Posted by jnew on 8/28/09 12:22pm
Msg #302115

Signing up for modification agreements

There have been some posts here about the legality of these signings. How does anyone determine the legality if these assignments are accepted and is the signing agent an accessory to a crime if they take the assignment? I have one for this afternoon, (my first) and am picking up some checks for the signing service. this is coming from a law firm in California. I had no reason to believe that it was illegal. Should I call the law firm and ask if they are following the law on this? I am totally in the dark on this matter. Thanks

Reply by Linda_H/FL on 8/28/09 12:35pm
Msg #302118

Google "Wisconsin loan modification"..or variations...I did and found several links...here's one

http://www.jsonline.com/business/52030907.html

Is this the same company? Hope not....

My policy is to err on the side of caution...I won't do them - but that's just me.

Reply by dickb/wi on 8/28/09 12:39pm
Msg #302122

damn linda, your fingers are faster than mine..... n/m

Reply by Linda_H/FL on 8/28/09 12:40pm
Msg #302123

Re: damn linda, your fingers are faster than mine..... LOL n/m

Reply by dickb/wi on 8/28/09 12:37pm
Msg #302119

oh my oh my, where have u been?.....use the oarange ...

search button and don't take the signing......any time u have to collect money or checks or post dated checks up front u can be 99.9% certain it's a scam.....if it is c21 legal services---fidelity or any other names they may have they are under scruitny in a lot of states....


i am not an atty and may not blah blah blah...................

Reply by jnew on 8/28/09 12:40pm
Msg #302124

Re: oh my oh my, where have u been?.....use the oarange ...

I have only been doing refis and have not been very active here on the forum. Major wake up call for me. Thanks!!!!!!!!!!!

Reply by dickb/wi on 8/28/09 12:45pm
Msg #302127

when u post a message check the box to the right of...

your name and that will link your name to your profile as u see mine......if u click on my name it will take u to my profile......that way we can see who u are and be better able to answer state specific inquireies [spelling??]......where in wi are u located?...........

Reply by Bob_Chicago on 8/28/09 12:42pm
Msg #302125

In all due respect. what do you think that the law firm is

going to tell you. " Yes it's illegal, but there's an nice couple of
bucks to be made, and we're in CA and are paying you $50 to do
this, (if we decide to pay you) so just shut up and pick up the dox and checks.
And make sure that you notarize properly"????
If the mod applicant has a bad result, they are going after everyone
in sight. Who is the closest?
I don't know if it is illegal or not , but I do know what rolls downhill,
and you are right at the bottom of the hill , AND local.

Reply by davidK/CA on 8/28/09 12:42pm
Msg #302126

In some circumstances the company offering loan modifications are operating outside the laws of their state or states. In other circumstances they may be operating legally due to a loophole in the law, such as in CA where attorneys are exempt from the regulation of loan modification companies.

It's a judgment call only you can make. Do you want to be involved in any way shape or form in an activity that you feel may be less than ethical? Personally my choice is NO. Your mileage may vary.

Reply by dickb/wi on 8/28/09 12:47pm
Msg #302128

it is illegal in wi unless u r licensed by the state....... n/m

Reply by dickb/wi on 8/28/09 1:08pm
Msg #302142

to do loan mods even if u r an atty.......... n/m

Reply by PAW on 8/28/09 12:50pm
Msg #302131

Not all mod applications are illegal

Granted, it may be hard to tell the good guys from the bad ones in this economy and market, but there are legitimate firms that will attempt to assist a homeowner in obtaining either a modification or refinance. Some law firms do insist on a 'retainer' to offset the cost of the preliminary work. But that's a decision that must be made between the applicant the firm. As a signing agent, would I work with a legitimate request from a law firm. You bet I would. However, as I said, it may be difficult, if not impossible, to separate the chaff from the wheat and would decline the assignment unless I was 125% absolutely positive that the firm was on the up and up.

Reply by Stamper_WI on 8/28/09 3:16pm
Msg #302171

jnew

Everything you need to know about what is legal and not legal in WI is on the loan modification page on my website.
www.winotary.com

Reply by John/CT on 8/28/09 6:35pm
Msg #302188

At the end of the day ...

how comfortable are you in taking the assignment? As Paul said earlier, there are cases where the the loan modifiaction is legit. In others, maybe not. As a rule of thumb, I make a distinction between: Loan Modification Agreement by the lender, vs. Loan Modification Application by a so-called "loss mitigation" company. Much has been written about the latter, with such names as 21st Century Legal Services, Fidelity National Legal Services, and now, East Coast Management. Having done one of those very early on, and feeling so badly later about the whole experience, I choose not to do another ... without considering whether they are legal or not (not my call). For me, it's simply a matter of personal ethics and integrity. Flame off!!

Reply by MW/VA on 8/28/09 6:47pm
Msg #302192

IMO too much is getting lost in throwing the terms around. At issue are LOAN MODIFICATION APPLICATIONS. There are companies charging large up front fees, saying they will represent the borrower & find them a loan modification, but they never deliver. Many people has been scammed out of the last of their money & the last of their hope, and end up in foreclosure. The practice is being investigated at the federal & state levels. Virginia put a new law on the books--it's specifically about collecting upfront fees for services not yet delivered.
They've been calling notaries & now that they can't get anyone they're resorting to dupping the signing services. Again, many of the ss don't have a clue about this activity.

Reply by JanetK_CA on 8/30/09 9:58pm
Msg #302339

Important distinction!

Great point. I'd add that if the appointment is dealing with getting the actual modification to the loan signed after it's been negotiated, that's a totally different thing. I do a bunch of them for one company. If there's any payment due, the borrowers send it directly to the lender - after the deal is signed - which is another distinction.