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LindaH
Florida
1754 Posts |
 Posted - 05/20/2010 : 06:33:59 AM
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Loan modifications in and of themselves are perfectly legal and a great way for lenders to help people stuck in those atrocious adjustable rate loans they signed that are getting ready to adjust.
What's not legal in most if not all states is the collection of thousands of dollars in up-front fees prior to any services being rendered. Many homeowners have lost thousands of dollars to companies who promised to "work" on their modification, took their up-front fees of $2K-$4K and did nothing - or worse, closed their doors.
And honestly, these application appointments don't pay anywhere near what they're worth. They take as long as a regular loan signing if not longer because most times homeowners don't have the supporting paperwork ready for you and they run around collecting it while you sit there.
I'll do the modification applications if they're within a very short radius of my home, but any collection of up-front fees will have to be a separate transaction between the homeowners and the company. I won't take part in that, and that includes even simply giving the homeowners instructions on how and where to wire the money. Thankfully it's a non-issue as I've not had a call for one of these in well over a year and I don't miss them.
MHO
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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Lee-AR
Arkansas
678 Posts |
Posted - 05/20/2010 : 05:48:07 AM
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I think we need to distinquish between an actual "Loan Modification" (where the interest/payment/amount or some combination of same actually changes for the benefit of the Borrower).
OR a "Loan Modification Application", where there is a large amount to be paid upfront, but no actual modification is guaranteed.
Many states, including my own (AR), have passed laws to prevent the latter.
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readingnotary
Massachusetts
6 Posts |
Posted - 05/19/2010 : 5:07:23 PM
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I got a call today to do one of these tomorrow. the call came from American Economic Solutions and I checked out their website and did reverse lookups on their contact info to verify what I could.
I called the client and set up an appointment and she seemed fine with it. I can update you tomorrow to tell how it all goes and then let you know in 10 days if they pay me.
Heather Devaney |
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jbelmont
California
3106 Posts |
Posted - 05/18/2010 : 02:17:02 AM
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Loan modifications are a controversial topic for notaries. On the one hand, notaries think that loan modifications are scams. On the other hand, sometimes they are a source of income in desperate times.
Many loan modification companies have a bad reputation, and some of the larger outfits have failed to pay their notaries. Whether or not selling loan modifications is legal to begin with is an issue, as only an attorney can legally arrange a loan modification in many states. Some of the loan mod companies keep their identity concealed when assigning a job, which is another topic of discontent among notaries. A larger issue is that these companies demand a large fee from the borrowers upfront without really guaranteeing that the borrower will even get any kind of modification.
Desperate borrowers get sucked into terrible situations. But, what is your experience and what do you think?
Also read:
http://www.123notary.com/forum/topic.asp?TOPIC_ID=3211
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Loan modifications, should they be legal?
