B & Z Asset Mangement Corp. in Miami, Florida

Our Loan Servicing department is staffed by highly experienced collection, workout, repossession, and property sale specialists. This department is specifically designed for:

LOAN TYPES SERVICED

  • Residential Loans
  • Commercial Real Estate
  • Manufactured Housing
  • Land
  • Prime
  • Sub-Prime
  • Fixed
  • ARM
  • HELOC
    • DUE DILIGENCE for Delinquent Loans

    This normally starts after the indicative bid is won and takes 14 days. B&Z's due diligence includes the possible use of outsource vendors for field inspections, valuations, verifications of ownership, and encumbrances check.

    COLLECTION for Troubled Loans & Delinquent Loan Pools

    Collection begins as soon as we receive copies of the seller's RESPA 'goodbye' letters listing B&Z as the designated servicer. This quick start will also create lead time to find and submit claims under the short warranty period, if any, for those purchasing Delinquent Loan Pools. In Collection our initial focus is on locating, contacting and understanding the borrower's situation and developing workout and modification programs to keep payments coming in. Our secondary focus is on rapid, cost effective repossession and sale of the property generating a maximum net return. This program includes:

  • Late Notices sent at 15 days delinquent
  • Collection Letters
  • Foreclosure Notices sent at 31 days delinquent
  • Borrower Inquiry calls handled
  • Skip Trace
  • Collection calls
  • Negotiations
  • Property Valuation available
  • Lien Verification available
  • Letters of Understanding
  • Loan Modifications
  • Forbearance Agreements
  • Short Pay negotiations
  • Bankruptcy Relief
  • Legal Issues coordination
  • Foreclosure Processing
  • Short Sale coordination
  • Property Preservation and Securing
  • REO Property Management
  • Evictions
  • REO Property Sale
    •  Loan Servicing Features (non default)

  • Borrower Welcome Letters
  • Borrower Monthly Statement with Payment Coupon
  • Lender Welcome Letter
  • Lender Monthly Statement of all Accounts
  • Same Day Payment Posting
  • Daily Disbursement of Funds (after clearing)
  • Insurance Monitoring
  • Optional Escrow/Impounds Service for Insurance and Taxes
  • Property Tax Monitoring
  • Payoff Demands
  • Subordination Agreements
  • Assignments
  • Disbursements and Draws
  • Releases and Reconveyances
  • IRS 1098 and 1099-INT Reporting
    • Collection Fee Structure

    The standard fee for collecting and servicing loans under our PERFORMING LOAN PROGRAM is 2% annually of the gross loan being serviced divided by 12 plus an additional $12.50 per check written to investors for their interest payments.

    A one-time workout fee of 1% of the loan will be charged on all NONPERFORMING LOANS that are made to perform. The standard fee for collecting and servicing delinquent loans (NONPERFORMING LOANS) under our DELINQUENT LOAN PROGRAM is $95 per month per loan, per investor. If the loan is made performing within six months this fee will be offset against the 1% fee discussed earlier. Unusual loans and very large loans are negotiable. There will be no charge for Optional Escrow/Impounds services on performing loans. Servicing fees and hard costs are paid by borrower as incurred (no markup on hard costs). Hard costs primarily include payment of taxes, liens, Attorney fees, Trustee fees, and Municipal charges. There will be no fee for modifications of performing loans.