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Updated almost 7 years ago on . Most recent reply

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31
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Robere Istatia
  • Accountant
  • Tampa, FL
6
Votes |
31
Posts

Note Servicing Questions

Robere Istatia
  • Accountant
  • Tampa, FL
Posted

Hello All,

I am interested in buying a performing note. I have been looking into investing in notes but I am a little hesitant because

  1. What is the pay structure (How much I need to pay them and how frequent) and the services that Loan Servicing companies offer
  2. Is there a certain amount of minimum loans that they will service
  3. In the case of a delinquency how would I go about the foreclosure process

If you can provide any feedback on these questions of mine or provide targeted links for me to do some more personal research whether it be on BP or an external source.

Thanks in advance :)

Most Popular Reply

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18,273
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15,693
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Chris Seveney
  • Investor
  • Virginia
15,693
Votes |
18,273
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Chris Seveney
  • Investor
  • Virginia
ModeratorReplied

Robere Istatia
To start with, yes here are servicers who will board one loan. Expect to pay around $50 to have the loan boarded with the company. Once it is boarded they will charge between $20-$35 a month

If the note is performing and for simple math say they are paying $500/month (principal interest only- keeping escrow out for simplicity), you would get a check for $465-480

If it goes non-performing you can use the servicer to go get an attorney and handle to the foreclosure for you. There will be a fee for that.

Hope this helps

  • Chris Seveney
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