Owner's Financing & Loan Servicing Companies

[Chris Bounds]

I have a property that I am looking to sell by offering owner's financing.
My primary goal is to amortize the loan for 30 years with a 3 year balloon. Reporting to credit agencies will help the buyer refinance out within that time frame.

I understand that using a loan servicing company is a great for efficiency, but it seems that most of them now do not report to credit agencies. The only one that I found that did report to the credit agencies cost $60/mo with a 3% refinancing fee!

What loan servicing companies do you recommend and do you know any that still report to credit agencies? Also, what is a good interest rate to charge for owner's financing? I'm in Houston, TX.

[Page Huyette]

I haven't had a chance to close a deal with seller financing yet, but for what it's worth, here are some loan servicers I've gleaned from past posts on the subject here on BP:

http://www.cashflowservicing.com/real_estate.html
http://www.plmweb.com/LoanServicing.htm
http://www.notecollection.com/
http://www.meracord.com/
https://www.sls.net/about.aspx
http://allservicing.com/

I also contacted the title co. I've used for other deals, and they referred me to a local bank that does loan servicing as well as a real estate attorney that can draw up the contract. I agree with Bill Gulley on this--don't skimp on covering yourself.