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Helpful Hints for Note Holders

  1. Do not let the Borrower get into the habit of making payments later than the due date or grace period. Be polite but insist on promptness.
  2. It is a good idea to notify the Borrower by letter at least 6 months before the balloon payment is due. This will give the Borrower plenty of time to plan for a way to finance or otherwise pay that last, large payment.
  3. Regarding the insurance
    1. Verify that the policy is issued for an amount that represents at least the full replacement value of the securing property.
    2. Be sure you are listed as a mortgagee, beneficiary, or contract holder on the policy. This is often called a “lender endorsement” on the policy.
    3. If you get a notice of cancellation, or for any reason find the property is uninsured or underinsured, immediately contact the Borrower regarding this breach and purchase your own coverage until the issue is remedied.
  4. Remember the ancient Chinese proverb, “Palest ink lasts far longer than strongest memory.” In other words, keep notes and reduce discussions and agreements to writing whenever possible.
  • Weather Forecasts

    Current conditions for Buellton as of Thu, 24 Mar 2016 12:51 pm PDT



    High: 67° Low: 39°


    Feels like: 70 °F

    Barometer: 30.11 in and falling

    Humidity: 43%

    Visibility: 10 mi

    Dewpoint: 39 °F

    Wind: 3 mph

    Sunrise: 6:57 am

    Sunset: 7:15 pm

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    neil@neilsteadman.com | CA BRE License #00461906