A company that oversees the administrative tasks regarding your owner financed mortgage after closing completed with a title company or attorney.  Which includes processing monthly payments, managing payments for taxes and insurance, safeguarding of documents, and IRS interest reporting.

These loans are made by an individual instead of a bank or a financial institution.  This party has agreed to let someone pay them back over time to receive the proceeds of a sale of property, instead of a lump sum.   A personal lender can have more risk by authorizing an owner finance loan.

No.   Since we are not a bank the loan performance is not reported to credit agencies.   All customers will be provided a verification of mortgage upon request.  This will assist any other lending party to determine your approval of a loan.

A one-time setup fee is required on all accounts plus the 1^st year annual service fee.  This is based on the type of service, however average initial costs can run between $298.00 and $442.00.   Various services have individual cost, please refer to the current Fee Schedule.

Standard monitoring for principal and or interest balances, Reserve Collection for taxes and insurance (pass thru and retained), holdback funds/construction loans to name a few.   Servicing terms can be tailored to the parties’ instructions.  Please contact the office for special handling escrow.

ACH/EFT, cash, cashier’s check, check, credit cards (fees apply) and money orders.

No.   We are not able to provide/record title insurance or lien documents.  Documents are generally prepared by a title company or attorney.  First Mortgage holds the release documents until the balance is paid in full.   Those documents are then sent back to the title company for release of the recorded Deed for that transaction.

No.  Accounts can be established with or without monitoring property taxes and or insurance.   It is up to the parties to add this extra service.

Pass thru reserves are paid to the seller, who then pays all insurance and or property taxes.   Retained reserves are held by First Mortgage and if any increases or decreases are required, First Mortgage will send notice to the buyer.

Yes.   Services can be added by modifying the contract and its Note.   Specific documents and fees may apply, please call the office.

Yes.   Modifying due date, balance amounts and assumptions (change of a party to original contract) can be completed without having to create a new account.    Specific documents and fees may apply, please call the office.

Receipt notices are created with each payment processed, which can be emailed or standard mail delivery.  Annual statements or Interest Reporting supplemental documents are printed and mailed each January to the parties to the contract.

A legal arrangement in which a third party temporarily holds money, or documents of titled property, until conditions have been satisfied.   Escrow can also refer to the account established to hold funds for property taxes, insurance, condo dues or other such billings to the property.   First Mortgage refers to this as reserve escrow.