What To Do With Closed Files?

3 Replies

Hi!

I am very close to closing my third NPN note file.

So far, all have been profitable.  (Thanks to God, my mentors, and BP!!)

The immediate question I have is, what do I do with closed files?  I'm planning to keep them for tax purposes, but are there any other legal requirements that compel me to hold onto files that are closed?

I'm thinking of having some of the mortgages "mounted".  Specifically, in a frame with matting. I may possibly include a plate at the bottom with facts about the file: 

Deal#: X,XXX

Purchased XX/XX/XXXX  

Exit: XX/XX/XXXX 

Annualized ROI: XX.XX%

Exit Type: XXXXXXXX 

Investor Return XX.XX%

I figure if big game hunters can mount their "kills", I can mount mine!!!  (Elmer Fudd voice: "SShhhhh!!! I'm hunting bad debt!!!")

Being as my home is not a public space, I don't believe I'd be making the information "public".

Thoughts?

Concerns?

Ideas?

Criticisms? 

Thanks to all!

Bill

Hold on to them just because you can always get sued and potentially need them. I'm dealing with a big problem now where we foreclosed on a home, someone bid at auction, we got paid, we even had the servicer deboard the loan.. and a few months later they're trying some legal shenanigans. I would keep all files in storage for a few years at least.

@Patrick Desjardins

Thank you for your reply.

May I ask what the borrower is alleging in the law suit? And what your plan is to address the lawsuit?

Thank you for your time and effort.

Bill

Originally posted by @Bill B. :

@Patrick Desjardins

Thank you for your reply.

May I ask what the borrower is alleging in the law suit? And what your plan is to address the lawsuit?

Thank you for your time and effort.

Bill

 I don't want to talk about it publicly while it's ongoing, but I'll PM you.

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