Common Q & A

Q. What happens to the late fees that are defined in my contract?

A. First National will forward the late fee to you - our system automatically assesses the late fee in accordance to your contract.


Q. What if I don't use the Internet very often?

A. We do send statements through the mail every 3 months. First National also has representatives available to assist you.


Q. What are the real advantages to servicing my contract?

A. All of the following!

  • Monthly invoice sent to purchaser/borrower

  • Collect payments owed to you every month

  • Daily payment processing

  • Direct deposit into your bank account or sent to wherever you choose

  • Accurate record of every payment and disbursement

  • Pay/account history available 24 hours a day

  • Automatic assessment of late fees according to terms in your contract

  • Issue the required IRS year-end reporting

  • Increases the value of your note or contract


    Q. Does having my contract serviced really increase the value of my contract?

    A. Yes!!! Research indicates that verifiable pay history and payment schedules provided by a professional note servicing company can actually increase the value of your real estate contract if you decide to sell.


    Q. Does having my note serviced affect the ownership of the note?

    A. No, you are in first position at all times. FirstService simply handles all of the paperwork that goes along with servicing a note while you sit back and collect the payments.


    Q. What information is needed to begin servicing my note or contract?

    A. Just the following:

  • A copy of your contract

  • Complete information on your borrower

  • Complete information on you, the contract holder

  • A signed servicing agreement


    Q. What happens if the payment is not received?

    A. You have a couple of options depending on the program you choose. On our website, you have the ability to print off your own collection letter. Or, if you prefer, we can send out late notices for you.


    Q. How am I protected with this arrangement?

    A. The servicing agreement defines the rights of both parties. If within 90 days, you are not completely satisfied, we will happily refund your set-up fee. First National is a company you can trust. We've been in business since 1957 and have been servicing contracts for over 40 years.

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