Mortgage Audits
UPDATE: The resource for a mortgage audit service is not currently available. I cannot recommend another mortgage audit service at this time.
However, I highly recommend you read my boldest post yet on using a SECURITIZATION AUDIT to crush your lender – better than a mortgage audit.
CLICK HERE NOW FOR ALL THE DETAILS
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Documenting mortgage fraud with a forensic mortgage audit will help you:
- Negotiate a favorable loan modification or short sale agreement
- Reduce the principal balance
- Negotiate a 2nd lien settlement
- Own your home free and clear
- Get monetary damages
- Stop foreclosure
FACT: Lost notes, appraisal and mortgage fraud cause an estimated 95% of all mortgages to be legally problematic.
During the real estate bubble, lenders were going gang busters to fund loans for purchases and refinances. In their haste to make money-over-fist, lenders became careless with their paperwork and procedures and even committed outright fraud against unknowing property owners.
Also, mortgages became routinely sold multiple times, often too quickly and without proper documentation, leading to a greater legal mess.
Let’s not forget about real estate appraisers, who were complicit, too. Many appraisers artificially inflated property values to help lenders justify predatory loans and to get their repeat business.
Types of fraud:
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Common Abuses:
Predatory mortgage lending involves a wide array of abusive practices:
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SUMMARY: A professional mortgage audit will identify any fraud or misrepresentations made by the lender, appraiser, broker, loan officers, processors, and more.
You can WIN against your “Loan Bullies” and get:
- Some defects can make a mortgage unenforceable, therefore, stopping a foreclosure sale
- Entitle you to compensation
- Give you legal leverage to negotiate a fair and affordable loan modification, short sale, or forbearance agreement
How do you document mortgage fraud?
The best way to document mortgage fraud is to obtain a forensic audit, also known as a loan audit or mortgage audit from a professional, reputable auditor. NOTE: Using an attorney is not required to obtain a loan audit report.
What will a loan audit uncover?
A mortgage loan audit will uncover state and federal loan lending violations – that will give you ammunition to use against the mortgage lender, investor and/or loan servicer – to stop an impending foreclosure and bring them to the negotiating table.
Such lending laws include:
- Truth in Lending Act (TILA)
- Real Estate Settlement Procedures Act (RESPA)
- Home Ownership and Equity Protection Act (HOEPA)
- FHA pre-foreclosure Requirements
- Unfair and Deceptive Practices (UDAP)
CAUTION: Do not get sucked into buying a “cheap” loan audit from fly-by-night mortgage audit companies. I have seen a number of loan audit services advertised online for really cheap prices. However, this is another ‘foreclosure scam’ to avoid. In this case, you really get what you pay for – which is a useless report.
How to tell the difference between ‘The Good, The Bad and The Ugly’ when it comes to hiring a loan audit service
‘THE GOOD’
Your loan audit report must withstand the scrutiny and demands of the trained legal eyes of the lawyers the LOAN BULLIES have on-staff and a court of law (if it goes that far). Building your case with quality and accuracy will determine if you get to keep your home.
Your loan auditor needs specific and unique legal knowledge to do a loan audit. A ten-minute software audit is no substitute for trained legal eyes.
A loan audit that will stand up in court should provide the NECESSARY codes, case law, rules and regulations, best practices, and applicable Federal, State, Municipal, County and all the RESPA, TILA, ECOA, HOEPA, GLB, NET TANGIBLE VALUE, that were applicable AT THE TIME THE LOAN WAS FUNDED.
Ideally, forensic audits should be done by hand and reverse engineer the loan parameters to determine infractions of State Lending Fairness Guidelines and Predatory Lending laws. A manual audit by legal professionals can look for things that software can’t find.
‘THE BAD AND THE UGLY’
Most companies providing ‘audits’ are not qualified to do so.
Most of these so-called ‘loan audits’ are performed and sold by persons with no legal training, who input some data into the same software program that lenders were using as a compliance checklist against federal regulations.
The “audit” is a useless checklist of the documents provided to the “auditor,” with no information about the legal implications of the documents. It’s that old adage on computer software: ‘Garbage-in, garbage-out.’ Think about it: If the software didn’t find the mortgage errors when the lender used it, how is it going to find the errors when Joe the Auditor uses it?
3 steps to fight foreclosure you should take immediately
- Stop your foreclosure immediately using the Stop Foreclosure In 1-Day Kit
- Next, now that you have bought yourself some valuable time postponing your foreclosure sale, obtain a loan audit to document all the violations committed by anyone associated with your mortgage as I explained above.
- Contact your lender or loan servicer in writing and notify them that you have obtained a forensic audit that itemizes severe violations and you want to negotiate a fair deal (whatever your goal is, ie, a loan modification, short sale or forbearance agreement) before taking legal action against them.
TIP: Although you can write this letter yourself, you may want to consider having a lawyer draft this letter. It’s been my experience that a letter from an attorney gets the attention of the other side more effectively.
U.S. Lender Audit puts its money where its mouth is – an excellent feature of ‘THE GOOD’-type of audit service
In addition, U.S. Lender Audit knows the majority of closing documents contain Federal and State Violations. And, if no SEVERE violations are found, they will issue a full refund, no questions asked!
U.S. Lender Audit’s exclusive report is formatted so it is easy to read, revealing ALL violations of Federal, State, County and Municipal Code including RESPA, TILA, HOEPA, ECOA, GBL and Tangible Net Benefit, detailing EVERY VIOLATION, their severity, and the specific Code in violation.
Their forensic loan audit services are designed to include servicer violations and best practices to find collection or FDCPA violations.
Additionally the company’s reports are a result of forensic audits done by hand by auditing experts and reverse engineering of loan parameters to determine infractions of State Lending Fairness Guidelines and Predatory Lending laws.
Each file submission is thoroughly examined twice, with two sets of expert eyes, to assure accuracy. Once they have all of the documents and cleared funds, the report is typically completed within 7-10 business days.
U.S. Lender Audit has completed forensic mortgage loan audits for over 200 banks, lenders, and institutions.
BEWARE: ‘THE BAD AND THE UGLY’ loan audit companies are providing inaccurate information, that can easily be dismantled in court. US Lender Audit has discovered that these unqualified companies are not bringing to the audit sound information.
They are issuing regulation findings that apply for today’s loan environment, not applicable to when the loan was funded, and making assumptions to possible violations, not evidence. Instead, US Lender Audit reports are very black and white. Their audits are sound, make no assumptions, and are clear and concise.
These reasons are why foreclosure defense attorneys use their services. An experienced attorney knows that using reputable 3rd party services to build a case they can win is all-important. They won’t fool around with ‘pretenders’ and neither should you.
| Your attorney will love the quality of the audit produced. All the ammunition they need is included: If you must take your lender to court or are working with a bankruptcy trustee, the value of credible mortgage analysis is to clearly establish where both parties stand. Coming into the foreclosure stage, the Lender is going to seek Summary Judgment in court stating there are no material facts to challenge or prevent the judgment of foreclosure being issued without the process of discovery and a Judge conducting their own trial. The Lender expects to submit their side of things and have their accounting and claims be accepted and ruled upon, just like that. With 29 non-judicial foreclosure states, your attorney may need to bring an Original Action requesting specifics to help start your case (Judicial states may appreciate the burden of proof shifting to the Plaintiff. After meeting the Memorandum of Law and Points of Authorities, and perhaps being granted a TRO, your attorney will need to consider specific Procedural issues be met correctly, including documents from the Pooling and Servicing Agreement, to the mortgage, note, and more to better understand the “alleged” loan. Eventually, you’ll need to have Substantive pieces to accomodate the law suit. This is where U.S. Lender Audit’s reporting of material defects and violations found in the loan documents themselves, allow presentments that may have otherwise been overlooked. Because the audit application and report is 100 percent neutral and objective, focusing equally on both sides of the transaction, it carries unsurpassed credibility with lenders and borrowers, a powerful tool trustees can use to encourage opposing parties to negotiate a resolution, new loan structure or loan settlement. |
IMPORTANT: The three year statute of limitations to rescind the loan does not apply
Good news: If your loan is outside the normal Federal TILA and RESPA Statutes of Limitations of three years, according to the legal experts with US Lender Audit, statutes can be extended when material omission regarding truth in lending are discovered.
Additionally, remember, fraud has no statutes of limitations and most Plaintiffs bringing a claim against you don’t have legal standing in the first place. An experienced foreclosure defense attorney should know how to build a case and the best ways to navigate through litigation, especially with mortgage fraud.
SUMMARY: If you want a loan audit that will stand up against the ‘LOAN BULLIES’ and in court, if need be, your choice should be US Lender Audit.
For more information on how to use the mortgage audit to avoid loan modification hell. Get your copy of the special report I have for you. Click the banner below.
Disclaimer: Not Legal Advice
The information presented on this Web site is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Every effort has been made to assure that this information is up-to-date as of the date of publication. It is not intended to be a full and exhaustive explanation of the law in any area. This information is not intended as legal advice and may not be used as legal advice. It should not be used to replace the advice of your own legal counsel.