Posted by cawest/PA on 5/6/10 3:24pm
Msg #335254
BofA ... Loan modifications
are you guys getting many as well?
It has really been my source of income this week, with a few refi's and no new mortgages at all.
Have you also noticed (if you had one) that they are using ARM in all of them starting at 2% the first year?
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Reply by Larry/IL on 5/6/10 3:28pm
Msg #335256
They must have released a bunch at once. I have had 7 this week and 13 last week. They only pay 50 but but there are only 2 - 4 documents to deal with. Came at a good time as others slowed a bit.
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Reply by John/CT on 5/6/10 3:55pm
Msg #335261
At $40 a pop, I've asked NREIS to take me off their call list. 
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Reply by Julie/MI on 5/6/10 4:17pm
Msg #335269
They have picked up during the last 2 months.
Borrowers are absolutely infuriated at how long the process took for a measlie $15 a month savings.
Faxes lost, no phone calls returned by boa employees, a huge hassle and then I arrive at the door and they are weary that all they saved was $15 a month. They say that won't help them stay in their homes--just a band aid.
Some of the older borrowers have said that the current administration is looking to boost data by stating that x amound of loans were modified...something to skew the numbers that so many were helped to help with mid term elections. But the news won't report the puny savings.
Some tell me that the docs don't need to be notarized per BOA. We know the forms don't include a notary block....plan on loose acknowledgments for these.
I'm the only one they see, and some are in tears.
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Reply by cawest/PA on 5/6/10 5:46pm
Msg #335290
so agreeing with you! and indeed we have to fill in an acknoledgment.
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Reply by Dorothy_MI on 5/6/10 8:08pm
Msg #335321
Julie, all I've seen
have had significant savings. Anytime you take and add on additional years and sometimes 4 or more percent off the interest rate, they've got to save more than $15 per month. Some of my clients have saved hundreds of $$ per month (one was $500). Now that was only for the first 5 years, but it never went above 5 - 5-1/8% after year 7. These have all be B of A. Now Chase is a whole nother story!
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Reply by C. Rivera Chicago Notary Services on 5/7/10 10:43am
Msg #335409
$50 x 7 (or 13) = not enough profit...IMO... n/m
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Reply by MW/VA on 5/7/10 2:10pm
Msg #335448
Are you kidding? He's talking about making $350 one week &
$650 the next, totalling $1,000 for quick loan mods. You need to remember that the banks aren't making any money on these mods. I'd take all of those I could get.
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