Benefits of Having A Servicing Company

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Taxes, insurance, private lender, seller, all of those things are individually going to have to be paid every single month, the last thing I want to do is pay them. So what I’d rather do is let’s see, you got to ask that question. So as we’re closing escrow, I don’t ever like to pay any of these bills, especially when you have a private lender. Sometimes you’ll I don’t know if this house has an HOA or not, because the first mortgage to the seller, right. And if it’s a seller finance, guess what I’m not paying the seller, I’m not paying the seller, any taxes and insurance.

So we’re gonna have taxes, insurance, private lender, seller, all of those things are individually going to have to be paid every single month, the last thing I want to do is pay them. So what I’d rather do is set up a servicing company to pull that money out of my account every month, and then pay those four people individually. And then the servicing company, we can use evergreen note servicing, that’s what we typically will use evergreen will now take that money out of my account disperse properly to everybody.

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And then everybody gets an email saying this has been paid even the seller, the seller gets an email saying hey, your payments been made, even though he can see it in his bank account. It’s nice to have the servicing company send them an email updating on when the payments been made. Same thing with the private lender. It’s a great thing for the private lender to get an email every single month.

If you put that on a bookkeeper think about how much time that would take Tony counts my bookkeeper, she sets up for individual payments and then verifies and goes to the things and sends an email and says here’s where we’re at currently with the amortization schedule because that’s the other thing a servicing company will do actually, is they will actually manage the amortization schedule for me for the seller finance note. And so the seller will get an email every month from Evergreen note servicing saying hey, your buyer has paid one payment of 360 payments still left on this note.