02-05-2021, 07:31 PM
We used an escrow service. The buyer paid the bank and the bank paid us. The bank took care of collecting the money and re-amortizing the loan every time the buyer made a larger payment than was due. They would also send past due notices but they were never past due. They also physically held the payoff document, which protected the buyer from them paying us off and not filing that with the court. The deal we worked out was that the buyer paid the escrow fees, which were a few hundred dollars per year.