Frequently Asked Questions.
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Buyers make payments directly to NoteWorld. NoteWorld records the payment, calculates the changes to the principal and interest, subtracts any appropriate fees, and then quickly transfers the payment to the seller. NoteWorld also holds original documents for release when the account is paid in full.
In addition, NoteWorld provides all the features you would expect from a traditional mortgage servicer, such as payment coupon books for the buyer, mailed monthly statements for the seller, online account information, Direct Deposit and Automatic Withdrawal, automatic late notices, the ability to make payments over the phone, highly trained customer service, and much more. NoteWorld can garner tax and insurance payments to keep investments safe.
NoteWorld takes all the hassles out of a seller financed contract so that buyers and sellers can spend their time on more important things.
The customer should call NoteWorld directly. Our customer service department has access to their account information and is ready to assist them in any way.
No. NoteWorld is strictly a third-party servicer. We only begin servicing the documents after they are created. We recommend that buyers and sellers work with the appropriate industry escrow and real estate professionals in their area to create the best documents for both parties.
The customer will receive a confirmation letter by mail from NoteWorld Servicing Center, informing them that the account has been activated. This mailing will also provide them with their account numbers and Personal Identification Numbers, which they can use to access their accounts online.
No problem. The seller can hold the originals documents. Though this is not the highest level of servicing or security, depending on the customer's needs, this may occasionally be the way to go.
NoteWorld holds original documents securely until the note is paid off. At that time, the documents are released to the buyer without conflict.
Customers can access their account online by going back to the home page (click the NoteWorld logo in the top left corner to return to the home page) and clicking the login button, or simply go to www.notemanager.com. Once there, customers need only to enter their account number and Personal Identification Number. If a customer has misplaced their PIN, they can obtain one by calling Customer Service.
We keep it simple. Fees are collected at the time of payment processing from the appropriate party.
NoteWorld Servicing Center provides an automatic late notice program, which advises the buyer and the seller in writing that we did not receive a payment on time. If there is a late charge clause in the note, it advises them that a late fee has been assessed. This effective method keeps buyers making payments on time, and helps sellers avoid embarrassing phone calls.
For buyers with serious delinquency problems, we also have a notice of seller’s intent to foreclose service, which is sent by certified mail to the buyer. This notice has proven to be a highly effective means of turning delinquent accounts into current accounts
No. All funds belong to the seller. NoteWorld Servicing Center holds no beneficial interest in the note.
No problem. Any modifications, including payment changes, interest rate changes, name changes, and others, can be applied to the servicing conditions by NoteWorld Servicing Center for a small fee.
Upon request, NoteWorld Financial can provide customers with a free, no-obligation market analysis of their note that will inform them of the cash value. If the customer decides to sell the note, NoteWorld can provide that service as well. NoteWorld is a highly regarded note buyer and consistently pays the highest prices in the nation for seller-financed notes.
Yes. Not only do we provide all customers with an Annual Summary Statement, we also report to the IRS the total amount of interest paid by the buyer at the end of each year. This important function is required by Federal tax law and we eliminate this hassle for the seller by reporting on their behalf.
No, NoteWorld Servicing Center does not perform credit reporting. However, we can provide Verification of Mortgage for the buyer, as well as complete payment histories. Our experience has shown that when these documents come from an independent third party like NoteWorld, they help buyers establish good credit.
In nearly all cases, we transfer the payment in good faith to the seller the same day as it is received. At NoteWorld Servicing Center, we pride ourselves on how fast we distribute funds from a buyer to a seller. There are certain situations that may require us to hold check payments until the check clears. This typically only occurs when large dollar amounts are at stake. In such cases, the customer is always notified.
With our many payment options, and late notice programs, accounts rarely go into default.
Should a seller have to file foreclosure on the real estate property, we advise them to seek legal advice from either an attorney or a foreclosure agency. We accommodate sellers through the process by locking the account, refusing payments, and providing sellers with any necessary documentation, such as payment histories.
We attempt to recover the fee from the buyer. However, if we are unable to collect the fee from the buyer, we will ask the seller to pay the fee.
Founded in 1980, NoteWorld Servicing Center has been the recognized leader in seller finance servicing for more than 25 years.
Yes, we are.
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