Made contact with homeowner today

  • June 17, 2016 5:51 PM
    Message # 4082123

    Made contact with homeowner today. He claim he did not received my letters. He gave me his address to send the letters. He also said he will get back to me but I told him I will contact him on 6/23/16. Now if this continue to go well (and I am praying). If he decide to make a payment or do a payoff, How do I accept the payment? Bank Check, wire transfer or certified check?

  • June 18, 2016 8:49 AM
    Reply # 4083193 on 4082123

    I believe that once you work out a payment plan with the homeowner, you will have to board the loan with a servicer.  Once you receive payments you are on the hook to give them monthly and year end statements. 

    Last modified: June 18, 2016 8:50 AM | Joseph Martella
  • June 18, 2016 4:06 PM
    Reply # 4083952 on 4082123

    Ok. If it workout, can you recommend someone to board it with? And what if it is a payoff also Is has to be boarded?

    Last modified: June 18, 2016 4:09 PM | Marcia Mitchell-Samura
  • June 20, 2016 3:25 PM
    Reply # 4087114 on 4082123
    Mahir Allan (Administrator)

    Great Job Marcia.  That is great you reached the borrower and set an appointment.  At this point you want to find out What happened that they defaulted? How are they now? And How would they like to move forward with this loan?

    Joe you are correct if you start collecting payments you will need to send a year end statement for the interest.

    If you are going to accept a one time payment you should collect the payment in an official bank check made out to your company.  You want to make sure the payment does not bounce.

    If you are collecting monthly payments you want collect the payment in an official bank check or money order form made out to the servicer you choose.

    We like Madison Management and FCI because their online portals are very easy to use to monitor your loans. 

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