Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Tax Liens & Mortgage Notes
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 2 years ago on . Most recent reply

User Stats

23
Posts
5
Votes
Guillermo Perez Vargas
  • Investor
  • Scottsdale, AZ
5
Votes |
23
Posts

New Servicer wants original Note????

Guillermo Perez Vargas
  • Investor
  • Scottsdale, AZ
Posted
Hi,
I'm being forced to change note servicer on my notes since my old servicer will no longer be licensed in the state where I have most of my notes (MI).
The Old servicer recommended West Star in Phoenix, and they seem to be OK.
In the process of transferring the notes, West Star requested I give them the original of the Note! This seems wrong to me. If something happens to that original, how do i show that I'm entitled to the payments? I of course have copies, but copies - even notarized ones - cannot be used to show ownership.
Has anyone in this group heard of servicing requiring the original of documents (CFD, Note, Assignments, etc.)?

Most Popular Reply

User Stats

23
Posts
5
Votes
Guillermo Perez Vargas
  • Investor
  • Scottsdale, AZ
5
Votes |
23
Posts
Guillermo Perez Vargas
  • Investor
  • Scottsdale, AZ
Replied

Thank You!

My notes are low value notes (<$50,000.00) so Madison is a little to rich for me, but will definitely look into Allied.

Thank you for your Input.

Loading replies...