Have you completed a Forensic Audit?

[jdsd21]

I am interested to hear from people on this forum who have gotten a Forensic Audit on their loan docs and were able to find violations as they relate to Predatory Lending. What were the violations you found, and what has finding them done for your situation? I have been hearing a lot about forensic audits, but am still unsure of what one does with the information once it is discovered. Please comment...

[Douglas]

Hi: I have not but also interested in what kind of results they have? Also I got a name of Gregory Paiva (Attorney) from Loan Safe for forensic and Modifications and now I see a new Attorney?? Are they both still recomended? anyway Paiva was great to talk to but I have not pulled the trigger yet. I am still considering a forensic audit and would like some input also. Thanks

[Dan Bailey]

Douglas,
I do not believe that Mr Paivas office is connected with loansafe anymore.

[Maria Vasquez]

I'm an auditor at Loansafe Solutions, I deal with forensic analysis daily. I've found several different violations, of course each set of loan documents is different, therefore not all the forensic analysis I conduct have violations. I have found predatory lending on some of the audit files I've completed, what helps also is that we conduct a phone interview with the client to get an idea of what went on during the transaction, this gives us a better idea as to what was disclosed to the customer, what paper work was given to them and at what time frame, in the end we are able to provide our customer with a complete report that will let the customer know what violations were committed, then with the help of our attorneys that review the completed audits, they are able to go into further details with customer as to the nature of the violations, where all banks are different we have found that our audits have helped us a lot in the process of getting a loan modification for our clients.

[jdsd21]

Thanks for the reply Maria. When I hire your firm to do a forensic audit on my loan docs and you all determine that there are violations present, with the same fee do you take what you find to the Lenders on behalf of your customer to work a loan modification? In your experience, knowledge, of Loan Modifications, are people gaining relief from bad loans based off violations, or is it a combination of Hardship and violations? Any body else with this experience?

[Maria Vasquez]

There is 2 options you have when you call our firm, you can pay a fee to have a forensic audit on your loan documents only, we will completed that audit for you and provide you with a complete report letting you know the violations founds if any, or you can pay a fee that will include the forensic audit on your loan documents and a modification, with this we will perform the forensic audit and send you the completed report, at the same time that report is sent to the attorney and the processor assigned to your modification file, the attorney will review the audit and write a letter that will go along with your modification package to the lender.

The complete audit report, along with the customer's complete package, hardship letter and the letter from the attorney has had good success on modifying the loan on a lot of our cases.

if you want more information you can always call our office and speak to one of our Mortgage Investigators, they will be able to provide you with more information, fees and explain to you how the process works in more details.

[Scott Hazlett]

jdsd21,

You ask a very good question. A successful loan modification is based on a combination of factors; violations, hardship, budget constraints, investors equity position and many others. We use the violations as a tool, along with the afore mentioned items, to get each client the best possible modification for their situation. Sometimes that may include a short forbearance or repayment plan, depending on a clients situation, prior to the mod offer.
Hope all is well with you.