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There are many advantages to using a third party escrow
agency to service your loan. When you sell your property and accept a
Promissory Note secured by a Deed of Trust or Real Estate Contract you
take on the risks and responsibilities of being a lender. Some advantages
to using third party escrow are:
- A neutral party accepting payments, computing interest, principal
and late charges. This eliminates future disputes over balances owed
and protects the buyer's credit history.
- Secure holding of original documents until the account is paid in
full and recording of documents after payoff.
- Setting up reserve accounts for the payment of taxes and insurance,
with annual recomputation to update tax and insurance amounts paid.
- Eliminating the need to release your social security number to the
other party. Both parties will use our TIN (Tax Identification Number)
to report to the IRS.
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Allegro Escrow Services, Inc. provides superior service at competitive
rates. We do our best to ensure that our customers are satisfied at all
times. Some of the services we provide are:
- Electronic deposit of funds into the seller's account at no cost.
- Automatic debit for buyers at minimal cost.
- Notification of payment sent to both seller and buyer when payment
is received.
- Delinquent notices sent automatically at 10 days and 30 days delinquent.
Notices can also be sent to the seller at no cost.
- Letters sent to buyers notifying them of an upcoming balloon payment
or due in full date.
- Customers can view account histories detailing all payments made using
our web page. Accounts are updated daily.
- Year end 1099/1098 forms reporting interest received and paid issued
and sent to IRS.
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