Posted by Wells_Chi on 9/9/10 2:44pm
Msg #352022

Signing

Received a call from a Law Firm that wants documents signed - No Notarizing. They just want the client to sign loan modification documents. There are a LOT of instructions and they want to pay a low-ball price $40. I gave in and agreed to do the signing, but I had 2 signings scheduled, before this firm called me, where 1 agreed to my normal fee and the 2nd one is paying more than my normal fee. Should I feel bad that I am not able to do the 3rd signing due to a re-scheduled of the 1st signing? Is it bad for business to call back and decline the work?

Reply by Roger_OH on 9/9/10 2:57pm
Msg #352027

If nothing needs notarizing, why use a notary as a courier? Sometimes to lend a sense of legitimacy to the process. Just be wary, as some of these are actually loan applications, that require considerable funds up front from the victim.

I wouldn't feel at all bad about giving back a $40 assignment when you have bigger fish to fry. It's YOUR business, after all.

Reply by Riley/FL on 9/9/10 2:57pm
Msg #352028

It sounds like a loan modification application. They are not worth $40, IMO. There's a lot of forms to be signed and documents that have to be collected from the borrower. Do you have the docs? Is it an application? If it is I would tell them that I was under the impression it was an actual modification, and turn it back unless they want to reschedule and raise their fee.

Reply by Wells_Chi on 9/9/10 3:11pm
Msg #352033

Both you guys are right! It is an application to modify a bad mortgage loan. And the firm wants me to obtain a lot of documents from the people, fax or scan them back within 24 hours. This firm is charging ridiculous rates for this service, but hey its the business. I believe these homeowners should do their homework because I'm sure the bank would do the modification for free. I just feel bad because this is the 2nd time the firm called me for something like this - the 1st time i couldn't do it due to an emergency and now I have 2 signings scheduled. I need the work badly, but to offer me $40, i hope this is not what my future entails. Poor homeowners.........

Reply by CopperheadVA on 9/9/10 3:16pm
Msg #352034

Many states have passed legislation that makes it illegal to collect up-front fees for loan modification applications. Some attorneys get around this by calling it a retainer fee. I stay away from all loan mod applications and will only accept appointments for actual loan modification agreements.

Reply by Riley/FL on 9/9/10 3:21pm
Msg #352037

I agree. I believe they are taking advantage of the homeowner's situation. I would turn it back and walk away with a clear conscience. Do you really want to be a party to this for a lousy $40.00?

Reply by Wells_Chi on 9/9/10 3:34pm
Msg #352041

Thanks all. I thought my conscious was getting the best of me. I didn't want to seem like a wuss for having concern for the homeowners.

Reply by MW/VA on 9/9/10 3:57pm
Msg #352048

As far as I know, many states don't make an exception in the law for "retainer fees". I'm hearing an attorney advertise those services on a local radio station. As far as I know, it isn't legal in VA.
Unsuspecting & desperate people in bad situations are ripe for victimization. What a shame.