Successfully owning or buying cash flow notes requires a solid plan for collecting and servicing the payments. But what happens when the note payments are late? John Moren, a 25+ year veteran of the note business, explains the issues with charging late fees on notes. In speaking with our NoteSmith loan servicing software users, I sense a lot of confusion and unnecessary creativity concerning late fees around the country. Here are some issues we have seen over the last few … [Read more...]
Archives for March 2012
Evaluate a Cash Flow Note In 60 Seconds or Less
By
Ever feel like you spend too much time determining if you have a viable seller financed cash flow note to either broker or keep for yourself? Not me. I tend to look over a real estate note and make a pretty rapid decision. So, how do I do it? First off, I tend to go for the big stuff first. You know, 30,000 foot level. It is easy to get caught up in the details that won’t really matter when it comes times to make a decision. But let me back up for just a minute and explain what I … [Read more...]
What Private Note Buyers Can Learn from MERS
By
Note Buyers take notice; a U.S. Bankruptcy Judge has now ruled MERS's business practices are unlawful. Heard of robo-signing, burger king kids, and attorneys promising to stop foreclosure? Well that’s all part of the MERS mortgage lending mess and it just got a lot harder than calling for a cleanup on aisle 5. What’s the impact? L. Randall Wray, Professor of Economics, wrote this: "United States Bankruptcy Judge Robert Grossman has ruled that MERS's business practices are unlawful. He … [Read more...]
Finding Notes: An Interview With Mike Wood of NoteDocs
By
Want to find seller carryback notes? Check out this interview with Mike Wood of NoteDocs, a company specializing in providing private mortgage note holder leads to note brokers. What is the current focus of NoteDocs? Mike Wood: The current focus of NoteDocs is to offer two services to note brokers in the cash flow notes industry. First we strive to offer noteholder lead data that provides quality leads for those interested in doing direct mail campaigns. Second, I personally strive to … [Read more...]
