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edelske

New York
815 Posts
Posted - 10/15/2011 :  3:17:34 PM  Show Profile  Visit edelske's Homepage  Reply with Quote
They won't sign. They will just put you on their "do not call" list.

Kenneth A Edelstein
Mobile Notary, Apostille / Legalization Processing & Fingerprinting
http://www.kenneth-a-edelstein.com
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LindaH

Florida
1754 Posts
Posted - 08/15/2011 :  2:09:45 PM  Show Profile  Reply with Quote
I, personally, have never done that. Be careful if you do...many states have laws that regulate late fees, and many cap them at about 18% per year, which would be 1.5%/month - on a $125 closing that would be $1.875 - a late fee of $5/day may well be considered excessive...and illegal.

JMO

Linda
http://www.notary.net/websites/LindaHubbell
http://www.columbiacountynotary.webs.com
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D Bozick

California
17 Posts
Posted - 08/15/2011 :  11:01:21 AM  Show Profile  Reply with Quote
Upon accepting a loan signing job and being advised of a payment date, has anyone ever tried to get the signing co (T/C, etc) to agree to sign a statement like, ‘If payment has not been postmarked in 30 days from date of signing (or by whenever they tell you their payment schedule is), a $5 per day late fee will be applied.’? It seems to me that if there is a reluctance to sign such a statement, that you can pretty much assume you will have a problem getting paid, or at least getting paid in a timely manner. After having a few very slow pays, I'm considering doing this, and would like to know if any of you have tried such a thing and what your experience has been.

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