Friday, October 29, 2010

J.P. Morgan Chase Sending Letters To Customers With Home Loan Refinance Offers

I've been so busy lately that for the first time I had to turn down loan signing work today.  I was actually too exhausted to do a refinance loan closing at the Presidio in San Francisco last evening. Under normal circumstances I would have jumped at the chance.  I'm exhausted because for the past two weeks I've been running around the city like a chicken with my head cut off due to a surge in refinances of home loans.  Apparently the banks need to meet a government quota of loans so  J.P. Morgan Chase's been sending out offers to its customers to refinance their homes. People are snatching up the refinance offers like hot cakes.  I've since been meeting some very interesting people.

The first day of the World Series in San Francisco I actually did a loan signing near the AT&T ball park for a UPI photographer who flew in from Washington DC.  He also does photography for White House events (he described as very boring work).  Amazingly, a few days ago I did a signing for the California Supreme Court's research attorney and her husband.  When the nice lady told me the kind of work she did my jaw nearly dropped.  Yesterday I did a signing for a couple in a really large mansion in the Pacific Heights part of San Francisco who are in advertising and marketing.  The lady represents many top photographers' and their prestigious portfolios.

I meet such a wide variety of professionals, this is the perfect job for me.  Whenever I go into my home office, which is really the Regus business lounge and kitchen lounge areas, I've gotten to know several professionals there as well.   Attorneys like to bring up the "robo signer" fiasco to me because I'm a notary public.  The past few days I've spoken with two attorneys who brought it up to me at the Regus Halloween party.  These attorneys are very upset and believe people should be up in arms over millions of people being ripped off by the banks for fraudulent mortgage practices. (See my post No Trick or Treat!  Foreclosure Crises Scary As Hell!)  One attorney even suggested all the sports being in the news may be a conspiracy to hide the real estate crisis!  I personally think it's more of a coincidence due to the timing of the playoff season for baseball and football.

A few weeks ago there was a great article in the Wall Street Journal about specialty attorneys like Dustin Zacks and boutique law firms such as Ice Legal who deal with defending foreclosures.  Yesterday the Alex Jones Show did a large segment interviewing one of the Ice Legal attorneys, Dustin Zacks that was very interesting.  Check it out.


Attorney Dustin Zacks from Ice Legal was Interviewed on the Alex Jones Show and explains how his law firm specializes in successfully helping defendants in foreclosure disputes with banks.

I kind of think this surge of refinancing won't last and that my line of work in this area will eventually dry up when already insolvent banks go belly up.  Last night I also had my first offer to perform an electronic notarization I think will be the wave of the future.