This is the ultimate loan administration software tool. The FULL version produces a stunning report. Download the FREE trial version now and learn more...Instructions included.
The arrows you see (click the image to view a larger one) illustrate what can happen when a borrower skips a payment (#3 in this example). Notice payment #3 has an arrow pointed downwards to payment #4. Now, pretend the bank loaned you money to buy some vacant land, for example. You skipped the 07/05/08 and the bank enters 0.00. Then, you show up at the bank and make the 08/05/08 payment (or so you think) a few days early.
Then, the Teller says "I'm sorry, but according to the contract, you owe a Late Fee." The Teller continues to say that your 08/05/08 payment is REALLY the 07/05/08 payment. The Teller is right. AND, if the borrower does not make up for it, this can cause a "cascading late payment affect" as you can see by the subsequent down arrows.
Not until an "extra payment" is made (where you see P + I in red) does it change the schedule for Late Fees back to normal. You can see payment #9 has the arrow "mapping" the due date with the correct payment. Also, if you look carefully at #9 (green Column second from left) you can see the 9 matches the 9 (first white Column). The software is showing you the payments are "back in alignment."
Careful inspection of the image shows all Late Payments with down arrows have numbers that do NOT match in the first two Columns. This is very important for both parties. It is a fantastic way to keep your records accurate, adhere to the contract and be able to affective communicate why!
Glad you asked. It can be used for a 1-40 year, monthly installment payment, fixed rate loan. For example, the loan can be for undeveloped land, real estate, property, a house, a cottage, a building, a vehicle or boat.
Learn how to book payments like a pro and more. Handle special events such as skipped payments, partial payments, payments to Principal only and late fees when the borrower (Vendee) is in default with ease.
Print out a gorgeous report with the click of one button. The report may become an enforceable, legal, contract. It discloses all the details, like any interest in arrears for example, and makes reconciliation a breeze. For $99, it's a bargain.
Set up is quick - just answer a few questions. Late fees are instantly configured and may even be added back into the balance due (negative amortization) if your contract agreement calls for it. We recommend you see for yourself by downloading and reading our instructions.
The FULL version allows the user to do or enter:
To either try the trial version for free, or purchase the full version, go to the software download sales section of our site. Payment is via PayPal and you will instantly be able to download the full version after payment is made.
A Land Contract loan agreement, combines features from a sales contract, mortgage, and a warranty deed. When the last installment is made, the deed is conveyed by the Vendor, or note holder, to the Vendee, or purchaser.
Anytime you administer a loan, the contract between both parties can encompass any thing the two parties agree to, as long as it it legal of course. There are infinite variations, particularly regarding late fees. Examples would be fees charged as x dollars per day after x days (grace period) with or without a total dollar cap, as a percent of the payment, all days of "default" charged at a higher rate then the contract stated rate etc. In the latter, you have to calculate all the days not in default at x rate and all the days at the "default rate" and add them together every single time it happens. Fortunately, our software does this automatically. How about negative amortization?
As previously mentioned, this software can also add late fees back into the loan balance (referred to as negative amortization) with the click of a checkbox. If the agreement calls for it, this is allowed.
These are only a few examples, but you get the point. We just want you to get a feel for how much this program can help you administer your loan. You need to download the trail version and read the instructions that are included for all the details. We encourage you to do so and best of all, it's FREE!
Go to the Tools menu and choose Add-Ins... The following dialogue box (see right) should appear.
Make sure the Analysis ToolPak option is checked, then click OK. Close and reopen Excel.
This Excel loan software will not function without Macro's enabled. Always choose to "enable macro's" if asked. IMPORTANT: TO AVOID ANY PROBLEMS, DO NOT EXCEPT THIS SOFTWARE FROM ANY SOURCE BUT MoneyCops.com.
After downloading the file, simply double-click the file and a splash screen will be displayed. Click the "Browse" button and choose any place on your computer you wish. Then, click "Unzip" and close the splash screen.
The following two paragraphs are printed here exactly as I received them. Normally, we do not use testimonials. However, this "real world" and "real money" testimonial serves as a wonderful example of how affordable this software is. Thank you Jami...
We had a house we were selling contract for deed. The buyers had many late and missed payments and finally defaulted on the contract entirely. When we reentered the premises, there were over $7,000 in damages. A provision in the contract stated that we could either consider all payments as fair and liquidated damages or take the difference between the principle + accrued interest and the current fair market value of the property. We sold them the house for $51,000 and the appraisal came back at $38,000.
Because of the irregular payment history, standard amortization schedules just didn't work. Although I don't use it in my current position, I do have a degree in accounting and still couldn't determine how much they actually owed with accrued interest, irregular and partial payments in the mix. After spending several days on the internet trying to find the calculations, I decided to use your program. Your program helped us claim an additional $2,000 in monies owed and saved several hours of my time.
Many thanks,
Jami
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Grand Rapids, Michigan.
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