Loans, Debt & Credit - View Single Post

winecountry · 01-09-2009, 07:57 PM

I just wanted to post an update. We had our Forensic Loan Audit performed a couple of weeks ago and were told last week that there were Federal TILA violations. The rate we were quoted was actually higher that what the loan docs stated which equated to almost 500K added over the life of the loan!

We talked to one of the partners in the firm we hired this past Tuesday and we spent about 45 minutes on the phone with him. He explained everything that had happened so far (procedures, processes, etc.) and told us that our loan mod package would be sent to AHMSI this week. Now, it's a wait-and-see for the next step. There's been a negotiator assigned to our case this week to deal with the mortgage company's negotiator.

I will post updates as things happen. So far, we've been happy with the law firm we've hired to deal with this stressful process.

Keep the faith, everyone!

01-09-2009, 07:57 PM	#10 (permalink)
winecountry Member Join Date: Nov 2008 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: To Pay or Not to Pay?? I just wanted to post an update. We had our Forensic Loan Audit performed a couple of weeks ago and were told last week that there were Federal TILA violations. The rate we were quoted was actually higher that what the loan docs stated which equated to almost 500K added over the life of the loan! We talked to one of the partners in the firm we hired this past Tuesday and we spent about 45 minutes on the phone with him. He explained everything that had happened so far (procedures, processes, etc.) and told us that our loan mod package would be sent to AHMSI this week. Now, it's a wait-and-see for the next step. There's been a negotiator assigned to our case this week to deal with the mortgage company's negotiator. I will post updates as things happen. So far, we've been happy with the law firm we've hired to deal with this stressful process. Keep the faith, everyone!