"LoanCare will ensure accurate, reliable and proper administration of the terms of the contract between the seller and the buyer."
Typically, real property is acquired with funds obtained through financing provided by an institutional investor. However, there is a growing market segment where sellers do the lending. The seller extends credit for the purchase of a property and agrees to accept buyer payments over an agreed upon period. This approach provides buyers with an alternative financing option and helps to close many deals that may not otherwise happen.
This practice is commonly known as "Seller Financing," and LoanCare is a Seller Finance Subservicer. Seller Finance lenders are generally private individuals, most of whom are incapable of collecting and managing cash flows generated by the buyer/mortgagor.
LoanCare has the systems and staff to manage the payment stream and thus can help protect the seller’s investment. LoanCare's Seller Financing program offers the follow as Account Servicing: