IF you have purchased a house in the past 5-7 years with a bank mortgage then you would be wise to have a forensic audit done on all of your closing documents, even if you are current on your payments.
The most common reasons to conduct a forensic loan audit is:
- General Loan Documentation Errors – Real Estate Settlement procedures Act (RESPA) Violations – Truth In Lending Act (TILA)
- Violations – Home Owner Equity Protection Act (HOEPA) Violations – Good Faith Estimate Compliance – Misleading Disclosures –
- Overstated Home Values – Overstated Income In The Loan Application – Lender And Broker Misrepresentations – Usury Violations
- Excessive ARM Adjustments – Excessive Points & Fees – Predatory Lending – Forgery- Loan Flipping
This service is a very specialized and imperative in identifying if a borrower is a victim of predatory lending. You should only consider the services of a company that has a strong legal background, because it is not just a mechanic document review. A forensic auditor should have the skills to perform not only a thorough investigation for miscalculations and to determine if the loan terms are accurate, and truthful, but also the legal skills to identify the applicable federal statute’s violations and understand the consequences which are damaging to the home owner.
The goal of the Forensic Loan Audit is to determine whether there were violations of federal law in your loan documents. IF…predatory lending and origination fraud are found, then the borrower may be eligible for complete relief of the predatory loan (refinanced only) or a very favorable loan modification. A true “forensic loan audit” examines homeowners’ appraisal, mortgage and supporting documents, so legal defenses can be discovered that a homeowner can use to avoid foreclosure. Or to use the law offensively to obtain favorable refinancing on the borrower’s terms, an equitable and fair Loan modification, an approved Short sale, a possible principle reduction, etc..
Spectrum Resources has for over five years continually researched banking actions and court case reactions pertaining to foreclosure and found the tides are turning due to the internet. There is more awareness in people of their consumer rights and the need for the skills of experienced forensic mortgage loan auditors. Even FDIC acknowledges 98% of all mortgages are fraudulent, is yours ?
Spectrum Resources (863) 967-0660 Email: SpectrumResources@tampabay.rr.com
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