Chicago, IL · Member since 2016 · 88 posts · 29 votes
Hello,
I have recently bought a property subject to existing financing in Illinois.
I am planning to sell this house on owner financing. The monthly payments from the buyer needs to cover the monthly payments of the loan. Do you guys know of any loan/note servicing company that provides such services in Illinois?
Do you really need the services of a loan servicing company? I have never done that but I'd think that an attorney specialized in real estate transaction should be able to draft the contract for you. Then all you need is to collect the payments every month, just like you would collect rents if you were renting it out, except that these are mortgage repayment coupons?
This is not complicated but a loan servicing company takes care of the payments coming from tenants/prospective buyer and makes sure everything is in escrow until disbursement.
I wonder if they service in my area? Do you mind sharing? I'd really the service. What if my buyers want to pay an extra 10 dollars this month? and $20 next month? Could get pretty confusing. I also don't like people coming to the door any old time with rent. I'd love it if a company direct deposited and kept track of all that! But I hate what I'm seeing in the companies that do it here. they can't possibly tell you about all the fees, because there are so many of them! And the mortgagers are getting hit with fees that we don't even know about! fees for receipts, huge fees on nsf. (come on, everyone has had an nsf check once, and come through with a good check the second time). The list goes on.