Administration of Private Mortgages
Private Lending opportunities which meet your individual lending requirements can be presented to you. If the mortgage is executed, responsibilities become of the borrower and the private lender. The administration of a private mortgage is done by the lender directly or by a mortgage administrator. For minimal fees, a mortgage administrator can take pre-authorized payments and handle all of the ongoing loan calculations such as payout statements, insufficient funds fees, and more.
We can offer assistance with sending out communications to the borrower at your request. This includes phone calls, texts, emails, for payment reminders and demand letters. If there are any returned payments, an NSF fee set by the lender will be added to the mortgage payouts and accumulates interest until paid further increasing the rates of return.
In the event of any property notifications such as lack of insurance and unpaid taxes, all registrants on property title are notified. If you have a mortgage administrator, they will receive the communication and inform you. Otherwise, it is important to keep your contact information current on title.
In the event of a foreclosure is required, a lender typically renders the services of a lawyer at their expense. Any expenses incurred are recoverable if sufficient equity exists when the property is successfully sold.