Hello-A question about Forensic Mortgage Loan Audits?

[MichaelQ]

Good day
Without going into my own situation,l will just state that because of some income that was lost..I was advised to look into doing a home mod.
My wife and my decided to pay someone to help us along.We feel it's worth it.Since i tryed talking to my mortgage CO. myself and basically got the run around for a month.
BTW:I live in the state of NJ
I spoke to a "mod expert"here at home.Who told me he charges $1100 which is refundable if he can't get it done.
Then i spoke to a law firm out of California,for $1500 .They can take care of it ,but they are advising me that "the loan audit" is done on all there cases and 80%-90% of the time,it makes or breaks the new deal.Is that really the case?[$1000 is refundable with them].

So how important is it to do a Forensic loan audit?
Thank you for your time

[Moe Bedard]

Michael,

Here on LoanSafe we can only comment on what is done during the process of the loan audit of the attorneys that we have authorized on the home page of the forum..................

Thousands of borrowers across the country have been victimized by predatory lending. Many unscrupulous mortgage brokers and lenders have used deceptive tactics to take unfair advantage of unsuspecting consumers.

THE MORTGAGE AUDIT

This service is very specialized, and imperative to identify whether a borrower is a victim of predatory lending. In fact, if violations are found, the audit is very effective tool to negotiate a favorable loan modification with your lender or for possible legal proceedings.

We review all loan documents and perform a thorough investigation for miscalculations and to determine if the loan terms are accurate, truthful, and met the requirements of the applicable federal statutes.

Our #1 goal is to determine whether there were violations of federal law. If these violations are found, then the borrower may be eligible for complete relief from the predatory loan. This is known as a loan rescission, which simply means that the lender takes back the "predatory loan" and awards or credits back to the borrower all interest made on payments thus far, including loan origination fees, lenders fees, as well as penalties and attorney's fees.

The settlement of such a claim can include a loan modification or a new affordable loan.

FORENSIC LOAN DOCUMENT AUDIT

Complete client interview.
Complete loan document and disclosure audit by 30 year underwriting and fraud and compliance mortgage professional for compliance with Truth in Lending Act (TILA) and Real Estate Settlement & Procedures Act (RESPA)
Reverse engineering of your loan terms and Annual Percentage Rate (APR) for possible TILA violations
Complete 30 page report with all violations and findings

CONSTRUCTIVE FRAUD

Material facts include the terms of the loan, whether there is a prepayment penalty, or any other information which a reasonable borrower would want to know before accepting the loan. Did the broker or loan officer or anyone working for the broker or loan officer fail to disclose any material facts to the borrower?

FRAUD AND NEGLIGENT MISREPRESENTATION

Were any representations, statements, or comments, written or oral made by the loan officer, broker, notary or anyone else which contradicted the terms of the documents? When a mortgage professional makes errors which a reasonably diligent mortgage professional would not have made, he or she may have made a negligent misrepresentation.

BREACH OF CONTRACT

The note and its attachments are a contract. The broker must follow all the terms of the contract such as the way the interest is calculated, and the penalties it assesses. Were there any terms in the contract which the lender failed to follow?

LOAN AUDIT REPORT

Results report of all factual findings of the forensic audit
Any and all applicable federal law violations
The real terms of your loan
Outline of hidden fees and/or commission earned by your broker or lender
A complete assessment so you can pursue possible legal claims against your broker and/or lender

[melissasue44]

Hello ***! I was wondering what would the normal charge be for a loan audit, I have a lady that started emailing me out of nowhere about some people that she works with doing a loan audit for me, what are the best ways to check out a loan audit service?

[Dan Bailey]

mellissasue,
You would have to contact the attorneys and inquire on the pricing for an audit. To check out attorneys, chech the states BAR association on the web. That is public accessable information on any bona-fide attorney.

[MichaelQ]

Originally Posted by melissasue44

Hello ***! I was wondering what would the normal charge be for a loan audit, I have a lady that started emailing me out of nowhere about some people that she works with doing a loan audit for me, what are the best ways to check out a loan audit service?

I was told $495

[Moe Bedard]

melissasue44,


Here is the link to the attorney who is authorized by LoanSafe to have his information on this forum............call and see what the fee is for the doc review.

Safe Loan Modification Service | Home Mortgage | Protect Your Home & Mortgage With Loan Safe


Michael.......posting other company names on the forum would be against the tos.