Posted by Oz/Fl on 9/29/08 7:28pm
Msg #265785

Loan Modification

Has anyone preformed any loan modifications for 21st Century Real Estate Investment Corp.? This is a company that helps keep people from losing their homes. I have had borrowers ask me how can they get a cheaper rate that the prevailing rate. I know that there was a $300B package signed to help homeowners keep from getting foreclosed. I was just interested in seeing what others had to say or if they had any dealings with this company. Thanks for the info. Also, please reply to me as sometimes I get very busy and do not get to check the forum on a daily basis. Thanks again.

Reply by sue_pa on 9/29/08 7:33pm
Msg #265786

get a new job please

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

You truly are not going to inform a borrower about a loan modification program. During the past 8 years I have completed A LOT more than your 480 loans and I have NEVER had a borrower ask me that question. Wonder what you're saying to open that door and if that has anything to do with your one closing a week.

Reply by Oz/Fl on 9/29/08 7:41pm
Msg #265789

Re: get a new job please

You missed the point. I was asking about a compaqny that called me to do a loan mod. I was not telling folks about getting a cheaper rate when I do a refi from a company I have worked with. I have completed well over 600 closings. I'm talking about info on a company that called me to do a loan modification. I'm asking about the company. You must not can read and understand what I was asking. I work with well known companies and have completed many refi's, reverse, etc. Please go back and read the question!

Reply by desktopfull on 9/29/08 10:54pm
Msg #265814

Re: get a new job please

If all you were interested in was whether this was a viable company or not why not just ask that question instead of interjecting the rest of the info about the modification that you didn't want a response to in the first place. The terms and conditions of a modification are really only the business of the borrower and lender. Since you aren't given all of the particulars of the transaction who are you to decide whether or not a company is overcharging the borrower? Your job is to verify that the right person is signing the docs, that they understand what they are signing, get the signatures & dates where they belong, notarize if required and return the documents. At this point, I would think that your major concern should be whether or not your going to get paid after doing the job, if they are going to file bankruptcy, or bounce your check.

I believe that Sue/PA gave you some great advise and her opinion is well respected on this board. I would suggest that you invest in an English class also. I've done hundreds of modifications and not once have I been asked by the borrower's about getting a cheaper rate elsewhere since that would require a total refi, everyone of the modifications I've done has included a rate reduction with two or three payments being moved to the end of the loan in addition to the borrower not having to make a payment for 45 to 60 days and there are fees involved for recording and filing the new documents.

Reply by Oz/Fl on 9/30/08 6:51pm
Msg #265898

Re: get a new job please

Please don't sign up for any spelling bees. You need to check your English on what you just posted. I don't want to work for an unscrupulous company. Maybe you are only interested in getting paid. I have morals and a conscience. I will not work for a company that knowingly rips people off that are already having to face a possible foreclosure. Maybe you operate that way, but I don't. We are talking about very high fees for a loan mod. You just didn't get it or not able to comprehend. Maybe you need a new line of work. I heard 7-11 is hiring.

Reply by Mamie on 9/29/08 7:52pm
Msg #265794

I got a call about 2 weeks ago (from 21st Century Investments) the application and get all copies of what they wanted and needed. Set up appointment, the client was not home. Spoke with daughter, gave my bus card for him to call me. Long story short - called 4 days in row when he got home from work and always he was not home. Gave back to 21st Cent. They charge a very high fee. Client was to have 2 chck post dated for 1 mo ahead and 2 mo ahead - big checks.

Reply by Oz/Fl on 9/29/08 8:01pm
Msg #265798

Thanks. I got a call today from them and the client asked about how they could give him a fix rate that was cheaper than the prevailing rate. I referred him back to them, but I was wondering if this company is a legit or one that was feeding off the misfortune of folks in a hard time. I "DO NOT" want to be part of a company like this. I don't need the money like this. They also told me they needed post dated checks. I did not see them listed under signing central. I posted only to see who may know about this company. That was my question. What do you think about them?

Reply by Oz/Fl on 9/29/08 8:01pm
Msg #265799

Thanks. I got a call today from them and the client asked about how they could give him a fix rate that was cheaper than the prevailing rate. I referred him back to them, but I was wondering if this company is a legit or one that was feeding off the misfortune of folks in a hard time. I "DO NOT" want to be part of a company like this. I don't need the money like this. They also told me they needed post dated checks. I did not see them listed under signing central. I posted only to see who may know about this company. That was my question. What do you think about them?

Reply by Mamie on 9/29/08 8:10pm
Msg #265801

I don't know what to say about the company. They did call me a week after I returned the contact problem to them and they said they could not get him either. I googled them and there was very little info on comp. The man who first called me said he was only hired 2 weks before. The internet said 2 employees but he says they have a lot more. I do know my step son is working with a company giving info to clients looking for info on mods and he said they really are charging a lot for their fees (2 checks).

Reply by Oz/Fl on 9/29/08 8:14pm
Msg #265802

I hate it for the customers. Folks are really hurting and they do not need to be treated like this. Have you heard of any other company doing mod's that would be on the up and up? It just does not seem right to me charging high fees on someone having a hard time in the 1st place. I would forgo a signing like this and not make the money. Thanks. Adrian

Reply by MistarellaFL on 9/30/08 8:10am
Msg #265825

Here ye, here ye!!!!!!!! Loan Modification

For those of you who are unaware of loss mitigation, including loan mods, understand that companies offering these services CHARGE for the service. It isn't a freebie. IF they qualify, they have to pay a company's fee to have them work directly with their lender to get the loan modified. This is also a for-profit business venture.
There should be no ignorance or naivete with people who say they have been doing NSA work and have no clue about a product/service encomapsses our field.
JMHO

Reply by Oz/Fl on 9/30/08 6:59pm
Msg #265900

Re: Here ye, here ye!!!!!!!! Loan Modification

They called me and wanted me to do it. They explained everything to me has this was my first "LOAN Modification." It just seems like it is a high pressure sales tactic. This is the feeling I got when I talked to the person offering the loan mod. They wanted me to kind of stretch it if you know what I mean. This was the clue that got me to post and see who else had any info on this. I fully understand what it is all about. I just don't want someone who is already down and out taken advantage of. My wife and I are very well off and this is something I enjoy doing on the side in order to keep busy. I really enjoy the refi's. These loan mod's and reverse mortgages are very tuff on the clients.

Reply by MistarellaFL on 9/30/08 7:20pm
Msg #265908

Re: Here ye, here ye!!!!!!!! Loan Modification

<<<I just don't want someone who is already down and out taken advantage of>>>

And how are you qualified to make that judgement?


<<<These loan mod's and reverse mortgages are very tuff on the clients>>>

Imagine how "tuff" it would be on them to lose their homes?
If it were me in their situation, I would gladly pay a few thou to modify my loan to a
payment I could handle.

Reply by Linda_H/FL on 9/30/08 7:25pm
Msg #265909

Re: Here ye, here ye!!!!!!!! Loan Modification

"These loan mod's and reverse mortgages are very tuff on the clients"

Says who?? Rev. Mortgage clients I've seen are quite happy to be doing the loans....it's a relief to them....modifications can be a relief too if it means they're going to be able to keep their homes, especially if they're in a situation where they won't qualify to refinance ... modification may be the only way to go for them...you can't make judgments about these processes without knowing ALL the facts...MHO

Reply by Virginia/PA on 9/30/08 11:21am
Msg #265837

I have done several mods for a company called Carrington. I hear no evil and speak no evil and don't read the terms except to tell the borrower they should read the terms themselves. If I'm told to collect a check, I do. If I'm not told to collect a check, I don't. So far none of the Carringtons have required checks at the table.

Reply by Oz/Fl on 9/30/08 7:00pm
Msg #265901

Thank you. I appreciate your honesty.