If you collect payments on a note for another note holder, license required, you are a loan servicer.

Also, I'm assuming the note holder gets a check in the mail and that is there is no holding costs like taxes, insurance etc like if I was a landlord?

If sell a note to somebody, does the lenders title policy and hazard insurance have to be changed to cover the new note holder, or does the coverage somehow automatically transfer to the assignee?

I am sure you will also have to coordinate this with the holder of the deed but it's worth a try.

Begin as set forth in the contract(no change to contract terms intended). 2.Begin at such time that all parties have actual knowledge of lien holders approval or of Seller's waiver of the contingency for lien holders approval.Im the buyer, and I have 5 day inspection contingency...which is best for me?

Should a mortgage not have this clause, the mortgage holder will have to get a court order to foreclose on the home owner.

Collection of the judgment will begin with the garnishment of wages.3.You have 72 HOURS to release possession of the home to the note holder or its representatives and ALL past due lot rents must be paid.

We hold the account holder responsible for the balances.

Amber,Your whole post is irrelevant because you are saying THE SELLER is telling you what the bank said.If you believe the seller is relaying all correct info from the lender you are headed for a disaster.Get the ATR (authorization to release info form) signed by the seller and give ALL LIEN HOLDERS on title a copy.Now you have the ability to talk to the lender or servicer directly and get 100% of the information you need.

I come from Paris, France not Texas, I am 36, I have recently been transfered with my family by my company (software editor) to the San Francisco area under an L1 Visa for 3 years.