Posted by Negrete on 5/21/10 11:00am
Msg #337473

Loan Modification Fees

Would anyone be willing to do a 9 page e-mail Loan Modification for $45.00 ?

Just about everyone here knows my reputation, so if I can get some resonable answers I would appreciate it very much.

Anthony J Negrete

Reply by Les_CO on 5/21/10 11:12am
Msg #337474

It seems to me that in some States one needs to be a licensed Loan Broker, or work directly for the bank/lender to even do just a loan modification. I’d do a small package/that was close for $50. But I think I’ll stay away from loan mod’s here on CO. Just MY Opinion (guess)

Reply by Calnotary on 5/21/10 11:18am
Msg #337477

Are you going to adjust the fee according to our opinions here Tony? Lately our biggest expense is gasoline. I think $50 dollars is still the minimum, 45.00 if it's of a walking distance.JMHO.

Reply by Janet Mitchell on 5/21/10 11:16am
Msg #337475

I've done loan mods for $45, they are quick, close to home and usually flexible time.

Reply by Shoshana/AZ on 5/21/10 11:20am
Msg #337478

Is this an app? If it's the final paperwork, $45 is fine when close to home.

Reply by pat/WA on 5/21/10 11:22am
Msg #337479

If this is a loan Modification and close to home we do them for $45
Pat Alboucq

Reply by Lee/AR on 5/21/10 11:26am
Msg #337480

Agree with most others... $50 would be the minimum and it would have to be very close or travel fees would have to be a consideration. I also assume you are talking the actual Loan Modification and not a Loan Mod. Application---which most of us stay away from.

Reply by Negrete on 5/21/10 11:30am
Msg #337482

Thank everyone for your honest answers, this will help me with a proposal to a potential customer.

Anthony J Negrete

Reply by Glenn Strickler on 5/21/10 11:37am
Msg #337484

$50, two zip codes only 92392, 92395 Other zips in my area extra.

Reply by jojo_MN on 5/21/10 11:58am
Msg #337486

I would be willing to do it for $50 if wthin 20 miles since it's only a few pages. Also, the companies in question would need to be licensed to do business in the states in which I work and not charge any upfront fees. I've had to turn back three in the past two weeks because they didn't have the required licensing.

Reply by Sam Ho on 5/21/10 12:14pm
Msg #337489

I even had a company offered me $35.00 to do a Mod. I refused for a higher fee, and they dont call me again, which it is OK, we have to respect ours profession.

Reply by Linda Juenger on 5/21/10 1:18pm
Msg #337497

I've done many and I am usually offered $50. I can usually combine it with something else.

Reply by Dave_CA on 5/21/10 1:53pm
Msg #337502

$50.00 within 20 miles. I might consider $45.00 for closer.

Reply by MW/VA on 5/21/10 3:35pm
Msg #337519

While $50 was the going rate, who can afford to turn away business these days for a $5 difference? I'd do them for $45.
Besides, I'm glad to see that giant finally doing what they were supposed to do with the loan mods. I'd do them strictly on principle--helping fellow American's avoid foreclosure!

Reply by Julie/MI on 5/21/10 4:14pm
Msg #337534

"I'd do them strictly on principle--helping fellow American's avoid foreclosure!"

In SE Michigan, they are NOT helping people avoid foreclosure--just a band aid. Some have been in the pipe line for months only to save $15 bucks a month. Many are livid or nearly in tears as I am the only one they see and they don't understand I am not a BoA person and why they are not really saving on a monthly basis.

I was told mid term elections are coming up and the pressure is on as there were only 100,000 modifications in 2009 and the current administration wants the number to really jump up to show how much the little guy has been helped.

The problem is that the number looks good that x amount of mortgages were modified, but if the media doesn't report how much the average savings is, the data is skewed in a certain direction.

No one is crying tears of joy and relief when I leave these modifications.

Reply by JanetK_CA on 5/23/10 3:04am
Msg #337793

Just did one today

For a different lender, though. Two signatures on two copies of the same document (just like with the other, much bigger lender), $50. Signer requested a Spanish speaking notary, but it was still pretty straight-forward.

The part that took the longest was waiting for them to make a copy, one page at a time. They said they had reviewed everything (the signer did understand enough English to read it), but somehow they didn't find out that there was more than one copy already in the package that was sent to them. I found it interesting, though, that everything had been just shoved into an envelope. It would have been nice for the lender to clip or staple the copies together so the borrowers could tell what was what. But I guess they're not exactly highly motivated with the customer service for these signings...