Yellowstone Mortgage Co. (YMC) services sales contracts, notes, trust deeds, and mortgages resulting from rural land sales throughout Wyoming, South Dakota, Oklahoma, and West Texas. YMC doesn't offer services to the general public but is retained exclusively, under long term arrangement, by several large companies. Collectively YMC handles several thousand accounts covering several hundred thousand acres.
As a result of the magnitude of this business, on any given month YMC might have several "foreclosed" properties available due to death, divorce, loss of employment, etc. The private companies that retain YMC have a general policy wherein "foreclosed" parcels can usually be acquired by simply paying nominal documentation fees, and then taking over existing monthly payments (with no down payment involved!).
As a result of the magnitude of this business, on any given month YMC might have several "foreclosed" properties available due to death, divorce, loss of employment, etc. The private companies that retain YMC have a general policy wherein "foreclosed" parcels can usually be acquired by simply paying nominal documentation fees, and then taking over existing monthly payments (with no down payment involved!).
Services
Due to the magnitude of business handled by YMC, defaults are simply a fact of life.
This occurs when an owner of land defaults in making the required monthly payments, in which case the defaulting party loses his or her ownership and the land is then resold to a new buyer.
Interestingly enough, during the 15 years that YMC has serviced accounts for its client companies, the reason for a default is hardly ever due to the owner not liking, or not wanting to keep, the land.
Instead common reasons for defaults include job loss, divorce, the breakup of a partnership, bankruptcy or death.
This occurs when an owner of land defaults in making the required monthly payments, in which case the defaulting party loses his or her ownership and the land is then resold to a new buyer.
Interestingly enough, during the 15 years that YMC has serviced accounts for its client companies, the reason for a default is hardly ever due to the owner not liking, or not wanting to keep, the land.
Instead common reasons for defaults include job loss, divorce, the breakup of a partnership, bankruptcy or death.
Reviews
Be the first to review Yellowstone Mortgage.
Write a Review
