Contract Collection Services:
- As the Seller -
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Impound Accounts for Payment of Taxes
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As a holder of a Promissory Note or Real Estate Contract you must be sure
that the real estate taxes, personal property taxes and hazard insurance are
kept current.
Failure to pay the taxes may result in a foreclosure by the local taxing
authority. If the hazard insurance is not paid and a fire occurs, you could be
left with vacant land that has a value less than the outstanding balance owed to
you.
Fidelity Contract Services, Inc. can handle reserve accounts for real estate
taxes, personal property taxes and hazard insurance premiums. Our fees for this
service are very competitive.
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Debt Enforcement
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All lenders (banks, mortgage companies and savings and loans) manage their
portfolios in an aggressive fashion routinely issuing delinquency notices and
following up on accounts that are a month overdue.
Some contract collection agencies offer delinquency notices for an additional
fee, others do not offer this service at all.
Fidelity Contract Services, Inc. includes delinquency notices automatically at
no additional cost. We also follow up personally on any account which becomes 31
days or more delinquent. All notices and follow-ups are done once a week on
Fridays. We cannot guarantee your purchaser will make their payments on time,
but our records indicate that our 30 day delinquency ratio is usually less than
3% of the accounts we service.
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