Posted by Carol Graff on 4/9/10 8:07pm
Msg #331066
loan modification appln
I know, most people say don't do them, they are a PINTA. However, I have been so slow and I've never done one. Is there anything add'l I need to know as I have one tomorrow?
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Reply by Ilene C. Seidel on 4/9/10 8:09pm
Msg #331068
Don't collect up front $$. In most states it's against the law to collect up front funds or even post dated checks.
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Reply by Linda_H/FL on 4/9/10 8:11pm
Msg #331070
That if you have to collect up-front fees
that's illegal in your state??
And be prepared to spend time time time...papers have to be filled out and you have to pick up supporting documentation (just like a RESPA signing) and the signers probably won't have the copies ready for you..
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Reply by LKT/CA on 4/9/10 8:12pm
Msg #331071
http://www.dre.ca.gov/pdf_docs/FraudWarningsCaDRE03_2009.pdf
Please heed the warning directly from the CA DRE. I'm no attorney, but collecting post dated or voided checks or credit card info is still collecting "up front". Also, do an orange search, loan mod apps have been discussed at length.
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Reply by Carol Graff on 4/9/10 8:22pm
Msg #331073
I read that collecting up front is illegal. I have to collect a check p/t the SS for $125. Is that OK?
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Reply by LKT/CA on 4/9/10 8:30pm
Msg #331076
<<<p/t the SS for $125>>>
Please clarify what the above means.
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Reply by Linda_H/FL on 4/9/10 8:31pm
Msg #331078
My guess is "Payable to the SS" n/m
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Reply by Carol Graff on 4/9/10 8:52pm
Msg #331079
Re: My guess is "Payable to the SS"
yes, I have to collect a check for $125 payable to the Signing Service. I spoke to the owner of the SS and he assured me this was acceptable. But, of course, I still question it.
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Reply by SheilaSJCA on 4/10/10 12:03am
Msg #331097
pretty unusal to make check payable to SS at any time n/m
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Reply by CopperheadVA on 4/10/10 8:40am
Msg #331115
I got a call for one of these the other day. I turned it down because it is illegal in my state to collect up-front fees on loan mod applications, and that is what they wanted me to do.
Of course when she called me, she only said it was a "loan mod". You have to question the caller on these and find out exactly what the job entails. I don't care how slow business is, I won't be part of loan mod applications.
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