Need help with servicing notes
We use contract for deed in two of our last deals. Essentially we became the bank. Is there a software that you know of to keep track of the amortization schedule. They also pay additional to the principal sometimes which changes the numbers so I want to be able to keep track of that. Any help is appreciated. Thanks
I don't know for certain, but I have heard that if you have made these deals on primary residences (the buyers'), then it is strongly in your best interest to pay a contract servicer to ensure that everything is done according to regulatory compliance for primary residence lending. Are these primary for the buyers?
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Lender
- KFP Investors LLC
- 615-234-1222
- https://kfpinvestorsllc.com/
- [email protected]
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
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Use a third party servicing company and have the buyer pay for it.
Quote from @Eliott Elias:
Use a third party servicing company and have the buyer pay for it.
What he said going forward. If you did not negotiate that upfront then you might have to be willing to pay the set up fee and split the monthly cost.
Going forward have that as part of your presentation to your buyer.