Forensic Loan Audit Evaluation
Many people have been affected by some pretty bad home loans over the last bunch of years. Some of these bad mortgage loans are even older than that.
The reason people have to get a lawyer to help them with their mortgages when buying a home is because most people either aren’t going to read all the paperwork, or won’t understand everything that’s being said. A housing lawyer is supposed to be there to protect you from any worries as it pertains to your contract. To people in California, Nevada and Florida, you’ve seen how well that worked out for you.
The truth is that your lawyer probably didn’t explain anything to you about your loan. All they usually do is have you come into the office and sign a bunch of papers, and you do it because you trust them to look out for your best interests. Well, that doesn’t always happen, unfortunately. Some lawyers who say they specialize in this field get so many requests that they can’t handle them all. So they go looking for specific items within the contract, that they’ll usually know where to find, and if they don’t see it then they think the contract is good. And, of course, many consumers end up in trouble on the back end.
It turns out there might be something you can do to help you out of a bad situation. You can have what’s called a forensic loan audit evaluation. Basically, there are law practices out there whose only concern is to fully evaluate every line item of a contract to see if it violates any laws of either the state or the federal government. That includes any sneaky language that may have put you in a bad financial strait. And, if they find anything, it’s possible that you can either void the contract, get the contract terms changed, and sometimes you might even get money back from someone.
How does this help your situation? If you’re suffering from mounting debt, or you’re close to having your home foreclosed upon because the payments have increased drastically, for around $500 you might be able to force the people who sold you the house to negotiate with you. If they refuse, and the contract is found null and void, you can move out and no one can come after you for the money. They also can’t foreclose on you because they had you sign an illegal contract. In essence, you could be scot-free and clear of any liabilities and responsibilities. And, once the bank knows this, they may be willing to renegotiate the terms of your deal, rather than have a home on their hands that they can’t even sue to get anything out of it. They also can’t get any insurance payments for default because they’d have to acknowledge the illegal terms in the contract.
The price of a forensic audit evaluation might seem steep to some, but compared to what you might have to lose, it could be the best money you’ve ever spent.
See more:
Why You May Need A Forensic Mortgage Loan Audit
Can A Forensic Loan Audit Reduce Your Mortgage?
Forensic Loan Audit Buyer Beware
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True you don’t need a real estate attorney here in Nevada. Would we have had less foreclosures if one was required? Maybe. Quite often the borrowers here, not the lenders, were the ones at fault, although there is plenty of blame to go around. Hopefully this painful lesson will not be forgotten and won’t be repeated.
Charles@Las Vegas Real Estate´s last blog ..Las Vegas Property Auctions – Deal or No Deal?
Agree somewhat with Charles – many instances of Buyer ignorance caused a good percentage of the mess. The predatory lenders also contributed greatly.
Georgia is one of the few states still using closing attorneys vs. title companies – but Atlanta still ended up as one of the highest ranked foreclosure sites. The attorney – when financing is involved – represents the lender – not the Buyer, not the Seller. A forensic loan evaluation may be just what the doctor ordered here – hire your own, have them analyze your product – then proceed to the closing table with the lender’s attorney – even though it’s picked by the Buyer in most resales.
Augusta GA Homes
Joe Loomer, USN Ret.
Associate Leadership Council, Growth Chair
Keller Williams Realty Augusta Partners
Joe@Augusta GA Homes´s last blog ..If Today Was My Last Day…
Great discussion guys!
I’ve heard this verified from several people, but this is the first time that I’ve heard the lawyers called forensic loan specialists. A good contracts lawyer with a UCC background can find flaws in most mortgage notes. The mortgage note is just a contract, and if the contract is defective then a judge can throw it out. This technique definitely brings the banks to the negotiating table and is helping people get loan modifications in lieu of short sale or foreclosure.
San Diego Homes´s last blog ..San Diego Homes More Affordable
I agree “san diego homes.” I have experience with the forensic audit. we were at an almost 13% loan payment. my husband and i purchased one from a company online. we gave them copys of the loan papers and they gave us an audit a few days later. we also purchased a how to modify kit from the same company and used it to do our own modification. according to the audit results there were a lot of violations. when the bank saw that they were all of a sudden very eager to please. they made several offers before we accepted the modification, which included a 5% 30 year fixed rate loan and a principal reduction of 17,000. we had tried to modify the loan before with no success. the bank customer service was always the same run around. after we got the audit and presented it, we were no longer dealing with the normal customer service but with the banks legal department. it made all the difference. for anyone else looking into it, we got most of our information from http://www.myhomesavingsolution.com. they had lots of information and provided us with our audit very promptly after ordering it.
Sandy – NC
That’s great, that should really help some people out. Always seek proper legal advice though for everything.
It’s not always easy, but I think you should always try to take an active role yourself in any kind of contract with a mortgage. You might need help from expertise but you also need to be involved – almost overseeing it.
Divorce Solicitors London´s last blog ..Free Advice Surgery
I completely agree with the pount that everybody should apply to the housing lawyer before make big purchase. It allows to avoid any complications in future. And the lawyer must give help and advices about how to do.
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Indeed, though the audit is basically extensive and thorough process is being done. It can certainly save you what you’ve got and have them deal with whatever violations that can be found in it. Still, it’s a responsibility one must take before signing any contract. Have it evaluated.
People are living hand to mouth, they doesn’t see the rules or terms for the loans but just go through the process with out any notice. Loan Audit service is good for each Loaning firm.
thanks
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