House loan Forensic Analysis It is a boiling subject getting underlying attention within the mortgage modification business. I am at ease with three really excellent mortgage modification firms. Two of them advocate receiving the mortgage modification file at the disposal of the lending company first; and considering a forensic house loan audit. You will find reported statistics of a really significant amount of mortgage loans being be subject to forensic audit. I have no idea. My own opinion is reserved. But when youve been aware of it, or suspect you could benefit; I highly recommend you concentrate on and ask for more details. If you have Money arriving at you; go get it. "How to exercise your rights having a forensic audit"
For Truth in Lending Act Violations, RESPA Violations, HOEPA Section 32 and Fraud
When people look for a mortgage they count on professional advice and the aid of the mortgage broker or lender. The loan process is complicated and most everyone places their trust in the professional that is certainly guiding them with the process.
Unfortunately, several professionals placed hundreds of thousands of borrowers in loans they can't afford or in just down right exotic mortgages, that are in possession of become extinct.
Predatory lending is often a buzzword that's boating a good deal right now and even for good reason. You will find thousands and most likely why not a million plus some people that have mortgages the place that the Truth in Lending Act was violated, thus falling beneath the predatory lending statue. Many can stop foreclosure should they only knew excellent customer service and ways to defend themselves.
Loan Document Audit
The service is a very specialized and imperative in identifying if the borrower is really a victim of predatory lending. We review all loan documents and execute a thorough investigation for miscalculations also to see whether the loan terms are accurate, truthful, and met the needs in the applicable federal statutes.
Our #1 goal is always to evaluate if there were violations of federal law. If violations are found, the borrower could possibly be qualified to apply for complete relief of the predatory loan. This is known as a 'loan rescission;' meaning the bank takes back the "predatory loan" and awards or credits returning to the borrower all interest made on payments to date, loan origination fees, all applicable lenders fees, penalties and attorney's fees.
They can do this by means of a Loan Modification or even a new affordable loan. This permits the borrower to acquire a new loan using a smaller principle, and therefore the mortgage can be affordable and non-predatory
Steps to Forensic Loan Document Audit:
* Complete client interview and all sorts of applicable parties * Complete loan document and disclosure audit by Thirty year underwriting and fraud and compliance mortgage professional * Truth in Lending Act (TILA) and Real estate property Settlement & Procedures Act (RESPA) * Reverse engineering of your respective loans and Annual Percentage Rate (APR) for possible TILA violations * Complete 10 page report with all violations and findings
CONSTRUCTIVE FRAUD
Material facts add the the loan, whether you will find there's prepayment penalty, or any other information, which a reasonable borrower would like to know before accepting the Money. Did the broker or loan officer or anyone doing work for the broker or loan officer fail to disclose any material facts to the borrower?
FRAUD AND NEGLIGENT MISREPRESENTATION Were any representations, statements, or comments, written or oral created by the Insurance officer, broker, notary or anybody else, which contradicted the the documents?
NEGLIGENT MISREPRESENTATION Each time a mortgage professional makes errors, that your reasonably diligent mortgage professional may not made, he / she could possibly have created a negligent misrepresentation.
BREACH OF CONTRACT The note as well as attachments certainly are a contract. The broker has to follow all the car loan terms including the way a person's eye is calculated, and also the penalties it assesses. Are there any terms within the contract, that the lender did not follow?
LOAN AUDIT REPORT
* Results report coming from all factual findings from the forensic audit * Every applicable federal law violations * The real relation to your loan * Outline of hidden fees and/or commission earned by your broker or lender * A complete assessment so that you can pursue possible legal claims against your broker and/or lender
I anticipate talking with you.
Chris Dix www.Mortgage-Mod-Monster.com
