Working with trusted escrow & title companies is of utmost importance when dealing with real estate & mortgage transactions. Our long-standing relationship with our escrow & title team allows us close the loans properly the first time, while insuring your investment 100% with a correct Alta-Policy.
Each loan will be thoroughly processed & underwritten by our senior staff members. With over 25 years of combined industry knowledge, the processing & underwriting team understands how to “read between the lines” and ensure that each loan is a solid investment. The President of the company implements strict quality control guidelines for each & every loan originated.
elite equity will monitor, collect & maintain each loan payment. Shortly after each loan funds, borrowers will receive a welcome letter explaining all of the relevant points of the servicing process; thereafter, on a monthly basis, borrowers will receive a statement notifying them of the next payment due.
Once a property is foreclosed upon and the loan is re-purchased, elite equity’s real estate team takes action. Our experienced team of Realtors knows what it takes to properly market & execute the sale of REO properties – whether in a good or bad market. We always aim to get top dollar for the assets, ideally paid in all cash for a quick closing and excellent return on your investment.
In the unlikely event that a borrower defaults on the note, elite equity is 100% prepared to handle foreclosure proceedings. Our skilled asset managers & attorneys become ever more valuable when a borrower does not pay. Our experienced team knows exactly how to handle collection efforts… Starting with the 10th day of each month, a series of telephone calls supplemented with the appropriate letter are initiated. Since time is of the essence, and once a borrower has failed to pay by the 17th of any month, a notice of intent to foreclose is prepared and sent to the borrower providing for a thirty-day time period to bring the loan current. With your approval, once the thirty-day notice has matured, and if the borrower is still delinquent, a notice of default will be recorded. We handle all aspects of foreclosure process keeping you informed every step of the way.