What does NoteWorld do to collect late payments?
NoteWorld Servicing Center provides an automatic late notice program, which advises the buyer and the seller in writing that we did not receive a payment on time. If there is a late charge clause in the note, it advises them that a late fee has been assessed. This effective method keeps buyers making payments on time, and helps sellers avoid embarrassing phone calls. For buyers with serious delinquency problems, we also have a notice of seller’s intent to foreclose service, which is sent by certified mail to the buyer.
