Learn the 3 Secrets that Banks don't want you to know about Loan Modifications, Short Sales & Forensic Mortgage Loan Audits.

 

What is a Forensic Mortgage Loan Audit?

• It is a comprehensive examination of a Mortgage Loan File to identify Lender violations of Federal and State Laws. These are essentially crimes that the Lender committed against the Borrower.
• According to a FDIC Report, over 80% of mortgages have one or more violations of Federal or State Laws.

   

 

Possible Remedies Include

• Rescission of the Loan: This means that the loan is cancelled with a full refund of Closing Costs and payments paid to the Lender.
• Strong Leverage over the Lender to get a Loan Modification or Short Sale Approved - better and faster, even if you've been denied!
• Refund of interest overcharges - could be Thousands!
• Foreclosure Defense - They broke the law - You have Rights!

   

 

What we Examine: Standard Forensic Mortgage Loan Audit

• TILA - Truth-in-Lending Act
• RESPA - Real Estate Settlement Procedures Act
• HOEPA - Home Ownership and Equity Protection Act
• Section 32 - High Cost Loans
• PREDATORY LENDING PRACTICES
• UDAP - Unfair or Deceptive Acts and Practices

 

View Samples

• View a Sample Forensic Mortgage Loan Audit
• View an Actual Mortgage Loan Modification that We Negotiated
• Learn More about Mortgage Loan Modification

 

The Problem

Here are the 3 Secrets that Banks are "keeping quiet" and why Lenders are not helping many Homeowners with Loan Modifications and Short Sales:

 

1. FDIC Loss Share Program - you won't believe the Amazing Deal that the FDIC has made with over 30 Banks - watch this short video and you will be shocked - Lenders Profit by Foreclosing! Why should they help Homeowners? See Video.
2. The Net Present Value Test (NPV) - The FDIC and FannieMae have set guidelines to determine what course of action will benefit them most. Check out the following information from the FDIC and FannieMae:
   FDIC Manual about the NPV Test
   FannieMae Servicing Guide
3. Most Americans are unaware that lenders have Insurance on many Mortgages to protect them against a loss. Why should the Bank/Mortgage Company help a Homeowner when they can simply file an insurance claim and be paid by the Insurance Company?
   
   There are 3 main types of Mortgage Insurance:
   1. PMI (Private Mortgage Insurance): This coverage is required for conventional mortgages with a loan-to value ratio that is higher than 80%. When a lender suffers a loss, they can file a claim and collect from this policy. The problem for the Homeowner is that the Insurance Company now can pursue the Homeowner for the deficiency balance. (The "deficiency Balance is the amount still owing after the property is sold and all of the expenses have been paid such as Legal Fees, Realtor Commissions, Title Insurance, Taxes, etc.)
   2. FHA or VA Loans: Both of these Government Sponsored Loan Programs require Mortgage Insurance that basically works the same way as the PMI described above.
   3. Mortgage Pool Insurance: This is the one that relatively few people know about. You have probably heard that Banks and Mortgage Companies often sell or Transfer Mortgages. The Big Banks and Wall Street frequently bundled "pools" of hundreds or even thousands of mortgages together and sold them as investments. Common names for these investments are "Mortgage Backed Securities "(MBS), "Collateralized Debt Obligations" (CDO's), or "Credit Default Swaps" (CDS) just to name a few. I find "Credit Default Swaps" to be a particularly interesting name - These "investments" were sold read more...

 

This is a simplified explanation of what happened (and continues to happen), but now you know another KEY REASON THAT BANKS ARE NOT HELPING HOMEOWNERS like they should. It is much easier for them to collect the Mortgage Insurance money. The problem with this is that the Homeowner in default now owes the Insurance Company instead of the Mortgage Company/Bank. Most State Laws allow *"deficiency rights" which means the Lender (or the insurance company who stands in the lender's place) can pursue the Homeowner for their loss.

*(The "deficiency Balance is the amount still owing after the property is sold and all of the expenses have been paid such as Legal Fees, Realtor Commissions, Title Insurance, Taxes, etc.)

Foreclosure Laws vary by State: Click on the "Foreclosure Law" Tab at the top of the Homepage for information about your state's Foreclosure Laws.

 

The Solution - A Mortgage Audit

Virtually ANYONE WITH A MORTGAGE should consider getting a Forensic Mortgage Loan Audit, even if there is no hardship or any other problem paying the mortgage payment. Mortgages are very complex and the majority of outstanding mortgages have at least one error or violation of Federal or State Laws according to a FDIC Study. Relatively few people or organizations are qualified to audit these complex documents. This commentary has only addressed the "tip of the iceberg" regarding mortgage problems.

 

Other areas of concern include, but are not limited to:

• Overcharges of Mortgage Interest or other costs - You may be entitled to a refund for these overcharges. Our ARM-Advantage Audit is a separate service that can be ordered alone.
• Securitization of the Mortgage - There have been many documented cases where the "foreclosing entity" does not have the legal authority to foreclose. Lenders were careless about their paperwork and procedures; their security interest was not properly recorded in many documented cases. This is particularity true for mortgages where MERS (Mortgage Electronic Registration System) is shown as the "nominee". Many foreclosures name MERS as the party who is foreclosing and there is litigation in a growing number of states that essentially says that NO PARTY to the mortgage has the legal authority to foreclose!
• Inflated Appraisals - A Forensic Appraisal Audit is an examination of the Comparable Sales used to determine the value of the property. Evidence that the "value was improperly inflated" may be additional proof of Predatory Lending. We can help. This is an optional audit that can be ordered alone or together with another audit
• Mortgage Fraud - There are countless types of Mortgage Fraud. Examples: Altered documents, forged signatures, misrepresentation, inflated appraisals, and much, much more

Since the FDIC and other sources found over 80% of mortgage have at least one violation or other error, it just makes sense to have your documents audited. The Mortgage Professionals on our team can identify these violations which will help you get what you deserve.

 

Audit Prices

• Standard Forensic Mortgage Loan Audit - Fixed Rate Note: $425
• Standard Forensic Mortgage Loan Audit - Adjustable Rate Note: $495
• ARM-Advantage Audit - an audit of all payments made to check accuracy $475
• Forensic Appraisal Audit: $550
• Full Manual Audit including Predatory Lending and Mortgage Fraud Examination; a complete, line-by-line, page-by-page, manual examination of all loan documents: Priced individually based on the complexity of the case. No two are alike.Call (734) 756-6050 for a free, no obligation quote. Our Full Audit includes our Standard Audit Report at no additional cost.

 

Ready to Order? - Click here to order an audit

 

Have you already been turned down for a Loan Modification Short Sale?  Are you tired of trying to get your lender to help you, only to be told NO or face endless delays?  You are not alone and our Forensic Mortgage Audit can dramatically change the situation in your favor.  It can put you in a much stronger position to get what you want or need.  Without a Forensic Mortgage Audit, you are in a weak position and are virtually reduced to 'begging' your lender for help.  An Audit can also help you avoid or stop a foreclosure, even if it has already started.

If you can't afford to keep your home, the results from a Forensic Loan Audit can be a tremendous advantage when negotiating a Short Sale or even a Deed-in-Lieu of Foreclosure.  Many states allow a lender to pursue the borrower for any deficiency balance that remains after the property is sold.  The results of the audit may induce your lender to 'forgive' the balance and also avoid the damage a foreclosure can have on your credit rating.  Many lenders made 'predatory' loans and took advantage of unsuspecting homeowners by charging excessive rates and fees.

This can be your opportunity to get justice by using the violations we identify as leverage against your lender.  The results can be amazing. You do not have to be past due on payments or even have a hardship in order for a Forensic Mortgage Loan Audit to be beneficial!  An audit could help you get a much more favorable Loan Modification than would otherwise be possible. A Loan Modification can lower your interest rate to as low as 2% and can even reduce your Principle Balance as in the example.  (Balance was permanently lowered from $170,000 to $88,823)!                    

Click here to see an actual Loan Modification we completed.

 

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