I just received a call from a signing service to do a loan modification.
I asked the caller to give me the name of the company handling the loan modification, and if I needed to collect any money. The caller gave me the name of the company, and said that I would be collecting a cashiers check.
I told the caller that I can't do it.
That's my criteria: if I have to collect money from the homeowner -- NO.
I do loan modification signings as part of the work that I do as a notary signing agent. I did one a couple of weeks ago. It was through a well-established and reputable title company, and the loan modification agreement was coming from the borrower's lender. There was no money to collect.
But I will decline any request to do a loan modification from a company that stipulates that the borrower has to pay an upfront fee.
Good policy Leon. Loan mods are great if there are doen properly.
Please remember me if you learn of anyone moving to "The OC" and I will do the same!
Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors
(949) 753-7900
Thanks, Michael.
Good thing to think about, Leon. I don't have requests for these to come up too often, but will keep this in mind.