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Just who are Escrow Services, Inc. ?

Just what do they do ?

Founded in 1985, Escrow Services, Inc. acts as an independent professional 3rd party escrow agent to handle all the details involved in servicing a lease, lease with purchase option, land contract/contract for deed, installment option and other loans.

What is an installment option ?

An Installment Option is a contract wherein payments are made in installments. Consider it a ''lease purchase'' wherein ''lease'' payments are replaced with interest payments. It is a type of owner financing ('land contract' or 'contract for deed'). Use an Installment Option whenever an existing mortgage has restrictions against assumptions, land contracts, contracts for deed, Bond for Deed and transfer or beneficial interest under a land trust. Existing mortgages can also be 'wrapped' within the terms of the Installment Option. Use an Installment Option whenever the Purchaser or the property doesn't qualify for a loan as an alternative to a lease with purchase option. The purchaser is responsible for repairs, maintenance, etc. after the closing of the Installment Option contract.  Property insurance is issued in the owner's name with purchaser paying the premiums and named 'Additional Insured'. The IRS treats an Installment Option the same as an installment sale for interest and depreciation purposes. The Installment Option allows the owner to cancel the contract and take back the property if payments are not made within the time allowed and without the costly expense of foreclosure.

What are the benefits of these services ?

The benefits of these services include:

• Drafting of lease payments and direct deposit to Lessor's account facilitates collection of rent and timely payment to Lessor.
• Independent 3rd party account payment histories aid in obtaining conventional financing by Tenant-Buyer to exercise their purchase option.
• Third party account payment histories provide independent evidence of Lessee's failure to pay as agreed under the terms of the lease should eviction become necessary.
• Their years of experience in servicing wrap around instruments allow us to provide key insight into proper structuring of such instruments to ensure problem free servicing for Lessor, Lessee, and underlying lien holders.
• Complete and accurate records of all payments
• Monthly billing in accordance with CFPB requirements
• ACH drafting of note or lease payments
• ACH direct deposit of note payments to lenders/lessors
• On-line account look up
• Optional disbursements to third parties (HOA dues, condo fees, etc.)
• Tax and insurance escrows
• Providing of IRS Forms 1098 & 1099 forms where applicable
• Protection of lessees on lease purchases where there is an underlying mortgage(s) by direct payment to mortgagee(s)
• Timely and documented response to borrower inquires, payoff requests, and disputes
• Maintenance of independent third party detailed account payment histories to facilitate Borrower/Lessor refinancing requests, to enhance valuations for note investors desiring to sell notes they hold and to support enforcement of provisions of the note/lease obligation
• Establishing an arms-length relationship in transactions involving friends and family or investments in mortgage notes held in pension plan accounts.
• Document preparation
• Set up and maintenance of payment and disbursement records
• Set up and maintenance of reserve accounts for taxes and insurance
• Monthly statements
• Payments processed and disbursed as instructed
• Payments for insurance and property taxes
• Late notices and payment received advice
• Certified Default Letters to delinquent Payors
• Preparation and distribution of IRS required interest statement
• Title transfer with Power of Attorney
• Third party payment history reporting for refinance mortgage loan applications