Posted by Sheryl Jackson on 11/27/11 7:24am
Msg #405032

Mortgage Signing Agent

Being new to Notary Rotary, I have received 3 calls within the last month requesting I attend and notarize foreclosing papers. I had to decline due to working my full time job at the time. Can someone give me more information on these mortgage foreclosing notary agent signing requests? Are they legitimate? The last gentleman insisted he had used my notary services several years ago and would not listen when I tried to inform him it was impossible as I have not been a notary that long, and only a member of Notary Rotary in recent months. He was very rude & pushy. Any information you can give me is greatly appreciated. Thanks.

Reply by BossLadyMD on 11/27/11 7:32am
Msg #405033

Sounds like Kosty Safir (Geniune Title or Safir Signing Agents) because he is very rude and not above breaking the law. I have dealt with him before. But search the number here on NotRot under 'who called me'. Anyways, thoroughly research the laws in your state regarding loan signings and notaries. Don't let a company tell you what you can do. You could wind up being sued. Good luck and welcome aboard!

Reply by Linda_H/FL on 11/27/11 7:52am
Msg #405034

Hard to say without knowing what you're being asked to do

or what's involved in the signing request. It may be a simple general notarization request, but I'm wondering who you're meeting with - the borrowers? Or is it a purchase out of foreclosure - an REO transaction?

Also, FYI and a surprise to me - I see you're a paralegal. I'm a legal assistant in Lake City - my boss has informed me that the Florida Bar may consider my continuing to do loan signings as an independent contractor a conflict - may be something to keep in mind since real estate ownership enters into so many aspects of law - purchase, refi's, foreclosure, bankruptcy, liens, probate/estates, etc etc...I've seen, in several instances, where my doing the signings could have become quite an issue for him. I do need to check it out further but my loan signing business is down 98% since I took my job in August. I'd hate to think my boss has to turn business away because the file contains something I notarized. So it's really something to keep in mind and look into.

And everyone else, please don't shoot the messenger. Just relaying something I was told and hope it helps.

Reply by BrendaTx on 11/27/11 2:23pm
Msg #405042

Re: Hard to say

*my boss has informed me that the Florida Bar may consider my continuing to do loan signings as an independent contractor a conflict*

Not surprising at all. In fact, when I started working for an attorney again, I took it upon myself to be very careful about that. I was also careful not to work in situations that would have been a known conflict to our clients.

Reply by Linda_H/FL on 11/27/11 3:00pm
Msg #405043

He already has a file for a mortgage in foreclosure

that I closed 3-4 years ago.

Another possible scenario - lady calls the other day - her husband was 60-something and had a reverse mortgage on the property - she was taken off title to close - think she was eventually put back on, in fact just before he passed away in July - however, she's only in her 50's, does not qualify for the reverse mortgage, and does not qualify to refinance - they're going to foreclose on the only home she's ever known.

I close a LOT of reverse mortgages...I can easily see myself in the middle of something like this.

Reply by JanetK_CA on 11/27/11 5:00pm
Msg #405045

Re: He already has a file for a mortgage in foreclosure

Your story is one great example of the other side of reverse mortgages that all too often people don't think about - or are not informed about. I do think RMs can be a godsend for many, but imo there are significant potential risks for a surviving spouse when there's a big difference in age or quality of health.

Good food for thought.

Reply by Linda_H/FL on 11/27/11 5:10pm
Msg #405046

Yes it is Janet...

especially when I've seen so many times that the spouse is taken off title to qualify them for the RM...I think that's a really dangerous maneuver.

Reply by Shoshana/AZ on 11/27/11 5:25pm
Msg #405048

Re: Yes it is Janet...

That's a good point. I was thinking of having my husband do a RM on our home so that we could buy/build a cabin up north. I guess I'll wait the 17 months till I turn 62!