Yes this has in the long ago past been sort of a standard type representation.
After 1929 in the early 30's most banks wrote their mortgages for five years.So of course a lot of mortgages came due and the banks did not want to refinance or extend cause they needed the money. I mean there may be a depression in progress but a Banker still has to pay his Golf Club Bills and he must have a new Pierce Arrow Car.
So many attornies represented clients in these matters and what they did is make such a noise and clamour that the banks gave five year extensions at no charge except for the $2 recording of modification of Note as secured by Deed of Trust or Mortgage. If I consult my family records I think the fees ran as high as $100 but the standard was about $25. Big bucks in those days.
Nowdays we usualy just arrange a refinance cause if you have a burble it means the bank or lendidng institution is no longer friendly. So sometimes we insert, tell funny stories work out a small fee preferably added to the end of the pay period. Whatever. We just juggle and jive to keep the client in his housie and the bank puts the file away or turns off the computer and all is well again.
Yes this has in the long ago past been sort of a standard type representation.
After 1929 in the early 30's most banks wrote their mortgages for five years.So of course a lot of mortgages came due and the banks did not want to refinance or extend cause they needed the money. I mean there may be a depression in progress but a Banker still has to pay his Golf Club Bills and he must have a new Pierce Arrow Car.
So many attornies represented clients in these matters and what they did is make such a noise and clamour that the banks gave five year extensions at no charge except for the $2 recording of modification of Note as secured by Deed of Trust or Mortgage. If I consult my family records I think the fees ran as high as $100 but the standard was about $25. Big bucks in those days.
Nowdays we usualy just arrange a refinance cause if you have a burble it means the bank or lendidng institution is no longer friendly. So sometimes we insert, tell funny stories work out a small fee preferably added to the end of the pay period. Whatever. We just juggle and jive to keep the client in his housie and the bank puts the file away or turns off the computer and all is well again.
Cheers Lucius