im taking back a second servicing?

hi all,

im taking back a 5% second mortgage on a property im selling…buyer’s credit is 780…it’a a 3 yr interest only at 7% …what should i do…get a " loan servicing co" to collect and dispurse? …is this necessary? …if so…can you recomend? …any other info i should know about this would be great…thanks for all the replies

i have heard that it would be like seller financing and i heard of people who do it where the seller holds the 2nd but discharge it at closing.