Performing a forensic loan audit involves an extensive and very thorough examination of the entire mortgage file to determine enforceability of the mortgage, note and related documents.
Predatory Lending is a term used to describe unfair, deceptive or fraudulent practices of some lenders during the loan origination process. Predatory Lending refers to dishonest or deceptive practices by lenders who take advantage of borrowers and home buyers. Some of the most common practices of predatory lending include:
Kickbacks to Brokers
Loan Flipping
Steering & Targeting
Unreasonable Prepayment Penalties
Excessive Fees
If you are facing foreclosure and your lender refuses to work with you then a mortgage modification negotiator might be able to help. Even if your lender has told you that you do not qualify for loan modification, if a forensic loan audit uncovers evidence of unfair lending practices, errors or violations, then your lender will be compelled to make corrections or face a lawsuit.
A forensic loan audit will investigate and reveal:
The real terms of your mortgage
Fees and commissions earned by your broker
Excessive fees
Undisclosed fees
Technical errors in your loan documents
Inflated appraised value
Verification of borrower’s ability to repay the loan
A forensic loan audit will look for proper disclosure:
The loan officer must accurately disclose loan terms to the borrower
Borrowers must be notified in writing of their right to cancel the loan
Borrowers must be provided with all federal and state disclosures
A forensic loan audit is a complete assessment of your mortgage file to be used to pursue legal claims against your lender if they refuse to correct or modify your mortgage to affordable terms.
My Mortgage Auditor Forensic Audit Specialists help victims of predatory lending and distressed homeowners with loan modification for a more affordable and sustainable mortgage. My Mortgage Auditor services homeowners in Southeast Michigan, Oakland County, Southfield, Pontiac, Royal Oak, West Bloomfield, Farmington Hills, Wayne County, Detroit, Dearborn, Canton, Livonia, Westland, Macomb County, Sterling Heights, Warren, St. Clair Shores, and neighboring cities and communities.
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