-performing what’s your purchase if you need to place it was a servicer. If you’re new in the business don’t try and service in doubt yourself there’s too much involved in a service or will guide you along is what you can and can’t do talk to you about the goodbye letter and hi hello letter that you need to know about.
the other thing about having a servicer is once you get the note to read for form and the people are paying on it they’ll report that to the credit bureau and that helps the peoples credit is in many cases people who are not paying on their notes do not have a strong credit record at all. So by doing that you’re helping them help themselves. Because down the line may be to their advantage and your advantage for them to refinance get a new loan in cash you out which makes your return much higher.
so the other thing to is a servicer will have an account for you and if you have want more than one or two notes you can go in there and take a look at the account on the internet and see who is paid and who is not pay you can’t just leave it up to a servicer to notify you when it has not been paid on it’s your responsibility to do that but i see that happened so many times people will give notes to servicers then people fall behind and they don’t keep track of it and then they find out five six months later that it’s got is in arrears so if you place to know which i think you should work the servicer keep track of everything they also will require your closing papers and things of that nature to keep on files so in the future when you if you decide to sell that know you have a complete file also you will have a record of payment and that’s becoming very very important in this business now because people are that hold nodes are going to court for foreclosures because the person holds the note is not paying in the judges are throwing these lawsuits out for foreclosure because they can prove payment record so it’s up to you to make sure that payment record is kept what you have the know.
If you want to know more about notes, please contact me or we can make a Free 30-minute Consultation.
Note Servicers