News and Announcements.

Seller Finance a Strong Financing Option in Lane County

TACOMA, WA, Dec. 16, 2009 – To sell or not to sell, that is the question.

In today’s economy, many Oregon home owners are asking themselves that very question and while a majority is deciding not to sell, a few creative home owners and investors are finding seller finance to be the answer they’re looking for in this tough economy.

Since 2004, Lane County has been the top county in Oregon for seller financed real estate notes. County-level recordings suggest 1,100 seller finance notes in Lane County since 2004, versus 686 in Multnomah County and 631 in Lincoln County.

Also known as seller carry-back, owner carry-back, private mortgage, land contract and long-term escrow, seller finance is an extension of credit provided by the seller of a home to the buyer to cover part or the entire purchase price. Seller finance is not a new form of financing. In fact, it’s the oldest form of lending – from one individual to another.

In today’s real estate market many buyers have trouble qualifying for a conventional loan, but this doesn’t always mean the buyer is unable to make a monthly mortgage payment. When a home owner is willing to do a seller finance transaction, both sides win.

Even though the decline in home sales in general in the region has led to a decline in seller-finance recordings, in the quarter ending September 2009, Lane County still remained the highest total in Oregon. Douglas, Marion, Multnomah, Tillamook and Washington Counties saw recordings rise and Yamhill, Lincoln and Benton counties were steady.

Nationally, Oregon is the 8th largest state for seller finance note recordings since 2004, with 7,328 notes recorded (Texas is largest, with 73,024), and the 7th largest on a per-capita basis, with 1 seller finance recording for every 502 people during the period.

As a company that has been in business for 30 years and is the nation’s largest servicer of seller finance loans, NoteWorld Servicing Center has been watching this movement and has positioned itself to best serve the residents of Lane County. NoteWorld has maintained local offices in Oregon since 2002 and has recently decided to focus its efforts in Lane County at it’s Eugene office located at 600 Country Club Road, Eugene, Ore. 97401. At this location, Eugene and surrounding area residents can seek information regarding seller finance and apply to have their seller finance loan serviced by professionals. And, the Eugene office is staffed daily with investor service managers ready to be of service to the most seasoned Oregon seller finance investors.

By obtaining professional servicing, those who enter into a seller finance transaction can have peace of mind knowing their real estate contract is being carried out professionally with services such as interest calculated accurately and reporting to the IRS performed annually, both of which can be difficult for the average home owner and investor. NoteWorld has the ability to take a private contract between a home owner and buyer and provide services normally reserved for conventional mortgages such as pay by web, monthly statements and insurance impounding.

For more information on what seller finance is and the benefits of servicing, please visit http://www.noteworld.com/financing/demo.aspx.

NoteWorld LLC Purchased from C-BASS LLC

TACOMA, WA, Dec. 6, 2007 – NoteWorld LLC announced today it was purchased from C-BASS LLC, by NoteWorld President/CEO, Linda Remsberg.

NoteWorld, which has been in business for 30 years, is the nation’s largest servicer of seller finance loans and personal debt escrows, and also purchases retail seller finance notes. C-BASS purchased NoteWorld in 1998. “While we have been grateful for the years of ownership by C-BASS, the recent turmoil in the market and the opportunity for growth in seller finance has opened up the opportunity for an individual to own the organization,” Remsberg said.

Remsberg, who joined NoteWorld in June 1998, is a successful entrepreneur and strong business developer. Prior to being appointed President by C-BASS, Remsberg fulfilled the duties of Executive Vice President while overseeing the seller finance servicing business unit. A well-respected professional in the escrow industry, Remsberg's experience includes founding her own company in 1983, which developed and sold software to title and escrow companies. She developed three generations of technology that have been installed in more than 400 companies and have a presence in more than 1,000 companies. After turning the company into a multimillion-dollar asset, Remsberg sold her investment and began working as a consultant with businesses like Stewart Title and Land America.

“I am honored not only to own this company, but also work along such a talented staff,” Remsberg said. “NoteWorld is a strong company financially and well positioned for 2008.”

NoteWorld currently services over $4 billion in third-party escrow loans and manages trust accounts totaling over $74 million. With its proprietary technology, expert staff and strong commitment to its clients and customers, NoteWorld meets the third-party servicing needs in 40 states through 10 offices. NoteWorld’s corporate headquarters are located in Tacoma, WA.

About NoteWorld Servicing Center
NoteWorld Servicing Center provides escrow services to niche markets related to real estate and personal finances through trust accounts that are continuously current and accurate and annually audited. Further, NoteWorld is a disinterested third party which holds money and/or documents until conditions of escrow instructions between two parties have been met. NoteWorld was founded to serve organizations in the niche market of seller finance through third-party servicing and product offerings that enhance seller finance transactions. These services include payment processing and call center support. NoteWorld has since expanded and now provides personal escrow services to parties involved in managing personal finances.