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LindaH

Florida
1754 Posts
Posted - 02/10/2009 :  2:31:06 PM  Show Profile  Reply with Quote
Jeremy - I think she meant a reduction in principal anywhere from $65K to $140K (less than the original principal sum)...

Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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jbelmont

California
3106 Posts
Posted - 02/10/2009 :  12:11:26 PM  Show Profile  Visit jbelmont's Homepage  Reply with Quote
Hi Joan,
I don't understand what you mean when the loan was reduced from 65,000 to 140,000. That is an increase, not a decrease. What do these modifications actually do for the borrower. What are typical differences in plans and monthly payments?
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aideyr

California
4 Posts
Posted - 02/08/2009 :  8:06:00 PM  Show Profile  Reply with Quote
How did you get to do modifications? I've done some that needed a notary, they were referrals by friends. I've never gotten a call from a lender or bank to do more of them? How did you do it?

Yvonne
Riverside County Area
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joanbergst

California
360 Posts
Posted - 01/03/2009 :  10:32:04 PM  Show Profile  Visit joanbergst's Homepage  Reply with Quote
It is interesting how these loan modifications affect us as a Notary/Loan-Signers?

I haven't done all that many but this is what I have experienced.

1. Actual slashing of a borrowers loan amount; I have done 3 of these modifications where the borrowers had the loan amount reduced on their loans from $65,000 to $140,000.

I have no idea how they got these reductions and the borrowers didn't discuss how they got their reduction and I certainly couldn't ask. They almost seemed embarrassed about the modification and there wasn't any "high fives"
as there was in 2003-04 when the game was on to see who could get the lowest interest rate.

2. Loan modifications where the terms are changed/interest rate reduction/or picking up applications for loan modifications.

I was hired by 2 borrowers to notarize their modification agreement.

One borrower got a 40 year fixed rate at 4% interest. She was ecstatic and couldn't wait to tell me how she got this rate. She got this loan by paying a fee to a company to negotiate for her.

The other borrower got a 1/2 point reduction and 2 years of interest only payments and then the company will re-negotiate in 2011. She did this modification by herself and didn't pay anything to a 3rd party. I didn't ask her but she wanted to share her experience.

3. Working for a 3rd party company who get the modification for a borrower and the borrower usually pays somewhere between $1,000 and ...........

I picked up checks ($1,800) and got the borrowers to sign the loan modification application and returned them to the 3rd party. No notary work here but I think these 3rd party companies like the idea of a notary representing them.

These are my experiences.





Joan Bergstrom
24/7 To Riverside & San Bernardino Counties.
State Notary exam teacher for www.notaryclasses.com
www.joanbergstromnotarypublic.com
joan.bergstrom@yahoo.com
Cell: 951-522-4919
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