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?