Posted by BetsyMI on 3/28/06 8:35am
Msg #109010
Countrywide Modification
Has anyone heard of a Countrywide Modification refi? They say it's a very small package, only 9 pages to sign, there's no HUD, no Bwr's Agreement, very quick, in and out. They also say the most they are allowed to pay is $45. Docs to the borrower, only 5 miles from my home. Can be done anytime that the borrower and I agree to on the designated day. I have nothing else scheduled that day but hate to take such a low fee, although it sounds really simple.
Would you do it?
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Reply by Serina/VT on 3/28/06 8:39am
Msg #109012
Lets see, $45 divided by 9 equals $5 a page, 5 miles from home, no babysitting the comp..my answer, oh yeah 
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Reply by Erin C. Wall Signature Services on 3/28/06 12:33pm
Msg #109081
Babysitting the computer......LOL!!!!!
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Reply by Ilona_OH on 3/28/06 8:40am
Msg #109014
I've done them before really simple! The company I worked for paid more than that. I wouldn't even go out the door for that.
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Reply by Regal1 on 3/28/06 8:40am
Msg #109015
If not one of my favorite clients...$65.
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Reply by patricia on 3/28/06 9:36am
Msg #109029
I agreed to take two of those and neither borrower was willing to sign. So the pay was $0.
In this case Countrywide had not notified the borrower about the modification.
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Reply by Erin C. Wall Signature Services on 3/28/06 12:32pm
Msg #109080
CWide Mod is for those affected by disasters and experienced loss of income. They get behind on their payments and the Loan Modification just re-works the unpaid P/I back into the original principal of the loan. Keeps disaster victims from foreclosure. Usually 3-9 pages, needs one notorization and sent back immediately. Lots of them around due to hurricanes and tornadoes. Take it, it's an easy gig. They are usually glad to see you and have the peace of mind that their loan is in good standing. One thing with CWide...the computer still generates letters of acceleration and foreclosure and sends them out regularly to these folks. Their Loan Modification Specialist should have already told them to disregard these nasty little letters, they don't have a way to stop the almighty computer from generating them. The new Payment is higher and will remain so until the principal is where it should be according to the 1st amortization of the original Mortgage. Good luck and Go For It, low maintenance.
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Reply by Janlee_MI on 3/28/06 1:55pm
Msg #109094
Betsy. Go for it. n/m
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Reply by hcampersFL on 3/28/06 2:41pm
Msg #109100
Erin
Thank you for this post I really learned from it. I'm a client of Countrywide (she said with teeth clenched) and had not heard of this.
Beverly
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Reply by BeckyNC on 3/28/06 4:03pm
Msg #109139
I just got a call for one of these. In the past, I have been able to get them up to $50.00 for local ones. I was told that as of today, the most they could pay was $25.00. They are very easy, and fast, but come on................
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Reply by ScottieB_CA on 3/28/06 5:53pm
Msg #109166
Sometimes they are as simple as 3 pages. When the auditors check the files they might catch something as simple as a DOT missing the county on the Acknowledgement. Then they send an e-mail with the Modification Agreement attached and have the funder handle it. The loan agent should notify the borrower that somebody will be contacting them regarding the Mod Agreement. Some agents are on top of their business more than others.
I had to personally drive to the borrowers work or home to do this for free because I'm a C/W employee, and I can't get paid for my Notary services on C/W docs.
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Reply by Tracy_CA on 3/28/06 9:08pm
Msg #109203
I have been called a lot lately for the exact same thing.....and price. I only take those if they are within a few miles from my house and you will be in and out of your door withing 30 min. It is nothing to it. SO simple.....easy money to me. AND if it is with the company that I think it is with, you will get paid pretty fast too.
Go for it
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