Posted by Oz/Fl on 9/29/08 7:47pm
Msg #265791

Loan Mod's

Folks,
I'm asking about info on this company. I "Do Not" or never have told a client about getting a cheaper rate. This company called me about doing a loan mod. I called their customer and he asked me about the interest rate reduction. This is what I'm talking about. SUE Pa cannot read and I wonder about her experience.

Reply by Sylvia_FL on 9/29/08 7:53pm
Msg #265795

Oz

Sue has a lot of experience, a lot more than most of the members posting here.

If a customer asks a question relating to their loan, we refer them to their loan officer.

You really need to reread your post that Sue responded to. Sue read what you posted.
I believe you owe her an apology!

Reply by Oz/Fl on 9/29/08 7:55pm
Msg #265796

No, she needs to read the question. I said does anyone know about this company. They gave me the closing and "THIER" customer asked about how they can get a cheaper rate. I referrred them back to their agent. I was just asking about the company. No need to offer an opinion when not needed.

Reply by Sylvia_FL on 9/29/08 8:00pm
Msg #265797

Yes, that question was buried in your post, but you did say:

"I have had borrowers ask me how can they get a cheaper rate that the prevailing rate."

No mention of you referring them back to the lender. You really need to be clearer in your posts.

As a Signing Service I would not use a signing agent who would be answering that question - or any questions that should be referred to the lender or title company.
As for me offering an opinion - as a member of this forum that is my right!

Reply by Oz/Fl on 9/29/08 8:04pm
Msg #265800

That was what they asked me. I referred them back to the company. I was only asking for anyone who knows the company. The "BORROWERS", "theirs" asked me the question. It was a simple question. I guess that is way we are in a mess today. To many people reading beyound the question.

Reply by CaliNotary on 9/29/08 11:26pm
Msg #265819

"I guess that is way we are in a mess today. To many people reading beyound the question."

Well the only reason we could read beyond the question is because you chose to include a bunch of other crap that you're now saying is irrelevant. If you want a clear answer, ask a concise question, it ain't rocket science.

If you're going to be an ineffective communicator then lose the pissy attitude when you get feedback based on everything you wrote, instead of just the one little part of it that you really cared about.

Reply by Oz/Fl on 9/30/08 7:05pm
Msg #265902

It was started when she wrote"GET another job." That is what pissed me off. She could have answered the question but she chose to go negative. It goes to show what your dealing with when they attack right off the bat. The "pissy" remarks come from that. I will not let anyone attack my character.

Reply by PA_Notary_II on 9/30/08 9:28am
Msg #265831

Re: Loan Mod's...OK I think

I've figured this out. Oz/Fl was asking how a company (let's use Countrywide as an example)
could offer a lower rate on an existing mortgage than Countrywide originally wrote the loan at. He's saying (I think) how can Countrywide offer a cheaper rate NOW than the prevailing rate when they already have the loan on the books at the originally written rate. The original question was poorly expressed.....maybe I didn't do any better.

Reply by Oz/Fl on 9/30/08 7:09pm
Msg #265903

Re: Loan Mod's...OK I think

You did great. I appreciate the help. My concern is with these high pressure sales calls. They tell me to say I have been working with them for years when I have not and that I'm a representative of the company. These folks are already down and out. I don't want to further the misery that may face. Thanks again my friend!

Reply by Linda_H/FL on 9/29/08 8:42pm
Msg #265803

21st Century Real Estate Investment Corp

They called me a couple weeks ago to do this - didn't pan out....they are a company who steps in to negotiate a modification with the borrowers' current lender - their idea is their attorneys can negotiate more effectively with the lender than the borrower can. It's a 9-page application, the homeowner has to qualify for the proposed modification and they have to put up a couple thousand dollars (in my case $2,200 in four checks of $550 each, 3 of which could be post dated at monthly intervals)...the lady I was supposed to meet didn't have the money to give me (thankfully she told me before I went there) - and their instructions are adamant that you do NOT leave the borrowers' home without the checks.

There are several companies that do this - modifyusloans comes to mind...they suppposedly step in and help people who may be on the verge of losing their home to foreclosure to negotiate a better deal with their lender. Have no idea how legitimate or effective any of them are.

Reply by Oz/Fl on 9/29/08 9:14pm
Msg #265805

Re: 21st Century Real Estate Investment Corp

Thank you for anserwing my questions. I plan on trying to look them up on BBB or the state. I just don't agree if it is a high pressure type tactic or deal. It would seem to me that these type companies would have to have the blessing of the Federal Govt. in some way.

Reply by JamesLee/VA on 9/29/08 9:17pm
Msg #265806

Give it up OZ/FL

Once these pack of wild dogs get hold of you, theres no fighting back.

Reply by Oz/Fl on 9/29/08 9:33pm
Msg #265809

Re: Give it up OZ/FL

Tell me!! It's hell! I hope you have been well, bro!

Reply by Linda Hubbell on 9/29/08 9:27pm
Msg #265808

Re: 21st Century Real Estate Investment Corp


--------------------------------------------------------------------------------


Corporation
21ST CENTURY REAL ESTATE INVESTMENT CORPORATION
Number: C2700122 Date Filed: 2/24/2005 Status: active
Jurisdiction: California
Address
9607 BUSINESS CENTER DR BUILDING 13 STE D
RANCHO CUCAMONGA, CA 91730
Agent for Service of Process
RUBY ENCINAS
9607 BUSINESS CENTER DR BUILDING 13 STE D
RANCHO CUCAMONGA, CA 91730

Reply by Oz/Fl on 9/29/08 9:34pm
Msg #265810

Re: 21st Century Real Estate Investment Corp

Have you had any dealings with them?

Reply by SheilaSJCA on 9/29/08 11:22pm
Msg #265818

Re: 21st Century Real Estate Investment Corp

I did one of these earlier this month for the company you mentioned. They paid within 2 weeks.

Reply by Oz/Fl on 9/30/08 7:11pm
Msg #265904

Re: 21st Century Real Estate Investment Corp

Thanks!!

Reply by dickb/wi on 9/30/08 11:52am
Msg #265840

why do you need the feds involved.....that's why we....

are in the pickle we are in right now.........

Reply by BrendaTx on 9/30/08 10:44am
Msg #265834

**SUE Pa cannot read and I wonder about her experience. **

Don't wonder. She's real. She's got it. You did not express the question very well imho.

Reply by Oz/Fl on 9/30/08 7:16pm
Msg #265905

The thing was that she attacked right off the bat. How rude to label a post, "Get another job please." She could have answered the question and gave an opinion without resorting to cut downs. She must be feeling angry at not having enough work or some other reason. Why would someone attack you just for asking a question. This is "Very" unprofessional IMHO.

Reply by BrendaTx on 9/30/08 7:17pm
Msg #265906

Oz, clarification please, if you don't mind

*I called their customer and he asked me about the interest rate reduction. *

I think you are saying that this company asks you to contact people to offer a modification reduction.

If so, do they provide the name to contact?

Also, if so, do they provide compensation for doing this?

I have been seeing a lot of emails in my inbox telling me I can do modifications (offer them) and make $$$. I'm kicking them into the spam box, but is this similar? Is it a paying proposition?

I can understand them offering mods to current borrowers but I cannot understand why they'd ask the notary to do it.

Reply by BrendaTx on 9/30/08 7:18pm
Msg #265907

Re: Oz, clarification please, if you don't mind

*contact people to offer a modification reduction*

should be

-- contact people to offer a modification and rate reduction.

Reply by Linda_H/FL on 9/30/08 7:31pm
Msg #265910

Brenda...it what they call and "application" for the

modification - basically the borrower is "retaining" this company to step in and negotiate their loan with their current borrower. The NSA goes out, gets some forms filled out and picks up some supporting documentation AND their required fee - send it all in and, upon receipt, they start the process of seeing if the person "qualifies" for the modification, then negotiates with the lender to get an agreeable modification in place.

I was offered $65 to print about 15 pages, get 9 partially filled out, pick up the supporting docs and checks and return them - I accepted because I was going to be in the area anyway....it didn't work out for me because the borrower didn't have the money to give me and they are adamant you are NOT to leave without the money (claim their attorneys want to be paid)...when I told them she didn't have the money they postponed the appointment and told me a "rep" would be contacting her...

Reply by Linda_H/FL on 9/30/08 7:35pm
Msg #265911

I should add there's one thing I really don't like about

this particular company's procedure...they tell the borrower (and if asked we are to tell the borrower) that we've worked together for quite some time .... my problem with that was being this was my first assignment with them, if the borrower had one question I'd be "I'm not sure, let's call and find out" - and that blows that story out of the water!!

I think they're legitimate....but it's a shame that someone on the verge of losing their home has to pay someone else $2-3K or more to step in for them....sounds kind of steep to me.

Reply by desktopfull on 9/30/08 8:38pm
Msg #265923

Re: I should add there's one thing I really don't like about

Right now anyone with Countrywide or many of the other mortgage companies can call the companies and work out the modification without an intermediary. Countrywide definitely will talk with the people and work out a deal. They usually move the past due payment to the end of the loan, adjust the rate and give the people 45 to 60 days before making their first payment after the modification. They charge $500.00 for doing this, which isn't bad when you consider they just stopped a foreclosure on their home and got relieved of making 4 or 5 months payments. I've done over a hundred of these, they're 7 pages and 2 notarizations, you pick up the $500.00 check and send it all back.

Reply by Linda_H/FL on 9/30/08 8:45pm
Msg #265925

I know...I have my mortgage through Wells Fargo

and I can do unlimited modifications with mine...cost me $250 when we did it last year .. but apparently these companies offer a viable option to some...I know of at least two companies that do them and I'm sure there are more...

The signer I had that canceled came right out and told me "I'd like you to leave the paperwork - I'd like to think it over - I'm not sure this is the right thing for me"....and you can be sure *I* was NOT going to be the one to help her with that decision...I also didn't leave the paperwork..I just turned called the company and they were going to follow up with her - I never heard anything again (probably because she didn't have the $2,200 to give them..period)..

Reply by Oz/Fl on 10/2/08 10:05pm
Msg #266195

Re: Oz, clarification please, if you don't mind

They want someone who has done closings because it is suppose to make the borrower's feel comfortable.