Closing on Deed of Trust... Loan Servicing Co. wants check payable to Loan Servicing - Posted by Lisa

Real Estate Investing Real Estate Financing
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Posted by TomC (Md) on January 28, 2000 at 19:55:48:

I sure understand being wary of letting a company you don’t know handle your cash. What you can do is ask them their “Dun” number. Just about any company has one.
You can then order a report from Dun and Bradstreet, which is a large commercial information source. The report will cost you $23, and is payable over the web by credit card. Take a look at:

http://www.dnb.com/products/secure.htm

They have samples there to look at, so you can see the type of info that is recorded. Realize that the info may not be verified by D&B, though.

Good luck,
TomC

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Closing on Deed of Trust… Loan Servicing Co. wants check payable to Loan Servicing - Posted by Lisa

Posted by Lisa on January 28, 2000 at 12:45:18:

Please provide some direction. I am closing very soon a second deed of trust. the loan servicing company wants the check made payable to them and they will forward the money 30K. The problem is I just started working with them (no payments were ever rec’d or forwarded because the borrower refinanced); so therefore I have not developed a relationship with them or trust. I don’t want to get duped out of 30K. Are these companies bonded? Is there a way I can confirm? Do I have to have payment forwarded to them? Can I just pay them for thier services and have my money forwarded directly to me?

Thanks in advance.

Of course with the proceeds I will be purchasing my books .

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Re: Closing on Deed of Trust… Loan Servicing Co. wants check payable to Loan Servicing - Posted by DougO(NM)

Posted by DougO(NM) on January 29, 2000 at 13:46:41:

Let your attorney handle the funds, to be released only when the paper work is done, as YOU direct. Pay them for a few hours work and some peace of mind.
Doug