Forensic Loan Audit
Forensic Loan Audit
Whether you are current with your mortgage loan payments or in a foreclosure, a Forensic Loan Audit can be beneficial in determining if you are a victim of predatory lending violations.Real Estate Loss Mitigation Solutions best tool to negotiate with your lender is a Forensic Loan Audit. In the Truth in Lending Act (TILA), the Real Estate Settlement Procedures Act (RESPA) along with State and Federal laws require all banks and mortgage companies to follow these guidelines (TILA & RESPA) when originating mortgage home loans.
There have been thousands of mortgage loans that have these TILA and/or RESPA violations but not limited to, which can and will be used as leverage when negotiating a favorable settlement for our clients. The law must be followed and if the lender has failed to do so, it can result in significant damages to your lender. So, naturally, they will be very amicable to working your loan out to more affordable terms to avoid costly litigation.
If you are current with your mortgage payments, you can also benefit from a Forensic Loan Audit. If there are violations you have many options but most important it could help lower your mortgage payments that would be more affordable.If you are late on your mortgage payments or in foreclosure, then a Forensic Loan Audit could benefit you if there are violations to make negotiations to do a loan modification or short sale.What if there are violations?
- Complete relief of the predatory mortgage is called as a loan rescission.
- Loan rescission means the bank takes back the mortgage loan
- Court awards or credits back to the borrower all interest made on payments thus far, loan origination fees, all applicable lenders fees, penalties and attorney’s fees
- Mediate the loan with your lender and fight for an affordable loan modification based on the legal violations on the loan
4 out of 5 loans that were funded in 2002 to 2006 may have been funded with violations. A fraction of the US loans that funded did fund with blatant disregard for the law(s). The majority of mortgage loans may have significant State and Federal violations resulting from carelessness, greed or just innocent oversight by loan officers of lender. Regardless of why these violations were performed by the lender or loan officer , these violations do carry stiff financial penalties for the lender. This also can result in SERIOUS legal consequences to the lender. It could force the lender to refund all interest paid to date back to the borrower.
Another example, over the last 2 years, you paid $25,000 in interest on your loan that contained Federal or State Violations. The lender could be required to pay you back the $25,000 in interest!Mortgage loans that have illegal terms or conditions are not enforceable. Any real estate foreclosures resulting from illegal mortgage loans are also not enforceable. The foreclosure process can be STOPPED when litigation on a questionable loan begins. Mortgage payments may NOT be required during the foreclosure or litigation process, although depositing the mortgage payment into a separate bank account is often recommended. Seek advice of a good real estate attorney.The Only Way To Know If Your Mortgage Loan Contains these VIOLATIONS is With a Forensic Loan Audit.
Learn More About this service by visiting the offical site of Real Estate Loss Mitigation Solutions
