Posted by Tom Standen on May 10, 2001 at 19:00:18:
You can set up a spreadsheet in Excell and track the payments along with the late charges. Are you aware that in California you are required by the code to notify the borrower each month when the late charge kicks in?
What does your note say about the short payment - does it permit you to add it to the principal then get interest on the interest?
You need to be exceeding careful with the record keeping on the note as you will be sending to your borrower an annual accounting statement at year end along with the 1098 form for IRS.
Feel free to contact me if you need additional explantions.
what software - Posted by Mark Vidales
Posted by Mark Vidales on May 09, 2001 at 16:06:49:
I recently sold a mobile home I owned that came with a small park that I own. The deal was $1000.00 down $263.00/mo for 48 months 12%. These buyers are kinda stressing me out just a little. First off they didn’e get the paperwork in to the HCD (I’m in California) so I told them I would send the paperwork in myself to get it over to their name as registered owners with m as the legal owner. I also had to front the insurance premium for the year and then added it into their payment.
Anyway they have been paying for about two months albeit late and usually betweent $10.00 to $15.00 short each month. The note calls for late payments. My question(sorry to be so long winded before my question) what software program should I get to deal with the payments I’m getting and the late fees I need to add on etc. to keep track of the payments on this note. I want to work with these people but I also want to have the correct amount as to what I am owed and what they have paid and when, so that if they do want to pay it off (I think I’ll get it back first) I can have the correct payoff amount. I was thinking T-Value would do it but not sure how good it is with irregular payments.
p.s. I know you might be saying why am I letting them pay less than what they owe. Well I really don’t want to repo the trailer just yet and they are paying something. I know I cann add these costs to the loan that they owe. Tell me what you think…