Home
FAQ
Videos
Audit
Glossary
Success
Scams
Contact Us
Apply
Sign Up
Login
Forum
Tell us where to send you more information.
|
| |
|
Using the Forensic Audit for Loan Modification
The BEST way to get your lender to listen to you is
by presenting a legal case to them, along with PROOF
that they committed ERRORS in underwriting,
approving, and funding your loan!
Loan Modification simply means that the mortgage CAN
be renegotiatied under certain circumstances:
- The inability by the borrower to pay
- Violation of Federal Law
During loan modification:
- The rate can be lowered
- The term can be lengthened, lowering payments
- Payments can be amended
- The loan balance can be reduced to a fraction of what
the
borrower owes
Typical qualifiers by a lender to qualify borrowers for a loan
modification would be such that the borrower:
- Still has a stable income
- Desires to keep the property
- Is delinquent in payments
- Is up to date on taxes
- Has monthly income that still exceeds monthly
expenses
What Is a Forensic Loan Audit Looking for?
When you learn that loan modification is an
option when you’re trying
to sell your home, one of the first things that you’re likely to do is
to try to get in touch with your lender to see what can be done to save
your home. However, if your lender doesn’t want to work with you, a
forensic loan audit can be the thing that stands between you and
foreclosure.
There are a number of reasons why this is the case,
but here
are a few
of the reasons why a forensic loan audit will be beneficial:
A forensic loan audit can
- identify whether or not the lender followed good
faith
guidelines when the loan was approved.
- identify whether or not you were approved for a
larger
mortgage than you could afford to repay.
- determine whether or not there were any violations of
the
Truth in Lending act.
- identify whether or not there were conflicts with the
Real
Estate Settlement Procedures Act and the loan that was approved.
- show whether or not the borrower was able to benefit
from
the approved loan.
If any of those issues are uncovered by a forensic loan audit, you will
find that you are in a position in which your lender will have to work
with you. It’s as simple as that.
Why the lender audit?
Utilizing
the results of the lender audit, and
the violations found,
can allow ANY borrower regardless of the "Typical
Qualifiers", the RIGHTS to Loan Modification AND
MORE! The discovery of factual information provided through a
forensic audit of the loan can be used as a negotiation tool. Should
you choose to seek an attorney (advised), the attorney can use the
Audit as a leveraging tool. Any litigation proceedings will be used to FREEZE
the lender's current position.
These violations carry EXTREMELY stiff financial
penalties for the lender, and can result in SERIOUS
legal consequences to the lender, such as forcing the lender to refund ALL
interest paid to date back to the borrower.
Loans with illegal terms or conditions ARE NOT
ENFORCEABLE!
Foreclosures resulting from illegal loans are also not enforceable. The
foreclosure process is STOPPED when litigation on a
questionable loan begins. Mortgage payments are NOT
required during the foreclosure or litigation process, although
depositing the mortgage payment into a separate bank account is often
considered a gesture of good will. Speak to an legal advisor for
details.
When presented with the legal FACTS, lenders are
apt to provide the most affordable solution when facing their legal
options: modifying your loan, foreclosing your home, paying some
high-priced attorneys to litigate, or risk stiff federal fines and
penalties. And, furthermore, because of the economic conditions and the
high cost of foreclosure to the lender, lenders will choose Loan
Modification as the most financially sensible option!
Home
FAQ
Videos
Audit
Glossary
Success
Scams
Contact Us
Apply
Sign Up
Login
Forum
Concurrent
|
|
|
Forensic Loan Audit