Posted by Susan Fischer on 7/20/09 11:30am
Msg #296565

Good story on loan mod 'industry':

http://www.nytimes.com/2009/07/20/business/20modify.html?_r=2&ref=business

Reply by Stamper_WI on 7/20/09 11:48am
Msg #296569

I saw that. What we knew months ago is finally have the light on it. Says a lot for trusting your experience if not your gut when you get those calls.

Reply by Lee/AR on 7/20/09 11:50am
Msg #296570

Sub-title: Why NSAs should not do Loan Mod Applications n/m

Reply by 101livescan on 7/20/09 12:10pm
Msg #296573

In my heart of hearts, I feel that I will never do this work for any one who calls me, in fact I think that my profile will reflect this. I think it's a pretty scummy way to make a living. I wondered what all those "creative" loan officers were doing for a living these days. No wonder the DRE started asking for live scan fingerprinting of candidates seeking licensure. A lot of loan officers weren't even licensed who were putting these ARM loans together for their NINJA/liar loans.

Reply by davidK/CA on 7/20/09 12:32pm
Msg #296577

The worst part is that these Loan Mod contracts probably say something like this: "We offer you no guarantees of success, and the amount of work we do (hint; if any) is totally up to us to determine. There will be no refunds whatsoever if we don't get you a modification". In other words, "Give us your money and then go away."

And of course: "If you fail to make all the payments to us that you agreed to make, regardless of what we did or didn't do for you, we will sue you, as our full fee is earned the moment you sign the contract."

Reply by 101livescan on 7/20/09 2:38pm
Msg #296600

Whatever happened to "DO UNTO OTHERS AS YOU WOULD HAVE THEM DO UNTO YOU?" I can't believe these people can stay in business! As a profession, we as notaries public need to absolutely not do this work. Gives notaries a bad reputation for being a part of it. Especially when there are no acknowledgments or jurats to sign and stamp for the document signer. By participating in the "information gathering" we're as bad as the people banking the checks from the poor distressed borrowers who think this is their only way out of their dilemma, when really its where the blindfold is coming on before the walk off the plank!

Reply by Lee/AR on 7/20/09 3:55pm
Msg #296603

Thing is--there is nothing to notarize and previous poster pretty much had the words right.
Before all the talk about these, I did one--and wild horses could not have stopped these people from doing it. I was sick about it--and that was the end for me. Except, I did tell the hiring co. that I would do the actual Loan Mod at a reduced rate---never heard from them~~

Reply by MichiganAl on 7/20/09 12:22pm
Msg #296574

How things have changed

Funny how we don't hear anyone saying we should just mind our own business, do the job, and get paid like some where saying not too long ago.

Reply by OR on 7/20/09 12:33pm
Msg #296578

Re: How things have changed

Makes a person sad to see what is this world has come to. What a shame.

Reply by MW/VA on 7/20/09 1:01pm
Msg #296581

Re: How things have changed

Good point. There were a few situations in which I would have like to become an anonymous "whistle blower". This is a good story--typical of how the crooks make lots of money & just change hats & continue to make lots of money. I'm glad I'm not one of them--I can sleep at night.

Reply by John_NorCal on 7/20/09 1:56pm
Msg #296590

Re: How things have changed

I learned a long time ago to go with "your gut feelling." If something deep inside tells you that something is not quite right, it's better to back off. I like to sleep at night and I want to feel good about myself when I look in the mirror every morning.

Reply by JanetK_CA on 7/20/09 4:02pm
Msg #296605

Re: How things have changed

The big difference here, I think, is that there aren't any signatures to notarize with these jobs. In some states - if not most - it's a notary's responsibility to complete any proper request, etc. The fact that we are notaries public is incidental to what these folks are asking and it's just another potential avenue for bringing in a few more $$ (if they ever pay, that is). Kind of a thin line, I agree, but these guys are just a bit beyond the pale...

I guess sometimes change is a very good thing!

Reply by Les_CO on 7/20/09 4:57pm
Msg #296618

Re: How things have changed

Some have foresight......many, but not all, have hindsight.

Reply by Tess on 7/20/09 6:46pm
Msg #296636

Re: Have not done one, will not do one! n/m