Each month you will be sending out monthly mortgage statements to everyone you collect a Note from. Whether the Note account is current or in arrears you still send a statement. You can purchase software to help you track all payments received and some will generate the statements for you. Statements can be as detailed as you want: show the homeowner how their payment was split and applied to the principal and interest, what the balance is after the payment was made and even have a payment coupon for them to submit with payments. We send statements on the 16th of each month, if it falls on a weekend or holiday they go out the next business day. Here you will see a sample of the monthly mortgage statement I send out to my homeowners using Notesmith Software to help me service these loans.
You can use this as a guideline to write your own and make it work for you. This information should not be considered legal advice. Please seek legal counsel before using any of the information or examples of documents posted on our site. Every state has its own laws, rules and regulations, we are based in Texas and follow its guidelines. I hope you find this information helpful. If you are interested in selling a note we might be your buyer. Please feel to contact us and we will make you an offer.
Best of Luck,