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BMC Borrowers

Budget Mortgage Corp and its family of companies have been here for over 65 years, providing residential and commercial borrowers with mortgage loans that suit their individual needs. BMC specializes in solving real-world problems that mass-market lenders can’t, employing flexible underwriting which considers the specific situation of each customer. Here at Budget, we believe:

"Unconventional circumstances should not prevent you from obtaining a mortgage."


  • Type of Borrowing Entity. We make loans to administrators and trustees of trusts, administrators of properties in probate, corporations, LLC’s and other “non-natural person” entities. If you are the Personal Representative of a probate estate and your assets are non-liquid (like real estate), we can provide liquidity to cover the costs and expenses of probate administration.

  • Type of Collateral Real Property. We can lend on “mixed use” property, small commercial or industrial property and residential income property, including multi-unit and single family.

  • Personal Credit History We give our borrowers every opportunity to get a loan. We approve many borrowers who have had credit issues.

  • Unusual Sources of Income or Methods of Income Documentation Not every applicant is a wage earner and some sources of income and documentation require alternative methods of confirmation. We underwrite based on our customers’ specific type and source of income.

  • Zoning or Condition of the Collateral Property. We are experts at analyzing zoning issues and can use our expertise to figure out how to make a loan with specific zoning issues. Property condition can be anywhere from “excellent” to needing substantial repairs. If we can value it, we might be able to lend on it.

  • Borrowers in Bankruptcy We might be able to make a loan to a borrower who is in Bankruptcy or has recently completed a Bankruptcy plan.

Existing Borrowers

Payment Requirements

Payments must be made in lawful money of the United States. Payments may be made by mail to the mailing address shown on the face of this statement, by electronic funds transfer, in person at our offices, or by any other form that we may designate acceptable. You must remit only checks, money orders, or other certified forms of payment through the mail. Do not send cash through the mail.

We are open for business Monday through Friday, excluding federal holidays. Please contact us for our current hours of operation. Payments are accepted and credited any day that we are open for business. Payments must be received by 4:00 PM Pacific Time in order to be credited on that day. If a payment is received after 4:00 PM Pacific Time, it will be credited on the next business day; however, there will be no additional interest or charges assessed due to the delay. For instance, if your payment reaches us after 4:00 PM Pacific Time on the last day of your grace period, and the payment is not credited until the next business day, you will not be charged a late charge or any additional interest or fees due to the delay in posting the payment, and no negative information due to the delay in posting the payment will be reported to any consumer reporting agency.

Payments must be remitted along with either a legible payment coupon or the correct loan account number printed on the remittance. If a payment is not remitted with either 1) a legible payment coupon or 2) the correct loan account number printed on the remittance, and we cannot locate your account, the remittance will be considered “non-conforming”. If we still cannot locate your account 5 business days after receiving a non-conforming payment, we will return the payment.

Request for a loan payoff statement

A written request for a loan payoff statement may be made by the borrower or by a person acting on behalf of the borrower. If the request is made by a person acting on behalf of the borrower, the request must be accompanied by a signed and dated authorization made by the borrower stating that the requestor of the payoff statement is authorized by the borrower to make such a request. A payoff request made on behalf of the borrower will not be considered a valid request until such an authorization has been received by us.

A loan payoff request must be in writing and contain: 1) the name and contact information of the requestor; 2) the borrower’s name, loan account number, and the property address which is secured by the loan, and 3) a request for a loan payoff statement. If the request is made by the borrower, it must be signed by the borrower.

The request must be delivered to us as follows: it may be e-mailed to demands@bfcloans.com, it may be faxed to 310-388-3069, it may be mailed to our offices, or it may be delivered in person to our offices. Any other method of delivery will not guarantee receipt of the request by us in a timely manner. We may from time to time change the delivery requirements for these requests; please contact us for up-to-date information.

Our general policy is to provide a payoff statement within 7 business days after receipt of a valid request. If we are unable to provide the payoff statement within said time frame due to the loan being in foreclosure or bankruptcy, we will provide the payoff statement within a reasonable time frame. We may charge a fee for providing a payoff statement, as provided by law.

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You can check your up to the minute loan status. You will need a loan statement number to verify your identity.

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California DRE Broker #01891885
Washington Consumer Loan License CL - 388808
NMLS Unique ID 388808
NMLS Consumer Access

 

 

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