All Forum Posts by: Kevin Kay

Hi, can someone recommend a software that I can create mortgage statements for an owner finance deal? I only need it for one property so I don't want any reocurring bill, just something I can pay a one time fee and use to calculate interest and keep up with escrow account. All I'm finding is loan servicing companies that charge monthly.

hello Kevin, if you haven’t fully completed the transaction yet I would highly recommend you get a note servicing company involved. They can collect your escrows for taxes and insurance and send your buyer the correct forms at the beginning of each year that shows what they paid interest. Typically if we owner finance the property the buyer pays for the Note Servicing fee monthly and we pay the set up fee. The monthly fee is usually not a big deal as it is not that pricey. We also like to explain to the buyer that if they ever refinance there’s a third-party Note Servicing company that has proof that they made their payments on time. As far as the gentleman that reference that you don’t escrow For taxes and insurance the buyer simply does that...all I can say is that there’s a high probability he has NOT owner finance very many times. It is extremely common for savvy sellers to escrow the taxes and the insurance for the buyers.

Hi Joe, I was leaning away from a note servicing company as the only one I called quoted me $250/mo. I assumed they would be around the same price. Can you refer me to a cheaper company? I don't mind the leg work as I'm selling to someone I know but I would like formal statements. I don't need help with 1099-int, payments, etc.

$250 a month?????

I’m talking about owner financing for residential properties. What in the world is costing $250 a month For Note Servicing? The Note Servicing companies I use typically cost $50 or less depending on the company. Of course this is per house. If we are actually talking the same thing feel free to DM me and I’ll give you the company we use.

If it's less than $50/mo, that is managable... would still rather do it myself but that's a good last resort.

This is the company that quoted me $250/mo with yearly contracts:

https://www.themortgageoffice.com/downloads/TMO%20brochure.pdf

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Originally posted by @Joe S.:

Originally posted by @Kevin Kay:

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Anyone?

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I've done many real estate deals but never through owner financing. I have a home ~$200k value paid off that I am wanting to owner finance to someone I know. I had planned to do it myself by finding a program that will help me calculate interest, escrow etc. While researching, looks like I have to file a 1098 for mortgage interest. It still seems like something I can manage with the right software but should I go through a note servicer anyways? Do they handle any contracts too or does that have to be done through an attorney? I read that a note servicer is $15-30 per month, can you guys recommend a reputable one? If someone can recommend a good one for only $15/mo, that seems like a smarter choice.

If I did to decide to do this one my own, any links to software I can buy where all I have to do is plug in numbers?

Thanks in advance!

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All Forum Posts by: Kevin Kay

Kevin Kay has started 2 posts and replied 5 times.

Post: Owner finance software?

Post: Owner finance software?

Post: Owner finance software?

Post: Note Servicing in GA

Post: Note Servicing in GA