Posted by MC_oh on 10/25/07 11:06am
Msg #218242

Loan Modification Signings

Has anyone done any of these signings yet? If so, what is different about these, and, if you don't mind, who is scheduling these?

Reply by Peter Rado on 10/25/07 12:01pm
Msg #218253

I do some in FL for Washington Mutual and I hear Country Wide is going to be doing quite few very soon.
There are usally 3 signatures: a TIL, one other doc ( can't remember. I only did one last night ) and the Modification Agreement which is the only one notarized. 50 bucks in out less than 10min. YEA!

Reply by Philip Johnson on 10/25/07 12:02pm
Msg #218256

You're right, but I am getting offers for $30.00.

Living out in the country a 10 minute quick sign ends up being an hour or greater with all the other details involved.

Reply by MC_oh on 10/25/07 12:04pm
Msg #218257

Thanks Peter. I had also heard Country Wide is going to be doing a lot of these. Hopefully these will help get us thru these lean times.

Reply by BetsyMI on 10/25/07 12:27pm
Msg #218264

I've taken a few for $45 because they were very close to my home, and like others said you're in and out in 5 minutes. But I've gotten lower offers which I've refused...one was for $25!

Reply by CJ on 10/25/07 12:31pm
Msg #218266

Re: Loan Modification Signings: What's involved.

They are usually just a new DOT, becuase the house is being secured on the same loan for a higher amount. So even though they are 10 - 15 page, There is only the DOT to notarize. The borrowers usually sign quickly. But of course, there is still travel time involved.

Reply by WDMD on 10/25/07 12:36pm
Msg #218267

Re: Loan Modification Signings: What's involved.

CJ said:
"They are usually just a new DOT, becuase the house is being secured on the same loan for a higher amount. So even though they are 10 - 15 page, There is only the DOT to notarize."

Things must be different where you are. Here in Maryalnd the note is what spells out the loan terms. Any kind of modification of loan terms here would require a modification of the note.

Reply by Christine Hall on 10/25/07 2:23pm
Msg #218284

Re: Loan Modification Signings: What's involved.

The ones I have done recently in MN are just a mortage and TIL. Usually for $35 to $45. Like has been said in and out in a few minutes and always very close to home.

Reply by JanetK_CA on 10/25/07 4:30pm
Msg #218299

Re: Loan Modification Signings: What's involved.

These must vary widely by lender (and perhaps by state). I used to do a fair number of these close to home by CW. I never saw a TIL or DOT in any of them, just a modification to the Note. Recently, I've seen some more of these, but none of the documents are the same as what I've seen in the past. (Also, they are now charging the borrowers $500 in closing costs - payable by check at the time of the signing.) My guess is that they are targeting a different market now. I will still only do these close to home - but not for $25 or $35!!

Reply by BrendaTx on 10/25/07 10:08pm
Msg #218352

Re: Loan Modification Signings: What's involved.

WDMD, that is the way Texas Mods are also.

Reply by JK/TX on 10/25/07 10:34pm
Msg #218358

Re: Loan Modification Signings: What's involved.

TX IMO: w/a mod you are modifying the existing loan, not extinguishing. And it is not considered an renewal and extension so I don't know how this would create a DOT.... state to state I guess. The mod.'s I have closed were all investors.... I just can't recall one on a homestead but I may have slept since then.

But I'm counting on a whole new loan pkg for what is up and coming from CW and the like.

Reply by JK/TX on 10/25/07 11:01pm
Msg #218364

Re: Loan Modification Signings: What's involved.

oops.... I just remembered a Mod. that did have renewal and extension lang. in the doc..... but the lender ended up redrawing to remove that lang. for several reasons.....I could get into what they ended up doing but it's too boring for the forum (and I don't want to type that much ........................ but bottom line, loan amt was increased and was still a mod.. also, it was a commercial loan for a subdivision.