Home Mortgage Loans Modification

[Lynda]

Home Mortgage Loans Modification I want to know has anyone done one if so how do you get the jobs
could be some extra income and help people @ the same time

[Christine Ortiz]

Modifications are very easy. They are usually just a deed and possibly a couple other docs. They basically usually just record a new deed with new terms.
They are very quick to sign.
We have a modification specialist at the mortgage company I am working at and she is very busy. Sad though, but it is smart for lenders to modify loans instead of letting people get foreclosed. It used to just be equity line modifications I did where they increased their line of credit, now it is new first mortgage modifications to avoid losing their homes.
The ones I have signed have been through notary companies, but you might try lenders, mortgage brokers and even attorney offices that might be specializing in modifications. There is usually attorneys involved with modifications to help negotiate the terms.
Let us know how it goes...

[Lynda]

thank you for the info

[Todd]

Like Christine said, Modifications are very, very easy. The problem is they don't pay much and it's hardly worth the travel time to do one. It's not like many will be local.

[Peggy Ennis]

I have had several modifications since the 1st of the year. They are (the ones I did) only 10 or 12 pages at most and the have all been local. I have been called by the lender on each one and they have paid $100 to $125.00 for each one that I did. (I've done 6 since the first of the year). They are so quick to do (most of the time nothing actually needs notarizing) they are my new favorite thing! The only loan closings I have been getting are for FHA, I guess the banks are still hanging on to all the bail out money they received. I had one that finally closed at the end of December that I did 3 times....the first 2 banks went under....and luckily for the buyer that last one was the charm. I hope to see more modifications...its better than seeing people lose their homes.

[Christine Ortiz]

Wow, that is more than I charge. That is my fee for a normal refi. Most modifications, as long as the drive is not too far, is around $50. It only takes me a few minutes so it is fair to me.
I haven't had many lately though. I think it is actually difficult to get these. I have two friends trying to modify their loan and it has been difficult.
We shall see..I like them too..and the borrowers are usually happy that their loan is being changed to help them.

[Peggy Ennis]

Well, Christine.......
I had no idea what to charge and the lender ask if $100.00 was ok.....so that is how I got the rates I did. I am in the Southern California area....I don't know if that made a difference on the rates or not. But in my area we have a lot of homes in or on the verge of foreclosure, so I would like to see happy homeowners with loan modifications. I thought the bank bail-out was suppose to be for the banks to help out the homeowners, not give out big bonuses or acquire other banks.

[Christine Ortiz]

What company is this? Do they do business in Hawaii? I would like to sign up with them!

[Lynda]

I would like to find out to.I am in Los Angeles.

[Christine Ortiz]

Yes Peggy please do tell. I won't be your competitor since I am 3000 miles away. :-) ALOHA!