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I worked with Boston Note to close a Note deal in which I was to receive a finders fee. The deal closed on July 29, 2011. I have yet to receive my finders fee. I have called 12 times and e-mailed the company five times over a period of five months with no satisfaction. The only response I received is I will check into it from both Lance & Walter and never hear back. I called November 3, 2011, spoke with Walter, I explained to him that I would be contacting the BBB. I filed a complaint with the BBB the outcome, no response from Boston Note. You can check out the complaint with the Better Business Bureau. I called again today 12/15/2011 Lance denied knowing there was a problem even though I have an e-mail from him dated October 2011 stating he would look into it. As of this posting I have yet to be paid. If I can save one person from getting ripped off from this company, I feel my efforts will not have been in vain. I definitely do not recommend this company if you want to get paid!
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Horrible company to do business with. Attempted to complete a transaction with them, and did exactly what they asked and sent them all the information they requested. I had to call them several times a week to get any update on where we were in the process, and I was told we were well on our way and looking to close within the month. The company continued to drag their feet, and took over three months to do much of anything. Now, they tell me they aren't interested in proceeding with the deal and refused to offer up a genuine apology or take responsibility for the wasting my time and money.. I could have had several other options lined up, but their incompetence was clear. I encourage you to avoid this company at all costs.
We did work with the customer above, however we did all that we could to try and buy his loan. We did not charge him a single dollar for any expenses although we ordered an appraisal, title work, credit reports, etc (and will not recover these costs). Unfortunately the borrowers credit rating dropped below a 500 score which is unacceptable to every note buyer in the country that we know of. We did apologize that we could not buy his loan and again still tried to make the transaction work even with all the negatives. We have purchased thousands of loans since 1991 and the vast majority of our customers are very happy.
I worked with Boston note some years ago ... no problems EVER encountered! paid on every note EVERY time! They are not responsible for note sellers credit...they worked thru some tough deals with me and I appreciate it...just saying! I may start working with them again as I have time and retired...
Boston Note Company is a completely unprofessional and unethical company in my opinion. I submitted a note to be bought by their company, which they solicited my business, and was told it would take 30 days from beginning to end. I had everything to them that they required within 3 or 4 days. It has now been over two months, and they hardly communicate at all. I have to reach out to them to find out what's going on, and when I do, their standard answer is "it is in the committee" being reviewed. Heck, with as long as they take, they could have elected a new Pope by now! I have been in sales for almost 30 years, and I know a scam when I see one. Their approach seems to be, get as many notes in as possible, make a reasonable offer up front, then just sit on the note and don't do anything until the customer screams at them to complete the transaction... basically knowing that most people looking to sell a note need the money, with the plan to offer them substantially less in the end. That in my opinion is why they don't communicate with their note sellers. They want to see how bad you need it so they can offer substantially less and make a huge profit. Don't waste your time with this bunch. Places like this will eventually go out of business if enough people make their voices heard. I usually don't submit reviews, but I made a special exception in this case to point out what a terrible company this is.
8/30/2022
I have contacted Boston Note Company concerning the sell
of Mortgage Notes / Real Estate Notes / Trust Deeds etc.
The close of any such transactions is dictated by the due diligence of the
documents that are submitted to support the Financial Instrument/Note that
is being marketed for sale.
Standard Due Diligence Documents List:
- a copy of the Signed Note
- a copy of the RECORDED Deed of Trust
- a copy of the Settlement or Closing Statement
- a copy of the Payment History (from the beginning)
- a copy of the Hazard Insurance on the property
- a copy of the most recent appraisal for description and location purposes (if any)
- buyer's SS#'s
Once all the above Standard documents are reviewed by the Committee at Boston Note Company,
the transaction moves forward to close in the most professional manner by the processing
Department.
Boston Note Company will cover all closing cost and compensate the note seller and the
referring broker at the time of the completion of the due diligence.
The experience of my interactions with Boston Note Company is very positive.
I highly recommend the professional services of Boston Note Company.
Sincerely,
Smith & Associates
I would also NOT recommend doing business with this company it's been over 5 months they have already marked my original buying price down almost $5000 more than what I was planning on getting from the sale. They don't return phone calls and a poor company to do business with. My lawyer was handling my property sale and they have taken so long already on the deal and I'm out $200 in lawyer fees for nothing. Never Again would I call this company better off to sell it yourself.