Portal to manage private mortgage

[BTR219]

I may be selling my townhouse to a very reliable tenant who has rented from me for 5 years. I am comfortable financing the sale myself, assuming a 20 percent down payment.

For those of you who have done this, can you recommend a straightforward, cost-efficient portal where my buyer can make payments and track his loan progress? As the seller, I would also like the site to issue late payment notifications and include the ability for me to plug in tax and insurance costs to the monthly payment. Any recommendations?

[bloom2708]

You are going to take on the mortgage and be the escrow holder for taxes and insurance? Then pay the property taxes and insurance?

I wouldn't want any part of that.

The tenant should get a regular mortgage and pay you the full amount you agree on.

[Kings over Queens]

I held the mortgage on a sale but didn't use any formal portal.

Borrower knew how much to pay and when to pay it. I tracked everything in quickbooks.

It was decent money until covid hit (mine was a commercial property) and then it became a disaster.

[Bikesy]

I have a private mortgage and we just track on a shared google sheet. We had our title company file the paperwork outlining the terms and schedule at the time of sale. I just send a check every month. If I ever go to sell the title company will request a payoff amount from the private lender, as long as both parties agree on that amount there shouldn't be any issues (both parties need to track payment schedule). Private lending on a property you are familiar with can be great as long as there's enough equity that in the rare case you need to take it back it's able to be re-sold for more than what is owed.