An Incomplete Note File Can Be An Issue

Have you ever operate your business in a manner that things went very slow slowly and then all of a sudden somebody throws a rock out in the middle of the road and causes you to stop and think about changing the ways you’ve done in the past.

If you are in the note business, when you do your due diligence the file doesn’t always have a list of the payments that were made on the note in this can happen with private notes as well as institutional notes and some of us including myself.

Well, I’m hearing more than what’s happening is some law firms will not take a case if you’re going to foreclose and less there is a list showing payments. Many times we get a spreadsheet in a say when the note was created and when the last payment was received but we never get a list of the paper surveilled very seldom do we get a list of the payments.

So you have your attorney going to court in your trying to foreclose and the opposing attorney your the judge says well if you say this person is behind x amount of dollars where is the proof of what payments they have made and if you don’t have it in some cases they’ll throw the case out and other cases I’m hearing about his attorneys won’t even take the case because they’re being challenged more concerning this matter.

So I’m not saying don’t buy a note if it doesn’t have a list of payments that were made in the past just be aware of the fact that on horizon or challenges are being made by attorneys and the court as to how much was paid on that note and how you arrived at the back payments is being held.

if you going to court you see the back payments is $30000, “Ok Boyd McClain” the attorney opposing attorney can say you’re the judge “Show me what payments were made on the note since it was instituted” and if I don’t have it I’m kind of SOL so take this into consideration when you’re considering buying notes in the future.

If you have questions, please CONTACT ME or we can make a FREE 30 MINUTE CONSULTATION.An Incomplete Note File Can Be An Issue. An Incomplete Note File Can Be An Issue.