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.
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?
When you enter into a mortgage whether from a bank or direct lender, an escrow account is opened to help you pay your property taxes and homeowner’s insurance premiums on
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
How Natural Disasters are Influencing Housing Choices
A recent survey found that at least three-in-four buyers took natural disasters into consideration when they were choosing their new home. A recent survey shows that many buyers consider natural
Should I request a home inspection?
Don’t be afraid to request a home inspection. You could potentially avoid thousands (or more) in unexpected repairs after closing, along with the possibility of overpaying for your new home.
What is a wraparound mortgage? 🤔
It’s a type of seller financing offered by homeowners who still have a mortgage on their home. Although this isn’t common in today’s market, it could make a comeback when
Owner Financing- how do we get started?
Buyer and Seller complete a purchase agreement / sales contract. One can be provided if needed. Â Buyer has the option for home inspection, appraisal and abstract (title search) to verify
Common Lender questions during the loan’s closing out period
The title company performs research into public records, such as deeds, mortgages, paving assessment, liens, wills, divorce settlements, and other documents affecting title to the property.
Common borrower questions during the servicing period
Will you report my payments to the credit bureaus? What are the rules for taxes and insurance? What are escrow holdings for? What happens if I am late with a payment?
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 loan’s close-out period
What do I need to do to prepare to close out my servicing agreement? What are prorations/other costs?
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...