Now as with anything that sounds to good to be true
there's a catch. In some cases, Mortgage lenders
will not be willing to allow you to re–organize your payment plan. Therefore,
you will need to use a Third Party Payment Servicer.
Here are somethings you need to be aware of when thinking about using a Third Party Payment Servicer:
Initiation Fees
There may be "initiation" or start–up fees
Stability of the Servicer
Be sure to use a Servicer who is affiliated with a bank, savings & loan or other federally insured entity.
Wire Transfer Requirements
In the event your bank will not accept electronic payments be sure your Servicer is willing to send a check.
Timely Payments
Be sure to ask the Servicer what safety measures are in place to ensure your payments will be made on time.
Drafting Fees
Some companies ask for a drafting fee for electronic transfers. Shop around.
Of course, if you have the discipline, you may be able to do this yourself.
