By Nikki Vaughn
A Forensic Loan Audit is a comprehensive loan fraud/predatory lending investigation report which will identify infractions and violations committed by your lender and/or broker when they originally funded your loan. Obtaining an audit should be the first step on your quest to successfully modify your home loan. If you are behind on your mortgage payments, facing default or foreclosure the audit is a critical tool that will be used as leverage to argue your case with your Lender(s). Again, it will highlight the laws that were broken, if any, by your broker or by your lender.
According to Marc Bonanni, Attorney for Consumer Debt Advocate (www.consumerdebtadvocate.net) ‘We now perform a comprehensive Predatory Lending analysis on every client coming through our door who is also looking for a loan modification. In almost 100% of the cases, we find violations in *RESPA, *TILA, and in some cases, egregious *Article 32 Predatory Lending violations.” [RESPA = Real Estate Settlement Procedures Act. TILA = Truth-In-Lending Act. Article 32 Predatory Lending = This law is devoted to identifying certain high-cost, potentially predatory mortgage loans.]
You are not alone in this Nationwide financial crisis. Times are extremely tough for millions of homeowners like you and thankfully there many active laws and consumer groups to protect you. If you are having trouble paying your bills, your income can not support monthly expenses and ultimately are unable to make your mortgage payment(s), the good news is the Federal Government and Credit Industry established Loan Modification Services that will provide relief needed to keep your home. The main goal of a Loan Modification is to stop the foreclosure of your home. Foreclosures do not help or benefit anyone, not even your bank. An Attorney and/or Law office that specializes in loan modifications and debt negotiations is your best option to assist you in this process. An Attorney can make your Lender act on your case in your favor, and a forensic loan audit can only help to successfully restructure your loan.
What is included in my Forensic Loan Audit Report?:
— Results report of all factual findings of the forensic audit
— Ant and all applicable federal law violations
— The real terms of your loan
— Outline of hidden fees and/or commission earned by your broker and/or lender
— A complete assessment so you can pursue possible legal claims against your broker and/or lender
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. Lenders will choose the most rational and fiscally sensible response when presented with the legal facts. 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, many lenders will choose Loan Modification as the most financially sensible option. Don’t wait, time is of the essence.
About the Author: Nikki Vaughn is a seasoned professional concentrating her studies within finance and mortgage. She’s driven to alert and educate by delivering industry news and hot topics and currently writes for
on consumer education pieces and freelance for client’s websites.