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I’m trying to *tweak* the way I’m doing busines when I hold the note.
One of the problems is ME having to pay the taxes if they bail. The *law* says you have to keep a seperate checking account for taxes and insurance..this is in Texas. I don’t know if this is lending practice all over.
Instead of getting into all of this…I’ve allowed the buyers to pay their own insurance and taxes with them giving me a copy. Over the years I’ve had some that have skipped out but all in all it’s worked pretty well. It’s a pain every year baby sitting them, sending letters reminding them to pay their taxes or insurance or both.
How do you all take care of this part of your business?
Thanks to all,
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