Loan Modification Tips.
Many firms such as banks, lenders, title companies, law firms and others are hiring notaries to perform loan modifications. Most of these assignments are legitimate, coming from major lenders such as Wells Fargo, JP Morgan Chase and Bank of America. According to HUD a loan modification is a permanent change to the loan terms which allows the loan to be reinstated and results in a payment the borrower can afford. There should be no upfront fees and the documents should reflect the new terms. Beware if you are asked to collect large upfront fees with no documents showing the new terms. There are so called rescue firms taking advantage of desperate borrowers.
If you receive an assignment that seems questionable you can check with the Better Business Bureau or local law enforcement. If you feel the job just is not right do not accept it.
Please let me know if you have any comments or questions.
Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com
Monday, April 26, 2010
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