*WE ARE NO LONGER OFFERING FINANCING
Who services my loan?
Note Servicing Center services your loan and can be reached at 1-800-646-3445.
How can I lower my interest rate?
You may be able to lower your interest rate by refinancing your loan with a new lender. You may have success refinancing your loan with your own bank or, you may be able to find a new potential lender that may fit your needs - http://www.privatemoneylendingguide.com/borrowers/lenders/". Loans will be subject to the individual lender’s underwriting criteria.
Can I transfer my property out of my IRA into my personal name or LLC without paying a tax or penalty?
Generally speaking, an IRA account holder cannot transfer an asset to the account holder’s personal name or an entity in which the individual owns 50% or more without paying a tax (see IRS FAQ regarding prohibited transaction - https://www.irs.gov/retirement-plans/retirement-plan-investments-faqs). Please contact your IRA custodian and/or tax accountant to determine whether you can transfer the asset without paying a tax.
Can I sell my property?
Yes. You own your property and are in complete control of who you sell it to, how much you sell it for and when you sell it. As with any kind of traditional loan, the loan will need to be paid off to transfer clear title to the new owner.
Can I do a “short sale” on my property?
You may negotiate a short sale on your property with your individual lender. Your ability to complete the short sale is dependent upon your individual lender’s willingness to work with you.
Can I refinance my loan?
You may be able to refinance your loan with a new lender. You may have success refinancing your loan with your own bank or, you may be able to find a new potential lender that may fit your needs - http://www.privatemoneylendingguide.com/borrowers/lenders/. Loans will be subject to the individual lender’s underwriting criteria.
My loan is maturing, what should I do?
If your loan is maturing, you can:
1. Pay-off the loan;
2. Refinance the loan;
3. Negotiate a loan extension with your current lender; or
4. Offer to deed the property to your existing lender. If you deed the property to your lender, you will forfeit your interest in the property to the lender.
Options 3 and 4 are dependent upon the lender’s willingness and ability to perform one of these options. If you are current on your loan payments, you may want to consider asking your lender for a loan extension. We have arranged for a title company to work with lenders and borrowers to facilitate the document preparation and coordination of the loan extension. The title co will charge $500.00 for this service. If you are interested in pursuing a loan extension, please email mailto:firstname.lastname@example.org - please provide a short but detailed email with the following information:
- The loan number (assigned by Note Servicing Company);
- The address of the property for your loan;
- The unpaid principal balance;
- Whether you are current or delinquent on your loan;
- Whether you are the borrower or the lender; and
- The desired loan extension period (i.e. 2, 3, or 4 years, etc…)