Managing Your Servicers

[Sandy Uhlmann]

I recently placed one of my non-performing notes (2nd position) with Madison Management for servicing.  (The note is actually boarded with FCI but I had heard other people say that Madison was better with workouts and Madison was willing to do this with notes that were boarded with other servicers so I thought I would give it a shot)  I was wondering how everyone stays on top of the servicers?  How often is it appropriate to follow up with them and make sure that they are on top of everything?  I want to make sure that I am not wasting my money but I also don't want to be unusually annoying.  What is everyone else doing?

Took almost 2 weeks before they ATTEMPTED  to call the borrower (without success) I tasked them Monday with sending out a door knocker so I could at least get some recent pics of the property and see if the door knocker could get any indication of the homeowners intention.  Should I follow up with them anytime soon or do I just wait for them to update me?

[Wayne Snell]

Hi Sandy - hope you are well. IMO you need to stay on top of them. Unfortunately my experience is that even very good services have so many workouts going on that they can let something slip through the cracks or are not moving at the pace you need them to. I find that a mixture of friendly plus squeaky wheel gets the job done faster. You could also consider using some of the non-profit workout companies.