Posted by Jessica Ward on 2/6/10 4:36pm
Msg #321691

NREIS: The check really was in the mail!

Just got checks today for NREIS--I started refusing work yesterday until I got paid on signings going back to October.

Got the checks today! YAY! I was so worried that they were going away--I do like working for them a lot!

Jessica

Reply by Cari on 2/6/10 4:50pm
Msg #321692

Hope u get paid what ur worth, and not what they think ur r.

good for you on getting paid!

Reply by CaliNotary on 2/6/10 6:55pm
Msg #321706

You're getting paid for work from October in February

and you're still going to do work for this company? Especially after all of the posts on this board that showed that it was FAR from an isolated incident?

Once again, people on this board show that they're their own worst enemy. Just please don't come crying here 3 months from now when you're waiting for payment for your February signings.

Reply by Alz on 2/6/10 8:07pm
Msg #321717

Cali you are tough....and I respect that

because you spoke the truth.

Reply by GOLDGIRL/CA on 2/6/10 9:19pm
Msg #321720

Jessica - I'm really happy for you! And ....

I hope I'm as fortunate. When it started becoming obvious that NREIS was tanking in the payment department (when they used to be so prompt and reliable), I added up what they owe me. I was horrified! cos it's A LOT - and I'm really mad at myself for getting suckered by them. I do intend to get paid - or go down fighting - but I'm through with them - and it's too bad because I liked working with them, too - but I like getting paid more. When and if I do get paid, all will not be forgiven. Once I dodge a bullet, I don't go back for more. But if you want to, more power to you! I totally agree with Cali. And I hope our posts warn other notaries what they're in for if they continue with NREIS.

Reply by LKT/CA on 2/6/10 10:08pm
Msg #321728

Re: You're getting paid for work from October in February

<<<Once again, people on this board show that they're their own worst enemy. Just please don't come crying here 3 months from now when you're waiting for payment for your February signings.>>>

Yep....and the other day (maybe yesterday) someone said they were waiting for docs, then three hours later the SS calls to cancel the signing, THEN the Notary checks out the SS's track record and find out they are deadbeats......would they have done the signing without checking out the SS had the SS not called to cancel the signing? I'm bewildered by the things Notaries admit to here.

Reply by Susan Fischer on 2/6/10 9:45pm
Msg #321723

NREIS is a long-time relationship with me, and I

repeat my mantra: sometimes, patience and understanding goes a long way toward preserving valuable relationships.

Boiled down to a bumper sticker: Better late than never.

Or a bar sign: I'd rather owe you five bucks than beat you out of it.

Or my fav: I give you my word. It's all I really have that's absolutely mine to give.

Go Saints.

Reply by LKT/CA on 2/6/10 10:04pm
Msg #321727

Re: NREIS is a long-time relationship with me, and I

<<<repeat my mantra: sometimes, patience and understanding goes a long way toward preserving valuable relationships......Boiled down to a bumper sticker: Better late than never.>>>

Wish the credit card companies and lenders had that same mantra.

Reply by Susan Fischer on 2/6/10 10:48pm
Msg #321731

When the offending parties admit culcability, the Mods will

solve a huge problem.

And, if stupidly, BigBanks won't work with Mainstreet Borrowers? Well, I hope borrowers who owe more than the worth of their purchases just walk away. One of the risks of out-of-control-Corporations - they "tax" the borrowers out of the ability to repay, then they own the property.

The "fees"? Actually, taxes imposed by Corporations. Global Corporations. Who can now apply their billions into elections from local city councilmen all the way up to President of the United States.

Hummmm.

Reply by jba/fl on 2/7/10 9:45am
Msg #321770

Re: When the offending parties admit culcability, the Mods will

" I hope borrowers who owe more than the worth of their purchases just walk away."

They really need to understand that there are serious consequences to walking away from a mortgage contract beforehand. Wishfull thinking will not ameliorate their situation.

http://tinyurl.com/c7vjpw

Reply by jba/fl on 2/7/10 9:50am
Msg #321771

Re: When the offending parties admit culcability, the Mods will

Another one, from RE professionals.
There are so many when you search: consequences of walking away from mortgage
Not just banks either, so let's dispel the "big conglomerate" myth

http://www.trulia.com/voices/Foreclosure/WHAT_ARE_THE_CONSEQUENCES_FROM_WALKING_AWAY_FROM_M-23602

Reply by MikeC/NY on 2/7/10 4:57pm
Msg #321842

Re: When the offending parties admit culcability, the Mods will

"Well, I hope borrowers who owe more than the worth of their purchases just walk away."

Not always a good idea, Sue, depending on where you live. Some states (I believe CA is one) are what is known as "non-recourse" states. What that means is that the lender cannot go after the deficiency in a foreclosure. Most (and I know NY is one) are "recourse" states - you walk away and the lender forecloses and sells the property at a price less than the mortgage balance, the lender can and probably will file a deficiency judgment against you for the balance. Even in short sales, where the lender is forgiving part of the debt, the sellers have to make sure they get a no-recourse agreement from the lender or they may be on the hook for what they thought was forgiven.

And the deficiency judgments aren't always filed right away - sometimes they wait a couple of years until they figure you're back on your feet. So the ex-owner is going through life fat, dumb and happy, thinking he's dodged a financial bullet - and then the process server is at the door delivering the bad news.

There are situations where the homeowners are financially unable to repay the debt, and foreclosure is the only alternative. But there has also been a rise in "strategic foreclosures", where the homeowner makes a financial decision to walk away from a legitimate debt simply because they owe more than the house is worth. They can afford to keep paying the mortgage, they just don't want to. Call it a sense of entitlement or whatever... ANY investment involves risk, and that's what real estate is - an investment. The house doesn't come with a guarantee that the property will appreciate in value. If they can't accept the risk, they shouldn't have made the investment in the first place.

Reply by Linda_H/FL on 2/7/10 5:00pm
Msg #321845

Re: When the offending parties admit culcability, the Mods will

I closed two short sales here in FL - the seller signed a Promissory Note back to the lender for the deficiency.

Reply by MikeC/NY on 2/8/10 2:26pm
Msg #321935

Re: When the offending parties admit culcability, the Mods will

Often an attorney or even a good real estate agent with short sale experience can negotiate that with the lender. What sometimes happens if a note is required is that it's something like a 20 year note with no interest, but that can vary with the lender. If they have to sign a note, it's better than getting a judgment filed against them - at least they won't find their pay garnisheed, or other assets attached...

Up until 2007, the IRS wanted to collect taxes on the forgiven debt, making things even worse. I think the law that stopped that expires in 2012.

Reply by GOLDGIRL/CA on 2/6/10 10:42pm
Msg #321730

Re: NREIS is a long-time relationship with me, and I

You're such a sweetheart, Susan! But I just don't have the temperament for this. My friends and family tell me I'm a pushover in many ways - but I just cannot tolerate non-paying TCs and SSs. Esp. when they owe me $XXXX.XX! Yikes!

As for the Saints, Please Please Please let these good guys win!!
And it's really "Geaux, Saints."

Reply by Susan Fischer on 2/6/10 10:52pm
Msg #321733

Mon Cher! Geaux Staints. [thump on forehead] Of course. n/m

Reply by Susan Fischer on 2/6/10 10:56pm
Msg #321734

Saints. [thump on forehead] n/m

Reply by desktopfull on 2/7/10 12:08am
Msg #321741

Just can't back any team that has Reggie Bush on the

roster! At least until something has been done about his playing as an ineligible player at USC. It's been 5 years, they have a paper trail that doesn't stop and the one sports agent is sueing him in civil court for reimbursement of the money he gave Bush & his family while Bush was at USC. The proof is in the court records for crying out loud & the NCAA still hasn't done a thing. They stomped on Florida State and Alabama within the same year when they found out about their infractions, getting ready to clobber Tennessee, but USC nadda!!! I really don't want Manning to win either, but at least he wasn't a cheat in college, so GO COLTS!. Sorry, I know this has nothing to do with work, but I do love football.

I agree with you Goldgirl, I can't tolerate non-paying TC & SS's either, been ripped off with bankruptcies to many times now, the last one was LFC and they had me doing a purchase closing for them 3 days before they shut down.

Reply by desktopfull on 2/7/10 12:16am
Msg #321746

Re: NREIS is a long-time relationship with me, and I

That was my philosophy until LFC royally ripped me off. Everyone was posting about slow pay, no pay, getting the run around when they called, then the checks started bouncing, excuses-excuses, then suddenly they were gone-off to the bankruptcy court. I've worked with NREIS since 2002-right now they owe me for my December/January closings, I won't take anymore work, and I'm going to try and get paid and I'm done.

Reply by Susan Fischer on 2/7/10 12:39am
Msg #321749

To each his own. I don't equate one company with

another. Each is its own.

Reply by CaliNotary on 2/7/10 10:53pm
Msg #321876

Recognizing warning signs is not "equating"

It's using good business sense to prevent yourself from getting screwed.

Reply by LisaWI on 2/7/10 8:15am
Msg #321757

Re: NREIS is a long-time relationship with me, and I

Archer Land Title was the same scenerio. There was a pattern of slow pay and excuses of non or slow payment developing way before the hammer came down.

Reply by desktopfull on 2/7/10 8:47am
Msg #321761

Re: NREIS is a long-time relationship with me, and I

Your wasting your time, see message 321731, Susan believes that corporations levy taxes on borrowers.

Reply by Susan Fischer on 2/7/10 1:26pm
Msg #321806

That's what I call all of the "fees"... n/m

Reply by Jessica Ward on 2/8/10 11:36am
Msg #321913

I went back and checked my records--and the latest invoice was 11/23. I have received isolated payments from them on other files and I've never had trouble with a bad check from them, so yes, better late than never. I've worked in large companies before and understand when cashflow gets weird or if there's a large org-chart change, those kinds of things can slow down payment. So long as they're communicating with me, I'll work with them. That said, I have my limits and when they reached those I told them flat out--'till the bills are paid, I can't accept more assignments. I'll only put myself at risk so far.

But part of the business is working with your clients. They shouldn't be cashflowing at the risk of not paying notaries, but if we as notaries got dropped each time we had a snafu, that wouldn't be good either.

I run my small business like a big business--with understanding, proper capitalization and lots of communication between clients and vendors. NREIS will remain on my "watch list" and I might reduce what I'm willing to extend to them between payments, but when I choose to work with a big company like them, I need to know I'm unlikely to get the prompt payment and attention that their smaller counterparts extend.

Loosing one of my biggest customers out of fear alone would be a shame. Everything in moderation IMHO. In all of my time doing notary work I've only ever had one invoice go unpaid and that was a private party who "forgot the checkbook" but would mail the payment as soon as they got home. Oh well, at least it was a tiny bill.