Posted by PA_Notary_II on 3/31/06 12:25pm
Msg #110071

HELOC modification

for Countrywide. TC claims it's 9 pages long with one notarization. Having never done one of these before, I wonder what a fair fee is (5 mile one way trip) Anybody?

Reply by Ilona_OH on 3/31/06 12:44pm
Msg #110073

Just moments of time--ask them what they are authorised to pay.

Reply by Tracy_CA on 3/31/06 2:06pm
Msg #110091

I have been doing a lot of modifications lately for CW. There really is only 9 pages with only 1 notarization. You are in and out of their house within 15 minutes. I did one the other day that was 9 miles from my house and it took a total of 30 minutes....including the drive there and back. The easiest money I ever made! I think it is worth it. It might not be much money but it's not much time either. You will have to decide what you think is fair but NREIS pays $45 for this.

Good luck.

Reply by BetsyMI on 3/31/06 5:49pm
Msg #110147

I did one of these the other night for NREIS and they said $45 was as much as they would pay. I drove only 5 miles each way and was back home in about 40 minutes total.

There were indeed only 9 pages and only one notarization. The thing that kept me there for more than 10 minutes is that the borrower didn't even know what this was all about. Someone at Countrywide had called them and said they had a great deal for them.

A previous post indicated that these are often done for people that get behind in their payments for one reason or another, and this "Modification" makes their payment higher for awhile until they catch up. However, these borrowers claimed they were never behind and didn't really know why they were getting this modification. So I spent a little time reading but couldn't tell them why either. All I gleaned from it was that it was increasing their credit line to practically double.

A possible problem for me...they hadn't had time to go over the package before I got there. The docs were sent to them with a prepaid Fedex envelope for return of docs. The borrowers wanted to keep their copies, plus the signed copies until they looked them over more carefully, and send the signed copies via Fedex themselves the next day. Since docs were sent to THEM rather than ME, there was a little "ownership" issue and they insisted on keeping the docs. That means if they never sent them back, I probably won't get paid. That's the problem I have with docs being sent to the borrower. They sometimes don't want to give them to me at the end of the closing because they are "theirs".

Reply by Tracy Johnson on 3/31/06 9:58pm
Msg #110186

The one that I did the other night explained to me that her "modification" was from CW calling her and offering her an increase in her Equity Line of Credit. I think that with the rates getting ready to increase even more and not many people will be doing refinances, they are trying to get people to increase their lines of credit with hopes that they will use it. That is the only explanation that I have!

I agree with you about the docs not being sent to me. Besides the "ownership" issue, it doesnt give me a chance to review the docs before I get there. I ALWAYS review them and put my flags on the docs before going to a signing. I have been having more and more signings with the docs going to the owners. Especially with CW