Forensic Loan Audit: An Equalizer for the Homeowner Facing Foreclosure

A Forensic Loan Audit is a formal examination of your mortgage origination file to determine if there are any errors or evidence of illegal practices in your file. A forensic loan audit adds leverage to your negotiation power when you are discussing loan modification with your lender. In many cases, people who are facing foreclosure may not meet the lender’s requirements to qualify for loan medication; however, if a forensic loan audit uncovers anything illegal or erroneous, then the homeowner has the necessary leverage to turn the tables.

Borrowers who have a problem with their loan servicing should write to their lender, outlining the details of their complaint. The servicer must acknowledge the complaint within 20 business days and the problem must be resolved within 60 days, either by making necessary corrections or providing a statement of explanation.

Borrowers should continue to make regular payments while the problem is being resolved. Lenders generally comply by responding to complaints because they know that borrowers can bring either a private lawsuit or class action suit against them if they do not respond to complaints.

According to the Truth in Lending Act, even the smallest errors in calculating interest rates can result in violation and the borrower rescinding the loan. The threat of a lawsuit is often all it takes to persuade an uncooperative lender to agree to modify mortgage terms. Most of these cases settle out of court because of the cost to the lender if they are determined to be guilty of illegal acts; whether intentional or not.

Forensic loan audits used to be available only to banks and large lending institutions to determine their own liability exposure and risk involved when purchasing mortgage loans.

Today, forensic loan audits are being used to give homeowners more leverage so they have a good chance of negotiating an affordable loan modification. A forensic mortgage loan audit results in the most comprehensive and thorough audit reporting system to reveal al violations of Federal, State, county and Municipal codes including RESPA, TILA, HOEPA, ECOA, and Tangible Net Benefit, detailing every violation, their severity and the specific Code in violation, in an easy to read report.

Forensic loan audits reveal all types of fraud including:

Appraisal Fraud
Steering
Bait and Switch
Straw Buying
Misrepresentation
Predatory Lending

If you are facing foreclosure and you really want to stay in your home you have options. Lenders will often agree to mortgage modification for those who qualify; however, if a forensic loan audit reveals anything illegal or erroneous in your mortgage file, then you may be a good candidate for mortgage loan modification.

My Mortgage Auditor is the industry leader in forensic auditing and mortgage modifications to help people keep their homes. Their greatest asset is their reputation; their goal to help homeowners, attorneys and loan consultants negotiate a winning solution for all parties involved. My Mortgage Auditor helps distressed borrowers in Oakland County, Southfield, Pontiac, Royal Oak, West Bloomfield, Farmington Hills, Wayne County, Detroit, Dearborn, Canton, Livonia, Westland, Macomb County, Sterling Heights, Warren, St. Clair Shores, and neighboring cities and communities.