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Mortage servicing software

MelBay

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My father died last November, and my mother died in September, and as an only child I inherited eight promissory notes for homes my father rehabbed and "flipped". He was doing sub-prime lending before it was cool. Even though sub-prime lending is now uncool, I am still stuck with eight sub-prime loans for which I must now beg, cajole, threaten and ultimately collect payments for each month. We tried the property management route for a year, and it simply wasn't worth what we were paying them. Since my husband just took early retirement, he's going to now be playing banker.

Problem is, I'm trying to find some good mortgage software. My father had a very sophisticated system :hysterical: of scribbling "PAID" next to the applicable month on each of their amortization schedules. Sometimes, one of them can only pay ~$122 ??, so I need to note that, and somehow track that they are $xxx behind for the next month.

I haven't been able to find any software or shareware or an Excel program that will allow me to track eight individual loans, along with all the particular quirks that comes with babysitting each of these loans.

Anyone have anything to recommend, or a college student proficient in Excel that would write me such an animal for a reasonable charge?

Some of these loans are less than a year old, some are 10 years into their 30 year term. While I'm grateful for the inheritance and the monthly income it provides, real estate is NOT passive income, as I've come to learn the hard way. Each of these individuals had a close personal relationship with my father, who was a big softy and really had let things slide after my mom was diagnosed with Alzheimer's. I've spent the last year trying to get them used to the new sheriff in town, but also need some software that will help me track all this in the easiest way possible.

Any suggestions would be most appreciated. I am in no way, shape or form capable of doing this myself in Excel. I can use it, but can't write a macro to save my soul.

Thanks in advance!
 
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caribbeansun

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If you want a fairly basic Excel worksheet with this send me a PM with your email address.
 

Laurie

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You also have to send all these folks a 1099 by Jan 31, and a summary to the IRS, for mortgage interest they paid.

If you have an accountant you use, they can handle both keeping track of balances due, and sending out the ppw, for you. Make sure to keep track of exact dates received, in addition to amounts, on paper til you get your software together - your accountant can easily figure this all out for you. You can give this person copies of the promissory notes initially, in case terms differ - they'll set it up and when you go back each year, it's pretty automated. I used to do my own taxes, but now that we have several rental properties I find it's worth it to me to pay someone anyway, to deal with all the depreciation schedules etc. But maybe you want to save the $, and it doesn't help you out in being a sheriff every month.

(We also tried property management once for rental property, and agree that's not worth it. And, had one experience of selling a property thru a realtor, and financing it, who promised us he'd qualified the buyers - yeah right, NOT, absolutely sub-prime, and we got the property back. I feel for you! At that point our taxes were way too complicated for me to want to attempt myself...)

Hopefully your dad was doing the 1099's, and has all the social security numbers on file - if not you'll need to get those asap.
 
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