Posted by Raquel Towarnicki on 7/20/09 6:02pm
Msg #296626

loan modification signing

Is it normal to get an offer for a loan modification signing for $25..?, it sounds very little to me.
Has anyone had that kind of offer.?

Reply by 101livescan on 7/20/09 6:18pm
Msg #296629

Paltry amount, I'd say. I did one for $100 and two for $75 each, still not enough for the exposure and liability you have as their representative.

Reply by MistarellaFL on 7/20/09 6:19pm
Msg #296630

If it is REALLY a loan mod signing

(Vs. a loan mod app), I am accustomed to accepting $25 for loan mods locally.
Generally, there is one, maybe 2 notarizations and the packages are less than 10 pages.
The last one I did was a notarization on a "modification of note"....5 miles, no printing, $25 COD from borrower.

Reply by Susan Fischer on 7/20/09 7:44pm
Msg #296644

That's my first question too. Every single call I've had re

Loan Mods this year:

"Can you do a loan mod tomorrow at noon?"

"Is this an app or the actual mod?"

"Oh, let me check.......checkcheckcheck........it's a mod application."

"Do you collect up-front fees?"

"Yes, $$$$."

"No thanks, I won't participate in that racket. Gotta go, 'bye now."

Reply by A S Johnson on 7/20/09 6:21pm
Msg #296631

In a simple pharse; You bet you bippy it is to little.
If I walk out my door, it's a min of $30 which gets you an hour of my time, from the time I leave my office til I return. Plus Notary charges (in TX $6 per doc with one signer sig and the Notary signs and Stamp)
Printing docs $35 min
In a phrase, "You bet your bippy" it is not enough.

Reply by Raquel Towarnicki on 7/20/09 6:27pm
Msg #296632

Well, I told them $75 each and they say is too much, so I reply thank you for calling have a great day!!!

Reply by aatatusko on 7/20/09 7:51pm
Msg #296646

I did one, for BoA, one page, overnighted to the bo, 7 miles from home, $35. Seemed fair to me.

Reply by Joan Bergstrom on 7/20/09 9:05pm
Msg #296657

I did one last Friday night in Moreno Valley Ca for $50 about 3 miles from me. The docs were 3 pages total and 1 notarization and I was out the door in 10 minutes.

I could do these all day long for $50 each and I probably do 5-6 per month.

This seems like the right price for the Inland Empire but I am sure I could get more in in a city like Laguana Beach or Beverly Hills.

Any comments from Laguana Beach or Beverly Hills would be appreciated?

Reply by MikeC/NY on 7/20/09 9:18pm
Msg #296660

Even if it's an actual loan mod (usually about 9-10 pages and 1 notarization in my experience), it's a little low. $40-$50 would be more reasonable, depending on how far you have to travel, maybe a little higher if you have to print docs. $25 wouldn't even cover your travel time; that's my minimum travel fee for a general notarization, and even then only if it's in my zip code.

Loan mods are simple packages - you're in and out in 10 minutes or less. Loan mod APPLICATIONS are a different story altogether, and there's been a lot posted here about them. You'd probably sleep easier if you don't take any of those, and should always be clear on which they're expecting you to do... But unless these bottom-feeders have gotten really arrogant, I can't imagine anyone offering $25 to do a loan mod application. Sounds like the offer you got was for a legitimate mod, with a low ball price.

Reply by JanetK_CA on 7/21/09 3:45am
Msg #296680

I've gotten several offers to do loan mods - and other misc. docs - for $25, but haven't accepted any of them. I don't leave home for that kind of money unless it's general notary work and they do the travel by meeting me at the local Starbucks (or whatever) around the block.

Reply by Letty Marquez on 7/21/09 4:57pm
Msg #296774

I had have couple loan modifications in the last month and I only charged $25 each. I know some of you might say is not enough. Sure is not (at least won't cover my mortgage) but put it this way. Loan modifications are 1 notarization (most of them) and you don't have to print anything, the bank send it to the borrower and the borrower brings it to you. I am applying the notary law here. you are providing a PUBLIC SERVICE and therefore you are not allow to charge more than $10 (CA) the extra $5 is for the millage which in many times (at least my case) is not more than 5 miles. There will be the times when you can charge for the complete loan package.

when you provide a service people will most likely recommend you! I hope I am not offending anyone and no one start attacking me. This is just my personal opinion.

thank you

Reply by JanetK_CA on 7/22/09 12:43am
Msg #296804

If you reread my post, I said "unless...they do the travel". If that's the case, I would only charge them $20 for two signatures notarized. But that would just be a straight notarization. The law just refers to the actual performance of a notarization, e.g. "taking an acknowledgment", etc. Anything beyond that is another story.

This is my livelihood and I'm in business to not only pay my bills, but to make a reasonable profit. The companies that are trying to farm out these jobs for $25 expect us to travel to the borrowers and make sure the whole thing gets signed right (even if it's only a few pages), then presumably get the docs to FedEx (or whatever service they use). As a business person, you have to factor in not only your gas, wear and tear on your car, insurance, and all the other overhead expenses that a business person has - but your time, as well. These may work for you, but I don't see it as worth it. If you can afford to do them as a public service, more power to you.