Should You Get a Loan Audit?

Whether it was an honest mistake or a blatant disregard of the law, many of these loans now are resulting from poor work ethics and of course greed.  Many lenders are finding that the responsibility of writing loans like this presents some pretty stiff penalties.  The legal consequences can be very serious.  A lender found guilty of mortgage fraud, could be ordered to pay the borrower back all the interest paid to date.  Can you imagine?  If you paid $50,000 in interest since you got your loan four years ago, the lender could be responsible for owing your $50,000! 

Loans that incorporate illegal terms and/or conditions are not enforceable just like foreclosures are not enforceable should you have an existing loan that has federal and/or state violations.  A foreclosure can be stopped dead in it's tracks should litigation begin inquiring into the validity of a mortgage loan.  The payments are not required to be made once the litigation process begins, however it is highly recommended that you open a bank account for this reason only to deposit your monthly mortgage payments. 

How do you know if you are holding a mortgage that has state and/or federal violations?  The only way to know if your loan contains state and/or federal violations is to get your loan looked at.  A Mortgage Loan Audit is performed by an attorney and a group of industry experts that review your loan documents to search for any of these violations.  Once the audit is complete, the team will prepare a report for you identifying their determinations based on their research.

It is very important to be as educated as possible prior to any action with regard to a short sale or loan modification.  In order to get educated, you will need the information found in this audit.  If you don't know what violations were committed, then you won't be able to effectively argue your point with the lender.  The leverage you gain by obtaining the results from your audit will provide you with the necessary tools to gain a positive result with regard to action you wish to pursue with your lender.

No matter if you can't afford your loan payments, your ARM is about to kick in, or you are in foreclosure and you want to prevent the loss of your home, look into a Mortgage Loan Audit as this is the best way to arm yourself with the necessary information prior to making any adjustments to your current loan or foreclosure.