Posted by Mary/Ca on 4/10/09 10:48am
Msg #284321

Help with Loan Modifications

I just received my first call last night for a "loan modification". I have not done any of these yet, but was reading on this forum about them. Can someone give me a brief "class" on the loan modificatins process (as far as we notaries are concerned), what to watch out for, etc. Or is there a good website that will helpl me understand these and what is legal for us and the loan mod companies? Thanks in Advance! Mary

Reply by Lee/AR on 4/10/09 10:52am
Msg #284323

If you've done any other signings, a loan mod is no different. However, if you really mean loan mod application--whole 'nother story. Might go fast; might not.

Reply by Mary/Ca on 4/10/09 11:11am
Msg #284325

I have been doing notaries and loan signings for almost 4 years. I am just not clear on these and want to know what i am getting into.

Reply by janCA on 4/10/09 11:16am
Msg #284326

What have you been doing to these notaries? n/m

Reply by Mary/Ca on 4/10/09 11:32am
Msg #284328

Re: What have you been doing to these notaries?

Sorry you mistook what i said. I have been notarizing documents for almost four years.
Mary

Reply by Shoshana Roller on 4/10/09 11:37am
Msg #284329

What Lee is asking is whether it's a loan modification or a loan modification application. It's a big difference!

Reply by Mary/Ca on 4/10/09 11:49am
Msg #284332

I do not know. I guess iam just asking for some general help and guidance as to what to look for, what to watch out for, etc, as far are during the sigining, and the companies themselves. thanks.

Reply by Linda_H/FL on 4/10/09 11:54am
Msg #284337

Search here for the company that contacted you

or look in SC - if they've established a rep, which one has, you'll find them...as to what to expect in the application, who knows? You haven't told us enough info to answer - without seeing the package you'll be taking out we can't answer. In general, if it's a standard modification application, it's 20-40 pages, half of which is info left with the homeowner, no notarizations, and you have to pick up some supporting documentation to return together with sometimes some checks.

Be aware that CA has enacted laws regarding loan modifications....search here and google for info so you're as well informed as possible.

Good Luck.

Reply by Jennifer Cotsmire on 4/10/09 12:01pm
Msg #284340

Re: Search here for the company that contacted you

It does depend on the company. The ones that I have done are 20 or so pages that the people sign. No notarizations. You will be picking up a lot of information from them to return to the company. You will save time by making sure that the borrowers have that ready before you get there. Check the message board for different company feedback. 21st Century Legal seems to be getting a lot of discussion.

BTW - 21st Century told me that their new bank account will be opening on the 15th of April and I will get my check then. How does a company do business like that?

Reply by Les_CO on 4/10/09 12:50pm
Msg #284352

Re: Search here for the company that contacted you

This business is rife with deadbeats, liars, scam-artists, and just plain thieves. With new companies popping up almost on a daily basis you need to be very careful of who you work for. If they ask you to do something unusual (or illegal) it’s a pretty good bet you won’t get paid. If a company doesn’t have a sterling reputation I just say no.

Reply by MW/VA on 4/10/09 12:50pm
Msg #284353

Re: Search here for the company that contacted you

Sounds like they opened a different bank account to potentially protect their assets in this investigation. Just a guess, of course.

Reply by Shoshana Roller on 4/10/09 3:47pm
Msg #284380

Re: Search here for the company that contacted you

I was told the other day by Jerry the Comptroller that the account was opened last week and they were waiting for the funds to clear. He said checks were being sent out yesterday and Today for about 250 notaries. Another lie?

Reply by Jennifer Cotsmire on 4/10/09 9:10pm
Msg #284424

Re: Search here for the company that contacted you

I hope for all of us that this batch of checks will be good.

Reply by Glenn Strickler on 4/10/09 1:00pm
Msg #284356

Be aware that both our state attorney general and the federal government are warning against companies that want a fee up front of the actual work.

I made a decision not to deal with loan mods. Too much bs. But keep in mind that I am in 3/4 retirement mode and I only have a goal now of a few signings per month for my beer money. And when I am in the mood, I make sure I have my magnetic sign (see PAW's website) on whatever vehicle I am driving and keep my equipment with me. I think this makes up for whatever I am losing by blowing off the loan mods. The other night, my wife and I went to dinner, my phone rang and a person who went to dinner in the same place needed a few docs notarized. Paid for our dinner. You just never know.

Reply by Glenn Strickler on 4/10/09 1:01pm
Msg #284357

Should have said

want an up front fee from the borrower ....

Reply by Lee/AR on 4/10/09 1:10pm
Msg #284358

Whoa..there is a difference between an actual Mod & an Appl. n/m

Reply by Lee/AR on 4/10/09 1:10pm
Msg #284359

Whoa..there is a difference between an actual Mod & an Appl. n/m

Reply by Glenn Strickler on 4/10/09 1:24pm
Msg #284363

Re: Whoa..there is a difference between an actual Mod & an Appl.

Yes, I know, I just don't do either. There are a couple of companies out there that want you to pick up a payment with an application and that our state is warning against this practice.

Reply by doglover/CA on 4/10/09 10:21pm
Msg #284435

I've been doing some loan modifications for GMAC. What I deal with is the final paperwork which spells out the terms of the modification which needs to be signed and notarized. They instruct the notaries handling their signings not to collect any money from the borrowers, so that they pay later.

Reply by Mary_CT on 4/10/09 3:26pm
Msg #284374

As soon as I got the paperwork from one of these companies, I called them cancelled- told them to take me off their list. (even though they pay well).

It looks too much like a scam to me- requiring upfront payments with no guarantee of results.

Reply by trnsa_IL on 4/10/09 3:44pm
Msg #284378

Mary, Not all loan mods are scams. I have done quite a few

actual loan mods (where the paperwork states the new terms of the agreement.) These usually consist of 1 - 2 documents for a total of 4-5 pages, and require only 1 notarization.

I do not handle any applications nor do I handle the other loan mod scams.

Tonya