Education Center
Southern Loan Servicing answers the most commonly asked questions here, from initial account setup through to common "what if?" questions and on to account close out. We've put the answers here for you. If you have a question that isn't included below, please contact us directly.
What is the difference between a “Lease Purchase” and a “Bond for Deed/Land Contract”?
Lease Purchase and Bond for Deed are both methods of real estate transactions that allow a buyer to acquire property, but they involve different legal and financial mechanisms. Here’s a
What is the difference between “Subject-to” and “Land Contract”?
A “subject to” and a “land contract” are both real estate transaction terms that involve the sale of property, but they represent different approaches and legal structures. Let’s explore the
Owner Financing: What is it and how it works
Owner financing, also known as seller financing or purchase money financing, is a real estate arrangement where the seller of a property agrees to finance the buyer’s purchase instead of
Capital Gains Tax?
Whether you’re selling lemonade, clothing, cars, or real estate, the goal is always to make a profit. But in some cases, the more you make…the more they take (in taxes,
What is a Deed in Lieu of Foreclosure?
At Southern Loan Servicing, we are here to help you learn about your options and make seller financing more accessible. Today, we’re covering a deed in lieu of foreclosure, which can
What is Escrow in a Mortgage?
In a mortgage context, escrows refer to funds that are set aside and managed by a neutral third party (usually a title company or an escrow company) to cover certain
What is a Loan Servicing Company?
A loan servicing company handles the financial transactions after an owner financed sale has been agreed upon. Acting as a neutral party between buyer and seller, or borrower and lender,
Are you wondering why you should work with a loan servicing company?
We’re excited to share a series of educational videos with you over the next few months that we hope will answer some key questions about working with Southern Loan Servicing!
What is a “subject to” mortgage?
This is a sale where the seller is not paying off the existing mortgage, but rather having the new buyer pay the mortgage obligations. That means the seller maintains the
What is a wraparound mortgage? 🤔
A wrap-around mortgage, also known as an “all-inclusive mortgage” or a “wrap loan,” is a type of financing arrangement used in real estate transactions. It is a secondary financing option
Owner Financing- how do we get started?
Buyer and Seller complete a purchase agreement / sales contract. One can be provided if needed. Buyer has the option for home inspection, appraisal and abstract (title search) to verify
Common Borrower questions during the contract period
What are the types of owner financing? What if we have a cash down payment, is that written in the contract as well...
Common Seller questions during the contract period
Why should I use a Bond for Deed or Land Contract? Why should I use a third-party servicer for my Bond for Deed or Land Contract...