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.
Monday, November 2, 2009
Forensic Mortgage Audits add Leverage for Distressed Homeowners to bring to the Loan Modification Table
Forensic mortgage audits are being used as leverage for attorneys and mortgage modification experts to negotiate affordable work out plans with borrowers facing foreclosure. Studies show that at nearly 80 percent of mortgage loans contain State and Federal Violations.
Many mortgage loans originated during the years 2001 – 2005 contained legal violations; some were unintentional; some were blatant acts of fraud. The mortgages originated during this time frame were large contributors to the mortgage meltdown which has resulted in a flood of home foreclosures during the last few years.
Whether the violations and errors in a mortgage file are just innocent oversights or acts of carelessness, greed or fraud by the lender or mortgage broker, they can carry serious legal consequences, fines and penalties for the lender. In many cases, the lender can be forced to refund all interest paid from the origination date back to the borrower.
A forensic mortgage examination is a comprehensive investigation of a mortgage loan file to determine if there were errors or violations of a borrower’s rights under the Truth in Lending Act. When mortgage loans contain errors or illegal terms or conditions, they are not enforceable; therefore any foreclosure action must be stopped when litigation on a questionable loan is started. Mortgage payments to the lender can be discontinued; however, they should be deposited to an escrow account during legal proceedings.
In addition to determining the enforceability of a mortgage loan, a forensic loan audit adds leverage to a distressed homeowner’s negotiating power when they are attempting to get a mortgage modification. A lender will be compelled to cooperate in modifying a mortgage if errors or violations are found during a mortgage file examination. Lenders understand that they are much better off agreeing to an affordable work out plan than going through a long, expensive lawsuit.
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 has clients all over Southeast Michigan, 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.
Many mortgage loans originated during the years 2001 – 2005 contained legal violations; some were unintentional; some were blatant acts of fraud. The mortgages originated during this time frame were large contributors to the mortgage meltdown which has resulted in a flood of home foreclosures during the last few years.
Whether the violations and errors in a mortgage file are just innocent oversights or acts of carelessness, greed or fraud by the lender or mortgage broker, they can carry serious legal consequences, fines and penalties for the lender. In many cases, the lender can be forced to refund all interest paid from the origination date back to the borrower.
A forensic mortgage examination is a comprehensive investigation of a mortgage loan file to determine if there were errors or violations of a borrower’s rights under the Truth in Lending Act. When mortgage loans contain errors or illegal terms or conditions, they are not enforceable; therefore any foreclosure action must be stopped when litigation on a questionable loan is started. Mortgage payments to the lender can be discontinued; however, they should be deposited to an escrow account during legal proceedings.
In addition to determining the enforceability of a mortgage loan, a forensic loan audit adds leverage to a distressed homeowner’s negotiating power when they are attempting to get a mortgage modification. A lender will be compelled to cooperate in modifying a mortgage if errors or violations are found during a mortgage file examination. Lenders understand that they are much better off agreeing to an affordable work out plan than going through a long, expensive lawsuit.
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 has clients all over Southeast Michigan, 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.
Forensic Mortgage Audit: A Weapon for Victims of Predatory Lending
Forensic mortgage auditors can provide assistance to victims of predatory lending practices. Predatory Lending is a term used to describe unfair, deceptive or fraudulent practices of some lenders during the loan origination process. Predatory Lending refers to dishonest or deceptive practices by lenders who take advantage of borrowers and home buyers.
A Forensic Audit, also referred to as Forensic Accounting, is the application of accounting methods for tracking and collecting data for the investigation and prosecution of criminal acts such as embezzlement and fraud.
A Mortgage Loan Forensic Auditor can provide real and effective options and solutions to people who are victims of unfair, deceptive, predatory mortgage lending practices. They will perform a comprehensive investigation to gather data to be used to turn the tables on your predatory lender. A good forensic auditing service will do more than provide a temporary fix to your situation; they will take you out of your current loan situation and into a more affordable and sustainable loan that will reduce your chances of default.
A team of forensic auditing professionals will review your closing documents in detail as they search for errors, miscalculations, discrepancies and violations of federal and state consumer protection statutes. Data is gathered as they identify fraud, misrepresentation, unfair and deceptive acts, breach of contract, unscrupulous practices and claims under other theories of the law.
Once the investigation is complete and all data is gathered, forensic auditors move full-steam ahead to provide a solution for the fraud victim. They will negotiate with your lender, on your behalf, using their findings as leverage to achieve a settlement. Their main focus of the process is to protect your most valuable asset, your home. The goal is to keep you in your home with a more affordable and sustainable loan.
Good forensic auditors have been known to get some great results for victims of predatory lending or other unfair mortgage practices. It is not uncommon for successful investigating and negotiating to lead to:
• Recouping overcharges with back interest
• Compensation based on violations uncovered
• Correction of your loan to a prime, fixed-rate based on income prior to the loan
• Correction of your loan through Principal Reduction
If you feel that you are a victim of predatory lending or if you are having difficulty making your mortgage payments, a mortgage loan forensics specialist will help you negotiate and affordable workout plan so you can keep your home. Audit reviews by forensic auditors verify compliance related to Truth and Lending laws, loan to value requirements, debt to income requirements and predatory lending and usury.
My Mortgage Auditor is a company in Southfield, Michigan that helps victims of predatory lending practices by performing a complete mortgage loan audit to add to the borrower's negotiating power. A forensic mortgage audit increases the chance of a successful mortgage modification for distressed borrwoers. My Mortgage Auditor works with homeowners in Southeast Michigan, 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.
A Forensic Audit, also referred to as Forensic Accounting, is the application of accounting methods for tracking and collecting data for the investigation and prosecution of criminal acts such as embezzlement and fraud.
A Mortgage Loan Forensic Auditor can provide real and effective options and solutions to people who are victims of unfair, deceptive, predatory mortgage lending practices. They will perform a comprehensive investigation to gather data to be used to turn the tables on your predatory lender. A good forensic auditing service will do more than provide a temporary fix to your situation; they will take you out of your current loan situation and into a more affordable and sustainable loan that will reduce your chances of default.
A team of forensic auditing professionals will review your closing documents in detail as they search for errors, miscalculations, discrepancies and violations of federal and state consumer protection statutes. Data is gathered as they identify fraud, misrepresentation, unfair and deceptive acts, breach of contract, unscrupulous practices and claims under other theories of the law.
Once the investigation is complete and all data is gathered, forensic auditors move full-steam ahead to provide a solution for the fraud victim. They will negotiate with your lender, on your behalf, using their findings as leverage to achieve a settlement. Their main focus of the process is to protect your most valuable asset, your home. The goal is to keep you in your home with a more affordable and sustainable loan.
Good forensic auditors have been known to get some great results for victims of predatory lending or other unfair mortgage practices. It is not uncommon for successful investigating and negotiating to lead to:
• Recouping overcharges with back interest
• Compensation based on violations uncovered
• Correction of your loan to a prime, fixed-rate based on income prior to the loan
• Correction of your loan through Principal Reduction
If you feel that you are a victim of predatory lending or if you are having difficulty making your mortgage payments, a mortgage loan forensics specialist will help you negotiate and affordable workout plan so you can keep your home. Audit reviews by forensic auditors verify compliance related to Truth and Lending laws, loan to value requirements, debt to income requirements and predatory lending and usury.
My Mortgage Auditor is a company in Southfield, Michigan that helps victims of predatory lending practices by performing a complete mortgage loan audit to add to the borrower's negotiating power. A forensic mortgage audit increases the chance of a successful mortgage modification for distressed borrwoers. My Mortgage Auditor works with homeowners in Southeast Michigan, 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.
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