Do I need a 1-800 number if I plan to work out my own notes?

[Sandy Uhlmann]

I recently purchased some non-performing notes.  I was wondering if a 1-800 number was an absolute requirement or if I can just have a dedicated phone number for borrower contact?  Of course, I recognize that the 1-800 number conveys a bit more professionalism but I am just wondering if that is something I need to invest in early on in my note career or not.  If a 1-800 number is a requirement, can someone recommend a cost-effective company?

Many thanks,

Sandra

[Bill Gulley]

Pinged again.

I wasn't going to say anything, but I'd never buy a seasoned note without the payment history file, you can't audit the file! Just take the holder/broker's word for it as to the amounts due?

Even loans in default have a record and that tells a lot about the circumstances. Like can it be brought current or reinstated or is it trash from a scumbag borrower? 

If they can't produce the entire loan file, sell it back to them. :)