Frequently Asked Questions
The buyer and seller will receive a confirmation letter from Boundary Abstract, informing them that the account has been received and set up. An account number will be included in the letter along with mailing labels and also payment coupons if they have been requested.
Boundary Abstract Company was founded in 1915 and is still a leader of contract collection servicing.
Buyers make payments directly to Boundary Abstract. Boundary Abstract records the payment, calculates the principal and interest, subtracts any fees and then disburses the payment to the seller. Boundary Abstract also holds original documents for release when the account is fully satisfied.
Boundary Abstract also provides payment coupons for the buyer, monthly payment notification for the seller, buyer receipts, direct deposits, automatic withdrawal for payment and late notices.
Boundary Abstract is locally owned, fully insured and bonded. We protect buyers and sellers from possible fraudulent transactions.
Boundary Abstract holds the original documents for safekeeping until the account is paid in full. The documents are then returned to the buyer without conflict.
In most cases funds are credited to the account and disbursed to the seller the same day they are received. There are certain situations where funds may be held until the check clears. This normally only happens when funds of large amounts are received in the form of a personal check.
Upon request from the seller, Boundary Abstract provides delinquent payment notices, which notify the buyer in writing that we haven’t received a payment yet. The notice also indicates the amount of the payment with the late fee if the note specifies there is one.
No, we don’t report to the credit bureaus. However, we do provide Verification of Mortgage for the buyer along with history of payments made, which helps buyers establish credit.
Boundary Abstract will first assist the seller in notifying the buyer of a default. The notice will inform the buyer of the amount necessary to bring the account current. If the account is still delinquent after the time allowed has past then we would advise the seller to seek an attorney or foreclosure agency to initiate foreclosure. We accommodate the seller by providing their attorney with account information.
Yes, we report all interest to the Internal Revenue Service. We also provide 1098/1099 tax forms to the buyers and sellers at the end of each year.
Boundary Abstract will make the necessary changes per the agreed-upon documentation by the buyer and seller for a fee.
Call Boundary Abstract direct with all inquiries. We are here and ready to assist you with all your questions or concerns. We have toll free numbers for your convenience. Visit our Contact Us page for details.