PrivateLoanServicing – Private Loan Servicing
What is PrivateLoanServicing, you might ask? It is synonymous with Private Loan Servicing with spaces removed. This is because people searching for questions regarding Private Loan Servicing shorten the search term. Therefore, Privateloanservicing is concatenation or shortened search term for Private Loan Servicing.
Abbey Mortgage is a Private Lender who performs our own privateloanservicing for our investors. In fact, we service every private loan we issue. Therefore we consider ourselves experts in private loan servicing.
Personal Service for PrivateLoanServicing
Abbey Mortgage utilizes our loan servicing data and extensive experience as a comprehensive solution to loan servicing requirements.
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When Borrowers Are Late Or Cannot Pay
Competent PrivateLoanServicing is very important when borrowers cannot pay. Our experienced staff handle collection efforts with respect but firmness. We will contact our borrowers through a series of phone calls and even direct personal visits. We initiate notices and collection efforts as soon as a borrower becomes late and will increase efforts as payment becomes more delinquent.
If necessary, we will issue a notice of intent to foreclose, and if there is no resolution, we will issue a notice of default. We try to work with our borrowers before it comes to this, but when we will foreclose if forced to take that action. Knowledgeable private loan servicing improves borrower performance and will minimize delinquency.
1098 and 1099
As we reach the end of each calendar year, we will issue 1098 and 1099 forms per IRS guidance.
Payoffs and Reconveyance
We are always available to provide payoff amounts and will also offer a recorded reconveyance upon payoff.
PrivateLoanServicing Statements
Borrowers do not receive a coupon book from us; they will, however, receive instructions at closing.
