Reassure The Seller That The Payments Will Be Made
Seller has a mortgage and is worried about the monthly payments if they will be made on time each much by the new buyer. He wants guarantee that the payments will be made. The seller is afraid it might go into foreclosure.
How do I reassure the seller?
I was thinking to say….If a payment is missed, I will guarantee that I will make the payment and I will find a new buyer, too.
I was thinking about opening a checking account in the property address and have the bank electronically deduct the payments from the buyer’s checking account and then, have the mortgage bank withdraw the monthly mortgage payments from the property checking account.
Thanks.
Carol
Use a loan servicing Company that has an escrow account. When you set up the account you would send them at least 1 month payment to be placed in the escrow account. Instruct them to take the money from this account to send to the mortgage company. Your buyer will make payments directly to the loan servicing company. When the loan servicing company receives their payment it is put in the escrow account. That way you know the payments are being made on time and it is less headache for you and makes the seller more comfortable. I hope that this helps you.
[addsig]
Do anyone know any loan service companies that I can call?
Thanks for your help!
Carol
Ohio
www.usls.biz