Posted by valleygal on 1/24/06 1:01pm
Msg #90676

NO Payment Question

I did an edoc signing for a loan company way back in Nov. 2005 and have not been paid. The loan manager that contacted me wrote in his email that I would paid 15 days after receipt of the fully executed loans documents and my invoice.

I have called several times and have been advised that the loan has not closed. He now advise that I get paid only if the loan funds.

Any advise on handling this issue if the loan does not fund?

Thanks in advance

Reply by eXpedN_TX on 1/24/06 1:10pm
Msg #90683

Hi valleygal,

By chance did you have a conversation up front about payment? What heppens if the borrower cancels, etc.? Did you get any of these details in writing? I would think if the email he wrote you stated you would be paid 15 days after receipt of the fully executed loan docs and your invoice, that you in fact should be paid....whether the loan closed or not. You did what you were hired to do. They hired you to go to the borrower's home and fill out the docs correctly. I don't see it say that if the loan doesn't go through you don't get paid. I would question this in writing, state where in your "Agreement" that it states you don't get paid until the loan funds?!?! And see what they say. If they don't pay you within a given time frame, you may want to hire a collections agency???? Do you mind sharing which loan company this is?

Reply by valleygal on 1/24/06 1:16pm
Msg #90686

It is a local company in the valley called realty homes. Didn't have a conversation up front about payment but he did state in his email that payment would be in 15 days.

Reply by Barb25 on 1/24/06 1:20pm
Msg #90687

Well then I would certainly pursue this. You don't even know it did not close. You only have his word. Are you comfortable following up with the borrower?

Reply by eXpedN_TX on 1/24/06 1:34pm
Msg #90693

I agree with Barb that you should pursue this - not sure about contacting the borrower, though. I believe you can check if a loan funded other ways. If they didn't state up front that you wouldn't be paid if the loan didn't go through, then there was no agreement to that. They told you that you would be paid within 15 days of what you did agree on. You followed through and now it's their turn to make good on their end of the bargain. I wish you luck on collecting!!!

Reply by valleygal on 1/24/06 4:02pm
Msg #90748

I might have to take him to collection. How do I go about doing that? I will to check up front next time about payment from these start up loan companies.

Reply by eXpedN_TX on 1/24/06 4:17pm
Msg #90753

Are you familiar with the search option in this site? Some very helpful SA's have posted which companies worked well for them when collecting. I would do a search on "collection", "no pay", etc. and read what you can. I use this site to research which companies are no no's to work with. My list has over 50 companies that I will not work for. Of course, as some say, someone's no list could be a gold mind for another SA.

Reply by eXpedN_TX on 1/24/06 4:19pm
Msg #90754

http://www.cfi-corp.com/

This is a collection agency that an SA here used.

Reply by Barb25 on 1/24/06 1:11pm
Msg #90685

Who is the company? Did they tell you this when they scheduled with you? I work with one company that does not pay if it rescinds or doesn't close. However, they pay very very well and very quickly...i.e, one week at average. Anyhow, I knew all of this (in writing) when I started working for them. In the long run (about 5 years) it has happened about 4 times. They always make it up to me. Having said all of that.

How comfortable are you that it did not fund? And did they offer you any alternative to make it up.

Does anyone know if they can do this after the fact, if notary was not told and agreed to this...LEGALLY I mean.

Reply by Regal1 on 1/24/06 1:45pm
Msg #90696

If possible, check the ROD in the county the property is located to verify if the DOT was recorded. You want to stay away from entities that require the loan to fund for payment. That condition gives you an "Interest" in the loan. JMHO