Posted by Alice/MD on 10/3/12 10:32pm
Msg #437091

Deed in Lieu signing

Had my first Deed in lieu singing. Was a good first experience and the fee was fantastic.

Reply by jojo_MN on 10/3/12 10:49pm
Msg #437095

The first one I did was for a female that thought she was having a loan modification. There were loan mod papers first, then a quit claim deed. It was dated for that day quit claiming to the "loan modification" company the title of her house. She was shocked when I told her what the page said. We then called the "loan officer" who in turn told me that it is not my place to explain the documents...I am supposed to just get her signature. I said the lady wanted to show the document to her attorney and then would let me know the following day if she was going to sign. He then said "let me talk to her". After a minute he started yelling at her on the phone.

It was a very stressful day. The signing service wasn't too happy with me when I told them what had occurred. And before anyone asks, it was not UPL. I specifically told her she needs to speak with an attorney.

This was one more company hoping to get "just a notary". She would have lost her house had I not told her what that form was.

Reply by Rachel/AL on 10/3/12 11:02pm
Msg #437097

The clients are suppose to know what they are signing.
I have cancelled signings after looking at the docs and they looked suspicious.
I've googled companies and found out they were scams. I called the NNA
hot line on these and they told me if I thought something wasn't right or
it was a scam not to do it. There are companies out there that don't care if
it's right, if their clients are scamming people out of money or their homes.
All they care about are getting the work. Some of these will even say you are their
representative and are responsible for explaining the paper work. (keeps them out of
the law suits)

Reply by OR on 10/3/12 11:15pm
Msg #437101

Re: I have done Deed in Lieu foreclosuer never...

done one in lieu of signing. What is that paperwork like? If you dont mind me asking. TIA

Reply by jojo_MN on 10/3/12 11:19pm
Msg #437103

Re: I have done Deed in Lieu foreclosuer never...

Actually, the ones I've done are Deed in Lieu of Foreclosure.

Reply by jojo_MN on 10/3/12 11:20pm
Msg #437104

Re: I have done Deed in Lieu foreclosuer never...

I can't speak for her; but, I believe she was saying she did her first "Deed in Lieu" signing.

Reply by jojo_MN on 10/3/12 11:18pm
Msg #437102

I will not sell a loan or anything for any company. I never tell anyone that I am a representative of the company.

I do; however, tell them I am there on behalf of ABC title or ABC lender and I explain all of the documents. I have my Closer license in Minnesota so I am allowed to explain all loan documents to the borrowers. I also make sure that any company asking me to do loan modifications, debt settlements etc have the proper licenses with the state in all states in which I work. I don't ask them, because they always say they have it, I personally check them out with the state.

Reply by Sheila Meinecke on 10/3/12 11:39pm
Msg #437112

Jojo- you are describing something else entirely...

A deed in lieu of foreclosure transaction, would be between the existing lender and borrower, NOT between the borrower and another 3rd party who wants to take the title and promises to help the borrower stay in the home.
deed in lieu of foreclosure is a deed- giving the property to the lender. What you said was a quit claim, is something entirely different. You are not talking about the same thing as what the original poster was saying. I would not have even touched a transaction like you desribed. Glad for you and the signer that she declined to sign it, without further legal advice.

Reply by jojo_MN on 10/3/12 11:54pm
Msg #437114

Re: Jojo- you are describing something else entirely...

Yes, what you say is true. That was one of the major "light bulbs" (3rd party) that told me to have her call her attorney. That and the fact that there was the a loan mod and the quit claim along with the Deed in Lieu of foreclosure verbiage. I told her exactly what you said.

I have done quite a few of the actual Deed in Lieu of foreclosures. I'm just warning others to be careful for this scam.

Reply by ArtG/KS on 10/4/12 9:22am
Msg #437150

Re: Jojo- you are describing something else entirely...

IT is not UPL to report fraudulent activity and it is not UPL to recommend they seek the advice of their lawyer. It can come back to haunt us if we see fraudulent activity and then take no action for validation or discreditation. Companies afraid of verifying authenticity are flying a large red flag.

Incidently, there is a yellow - page fraud scheme going on upon businesses and churches. The scammers record your answers in 'verifying' your info, then electronically splice the recording to make it sound like "yes" to taking out an add. Then comes the collection calls, totally against the Fair Credit Reporting Act. BBB and FTC have a huge file of complaints on that. The scammers usually demand several hundred dollars for the supposed ad. Amazing.