Posted by Michael Morrongiello on February 16, 2001 at 22:05:11:
Dan:
This is a partial truth as it is in your best interest to document clearly that you have been collecting payments on your note(s) in a relatively timely fashion. With payors that have strong credit, it is “assumed” that they are paying on time, however with payors who have had past blemishes on their credit, its not so easy to give that type of customer the benifit of doubt. Some note funders solely make their underwriting decisions based on these issues and the payor credit, others note investors look at a variety of other variables and can be more flexible.
So get in the habit of insisting on your “scratch n dent” type payors to pay you by money order or check. At least this way these can be copied, or receipts generated, and /or seperately deposited.
To your success,
Michael Morrongiello