Payment history is the key in keeping and improving the value of your note.
– Keep original note and other original documents in a safe deposit box
– Maintain an accurate record of the payments received on a mortgage note
– Create a copy an annual statement to the payer along with the IRS1098 Mortgage Interest Statement.
– Obtain a copy of the property insurance policy from the buyer each year
– Verify the property taxes are paid when they come due (usually twice a year)
– Send collection letters as necessary for late payments, lapsed insurance, or delinquent real estate taxes
If the borrower is known for making late payments, the value of the note overall could decrease.
Having payment history will help in estimating the value of your note and avoid any unpleasant surprises.
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