Call our California Trust Deed Servicing Hotline Now (909) 944-8001
California Trust Deed Investor Loan Servicing Benefits:
- Earn a high rate of interest on a note secured by real property
- Full-service Loan Servicing at minimal charge
- Collection of borrower’s monthly payments
- We perform all necessary collection efforts including late notices
- Assistance with payoffs and all other
Monterey Mortgage Loan Servicing Department provides lenders professional and comprehensive trust deed servicing, whether arranged through Monterey Mortgage or for an outside collection.
California Hard Money Loan Trust Deed Servicing For Investors Includes:
• Collections of any type of note deed / trust
• Monthly lender / investor payouts
• Beneficiary statements/demand for payoffs
• Year End Statements
• 1098/1099 year end reporting
Loan Servicing Benefits To California Trust Deed Investors
1. Customer Service & Payment Processing for Hard Money Loan Borrowers & Investors:
Our loan service department answers borrower’s most common questions. We provide a 24-hour voice mail system that allows hard money loan borrowers to contact and communicate with us.
Borrowers payments are applied monthly and disbursed on the 20th day of the month, pending clearance of funds. Borrowers receive payment coupons each month as well as year end reporting for 1098 and 1099 purposes.
2. Collection Service:
In the unlikely and uncommon event that a borrower is late with their payment, collection efforts begin on the 10th day of the delinquency.
Our desired outcome and efforts are geared toward avoiding referring loans to default & ultimately foreclosure by communicating the delinquency to the borrower with “Delinquency Notices”.
Notices of delinquency are sent out to the borrower and we also follow up with phone calls in an effort to collect. If, after 30 days of delinquency, we have had no communication with the borrower, we start the process of foreclosure.
When there has been a hardship, reduction, or temporary loss of income, work out programs may be suggested to the borrower (at the lender/investor’s discretion) and may include the following possible solutions:
Repayment Plans: Accepting various types of payment arrangements to cure the delinquency within a 3 month period (with lender/investor approval).
Interest Only/Short Payments: With lender approval, interest only payments can be accepted. Deferral of the monthly interest to the principal balance may also be suggested, again with lender approval.
Modifications and extensions may also be offered under extreme hardship situations, and must be approved by lender.
Our services also include tracking of insurance and senior lien payments. Lenders are advised of any delinquency and the appropriate steps are taken with the borrowers.
We also provide for the issuance of Beneficiary Statements on junior financing by the borrower and Demand for Pay Off Statements as requested in cases of refinancing or the sale of the property by the borrower. Any funds received from a title company for payment in full of the Note, will be disbursed within 5 business days of receipt.
The monthly servicing fee for these services and other fees, are outlined in the Monterey Mortgage Lender Servicing Agreements.
3. Outside Collections Loan Servicing Fees
Outside collections require an initial set up fee of $100.00, which may be prepaid or it can be deducted from the first payment. The monthly servicing fee on outside collections is as follows:
1st Trust Deeds – 0.5 of a point annually (minimum of $20.00)
2nd Trust Deeds – 0.5 of a point annually (minimum of $25.00)
If the Note calls for late charges on delinquent payments, these are typically split between Monterey Mortgage and the Lender, 50/50.
All aspects of the foreclosure process are handled by Chicago Title Company .