Note Servicing in GA

Note Servicing in GA

Member since 2020 · 5 posts · 1 vote

I've done many real estate deals but never through owner financing.  I have a home ~$200k value paid off that I am wanting to owner finance to someone I know.  I had planned to do it myself by finding a program that will help me calculate interest, escrow etc.  While researching, looks like I have to file a 1098 for mortgage interest.  It still seems like something I can manage with the right software but should I go through a note servicer anyways?  Do they handle any contracts too or does that have to be done through an attorney?  I read that a note servicer is $15-30 per month, can you guys recommend a reputable one?  If someone can recommend a good one for only $15/mo, that seems like a smarter choice.

If I did to decide to do this one my own, any links to software I can buy where all I have to do is plug in numbers?

Thanks in advance!

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  • Member since 2020 · 5 posts · 1 vote
    6y

    Anyone?

  • Samuel CoronadoPro Member
    Investor · Huntsville, AL · Member since 2016 · 334 posts · 181 votes
    1y

    Did you ever find someone? I'm looking as well. 

  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    1y
    Quote from @Kevin Kay:

    I've done many real estate deals but never through owner financing.  I have a home ~$200k value paid off that I am wanting to owner finance to someone I know.  I had planned to do it myself by finding a program that will help me calculate interest, escrow etc.  While researching, looks like I have to file a 1098 for mortgage interest.  It still seems like something I can manage with the right software but should I go through a note servicer anyways?  Do they handle any contracts too or does that have to be done through an attorney?  I read that a note servicer is $15-30 per month, can you guys recommend a reputable one?  If someone can recommend a good one for only $15/mo, that seems like a smarter choice.

    If I did to decide to do this one my own, any links to software I can buy where all I have to do is plug in numbers?

    Thanks in advance!


     I can give you the name of one for $15 but they are not licensed and could open you up to litigation, or one for $30 who is licensed... 

    We use madison management who is licensed. also some of the $15 servicers are $15 for monthly servicing but then check all the other fees they charge etc. 

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