Updated almost 7 years ago on . Most recent reply
Good Loan Servicing Company - Please Help!!
Do you guys have a suggestion for a good loan servicing company that calculates their provision on a percentage rate and not a fixed rate per transaction? I am closing on 6 seller financed properties this month and the servicing company that I usually use charges 20 bucks per transaction. Since this is a package deal with one mortgagee I would prefer not to burn $43k over the life of the mortgage (30 years) just for loan servicing! There has to be a more cost effective solution. Also, on this transaction I can't work without a professional servicing company like I have done before, due to the dangerous wording in her promissory note and mortgage agreement. Especially the age of the mortgagee (76) and the potential loopholes that the wording in her note creates in regards to her heirs, make a it a must for me to have a servicer that facilitates the payment. I'm also sure the old lady won't be able to provide a 1098 lol.
Do any of you guys know a good vendor for this? Thanks a lot!