Does the law require me to have a note servicing company?

[Scott Fain]

I'm in the process of purchasing a note in Michigan and the seller of the note says that I'm required to have a note servicing company in order for us to complete the transaction.

I'm looking to service the note myself; I typically buy and sell on land contract but this will be the first existing non performing mortgage note that I buy.

My question is: Does the law require me to have a note servicing company involved?

[Chris Seveney]

Scott Fain
I would STRONGLY recommend you use a servicing company. If you do not you will have an extremely hard time ever attempting to resell the note. Also, if you have to foreclose and did not follow Dodd Frank properly you will have trouble and also could be sued. For $15 - $35 month why would you want to take that on your own anyways ? What is your time worth ? You will spend that money x10 a month if you service yourself.