Posted by Daniel Lutz on 12/30/10 12:59pm
Msg #366446

After harrassment and threatening what other options?

I wanted to know if anyone one had any creative ways that they've used in the past to collect on an invoice maybe say after 30 days of when it was to be paid by the title company other than calling, emailing a million times.

Reply by Linda_H/FL on 12/30/10 2:03pm
Msg #366457

Just a few quick suggestions here:

1. Double-check your confirmation and make sure you weren't advised in advance that they take 45 days or so;

2. Check the county records to be sure the mortgage you signed did, in fact, record. That's your proof that your loan funded. Get a copy;

3. Send a collection letter certified mail and regular mail clearly identifying the signing (if a SS, send a copy to title); give them a drop-dead date for payment and include a copy of your confirmation showing the agreed fee; do NOT threaten to go to the borrowers for your fee or threaten mechanics' liens or any silly stuff like that - you have no recourse against the borrowers as they've already paid your fee by way of the fees to title on the HUD - threats like this are baseless and totally undermine your credibility;

4. Check your county court website for small claims procedures - you may find that you can file suit against a foreign corporation right in your own county; enforcing the judgment may be another matter entirely;

5. Stick to your guns; don't tell them you're going to do something if you won't; if you haven't received your fee by the date stated send them a draft of a small claims complaint (and if an SS, be sure to make title a defendant also) - let them know if you're not paid within 3-5 business days you'll be filing the enclosed action.

Now, this is all providing this was an error-free signing and you didn't do something that's made them withhold your payment.

Good luck.

Reply by James Dawson on 12/30/10 2:18pm
Msg #366458

...and when you have time, post in S/C

Reply by C. Rivera Chicago Notary Services on 12/30/10 2:26pm
Msg #366462

ditto Linda and James! n/m

Reply by JulieD/KS on 12/30/10 7:10pm
Msg #366504

If you send me your email address, I can forward a collection letter to you. I fax it, then snail mail a copy.

Reply by MW/VA on 12/30/10 9:35pm
Msg #366526

IMHO 30 days is not past due. I don't start calling or

sending reminders until 45 days.

Reply by Moneyman/TX on 12/30/10 10:00pm
Msg #366534

Re: IMHO 30 days is not past due. I don't start calling or

For me, Net 30 is past due on day 31. Depending upon the company and what was agreed to (Net 30 or Net 45) I will usually give them about 3 business days or so before I start sending emails or call to check status of payment. As for my good clients that I have developed a relationship over time, I pretty much know their payment schedule and only make calls if the payments don't show up with in a week of the "normal" time period. If it is a new company, I start on day 31.

I also charge late charges. I have new companies sign and return to me either by fax or email an acceptance of my payment policies which include Net 30 and information about late charges clearly spelled out. Prior to doing that I had a few companies that I had worked with for a few years change their payment policy after the signings.

Since requiring a signed copy, I have received payments on time. I have even received payment & late charges from 2 really "new" companies that others posted non-payment information months later. I think both of those companies are now "Out of business" after stiffing several people.

It's just business and good companies that are not intending on stiffing me or not paying as agreed have no issue with signing the agreements. It's just business, not personal. I don't know them and they don't know me. This way payment schedule is clear to all prior to any work being done.