I have received 9 loan modifications and 1 purchase since yesterday!!! I have not had a signing since April 2024. Loan Modifications are my favorite to do:)
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Loan modifications are the real estate canary in a coal mine. â Just saying â.
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Really? Where do you live?
Where are you located?
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Why do you say that?
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Loan modifications are an indicator that families are struggling to pay their bills. The loan modification gives them some time to realign their finances.
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Loan modifications are very easy and only take a few minutes to do. If you are fortunate to live near a FedEx they can be worth doing. I did quite a few to get practice and to get in good with the signing services. I havenât taken any recently because at $30-$40/singing, I was loosing money or barely breaking even (the closest FedEx is 13 miles from me). Those LSS refuse to take any counter offers or someone will take them for the lowball fee like I used to.
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I remember accepting several loan modification signings for $40-$50 last year from a signing service called A360 Notary.
Are they still around?
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So wouldnt that be a good thing then?
I wonder why ewing_joe said they are a canary in a coal mine?
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Going back in history about 150 years ago, railroads operated coal fired steam engines. This meant coal mining was a good business to be in. One of the many hazards of coal mining were exposure to toxic gasses. Canaries are sensitive to those toxic gasses. Coal miners would take a canary into the coal mine. If the canary suddenly died, it was time to evacuate the coal mine before a miner would die. Thus the phrase canary in the coal mine.
An increase in loan modifications are a warning sign, like the âcanary in the coal mineâ, indicating a âtoxicâ, or struggling economy.
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Please stop. Donât normalize $30-$40 loan mods, bc it hurts all notaries.
Right now, I get no less than $75.00 for loan mods. In 2021, I got $125.00 for each loan mod, no matter the distance.
Iâm in Georgia.
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I thought thats what you meant. Just like the warning signs we seen in 2006-2007.
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I said $40-$50, not $30-$40.
And the only reason why i accepted them at that fee (or more) is because these loan modifications were only 10-20 pages to print with only 2 places to sign, and 10 minutes away from me.
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The present time seems different from the 2000s due to the increasing amount of unutilized equity that continues to grow monthly. The lifestyle puts people in a difficult financial situation. Many individuals I meet own properties worth over 2 million dollars but struggle to cover homeownersâ insurance, property taxes, and mortgage payments each month. There are no subprime loans out there to bury credit card debt this time around.
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I agree that this time around isnât afflicted with sub prime lending. My Real Estate investor clients are saying that inflation is driving up prices for items youâve mentioned alongside rising tertiary costs for legal and Tax/Bookkeeping services. In my area this seems to impacting both commercial and +$850K residential properties.
Iâm also being contacted by those who fell for Tax Mills making promises of tax shelters and wonky advice on how they can cut taxes, who are now under audit by the Taxing Authorities.
Starting in March of this year the IRS has started sending 20K-40K letters weekly to higher net worth taxpayers for failure to file. The IRS has resumed sending out collection notices that were suspended during the pandemic. More than 3.7 million taxpayers in the IRS automated collection system are expected to receive these reminder notices.
Please fasten your seat belts, place your tray in the upright and locked position, itâs going to be bumpy ride.
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Good for you. All those together might barely make a car payment.
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Your activity is akin to general notary work without the expense of web page, SEO, and random price gougers. Sounds like good clean fun to me.
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It will always be bumpy around election time.
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I do a little bit of everything.
I am just focusing on cutting costs because of the slowdown and inflation.
One thing for sure, I will not pay for a âHow to make 6 figures as a notaryâ course. I spam those emails lol.
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I hope you arent taking $30 fees to do them .
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