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Updated over 10 years ago,
How to go about paying Mortgage
I bought a few places under seller financing, and I was wondering how to structure my payments to them (just mortgage and interest, the taxes/insurance will be handled separately).
The two things I want accomplished in each payment:
1) I want the payments to be automatically withdrawn from my account
2) I want receipt of payment toward mortgage each month.
So my question is, should I be doing this under some type of mortgage escrow account. Should I just setup an automatic deposit into their account from mine each month, and have them mail me a receipt? Or is there any creative ways of going about this that I should know about?
Thanks in advance!