Lease Option Pitfall Number 4
Not using a loan servicer so that your payment goes directly to paying the mortgage company PITI.
So the solution to making sure that the loan stays current and the seller owner of the property does not neglect to pay the mortgage on time, we use a loan servicer.
These loan services do not cost a lot of money per month. And they also give you a tax report so that you can use with your taxes.
Let’s say that the mortgage PITI payment is $1,500 a month, and rent to owner is $1,600 a month. There is a $100 difference. Is so we will pay directly to the mortgage company through the servicer for $1,500 a month, and another check will go out to the owner for $100 a month.
This will make sure that we have no problems with prompt payment of the mortgage.
