Mortgage Buyer Note Servicing Tip
It continues to amaze me how private note holders allow their buyers to pay cash each month for their private mortgage payment. Note sellers and note holders, Don’t do it. You are weakening the value of your note should you ever want to sell a private mortgage note. Even if you deposit the buyer’s money into a bank account, it could put a cloud of suspicion from a mortgage buyer when evaluating your private mortgage note. If the buyer doesn’t have a checking account (hard to imagine nowadays), require them to get a money order and keep a copy of each months money order. Just wanted to provide all the private note sellers and holders with a little free advice that could mean more money in your pocket when and if you need to sell a note.