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Forensic Loan Auditing, part of your home mortgage loan modificationThink is amusing that so many of the business of mortgage loans and business changes toss these terms around as if everyone knows what they are. If you choose to attempt a loan modification to your own or with appropriate professionals helps to know some of the vocabulary that can be thrown your way. So, let's talk about a forensic audit loan and why you want to consider having one done as part of your home mortgage loan modified. If you see wind the clock back 4 or 5 years ago - actually to the current financial crisis began, banks, lenders and mortgage brokers are very relaxed in their compliance with federally mandated guidelines for lenders. If your loans were made during this time period there was almost 100% chance that it violates one or more of the laws relating to RESPA, TILA or Section 32. Not only the small banks - the big boys such as Wells Fargo, Litton, AHMSI, PMC, GMAC .. and many others - are very relaxed in their interpretation of their compliance with existing laws. As a consumer, it is not reasonable that you are expected to know or be aware of all laws that refer to lending ... You went to your closing your mortgage and title company, or they come to you, show you where to sign and said your life is great after you are done. You relied on their expertise as a professional to follow the law. When an experienced lawyer is performing a forensic loan audit they review all the documents that you will be presented and signed at the time of your debt is created. They check whether or not you signed the right documents, math audit, review the terms of loans, do a test to see if there is anything misleading about what is presented ... etc. When an attorney has completed the forensic audit they give you a report of their findings. Understand this, to disrupt the situation, mortgage can be wiped out completely for infractions and violations of lending laws. So banks make the results of the audit very seriously. If you're in a situation where you are trying to make a change mortgage loan of a forensic audit could be your best friend - especially if the bank you are working with do not play ball. You'll find that the prices will vary from different companies legal as their payment for a forensic audit. I know attorneys who specialize in forensic auditing and they cost about $ 900 for the service. In our company we do forensic audit at no extra charge for our clients loan changes when the bank is tough - from the experience of it is VERY effective in getting a favorable outcome for the change of the loan. If you are trying to do a loan modification to your own can be a good place to start. If you need a referral please e-mail the author and do I put in the hold of an expert in the field. If you use a professional to help change your home loan make sure that they have the forensic tools to audit their Arsenal. For more information about mortgage audit software,mortgage audit visit http://www.forensicloansoftware.com As a community-building service, TMCnet allows user submitted content which is not always proofed by TMCnet editors. If you feel this entry is of inferior quality or wish to report it for some reason, please forward the URL to "webedit [AT] tmcnet [DOT] com" with your comments. |