Difference Between Forensic Loan Audit and Loan Modification

Cheyenne, WY (PressExposure) August 03, 2009 -- Of the 2 million or more mortgages that were funded during 2000-2007, many of these loans were financed illegally. During that period, bankers, lenders, mortgage brokers, appraisers and other industry stakeholders both enjoyed very successful. Many of these people have done their job responsibility, while others held office illegally. The prosecution will continue as these predatory lending offenders have been brought to justice.

May contain your loan violations in May and be illegal. And if so, in May you are entitled to damages if you are aware of your mortgage or if you are facing foreclosure. The rules are the same. The law makes no difference. It is estimated that over 85% of mortgages funded during this period, contain a certain type of loan violations. The purpose of a forensic loan audit is ready to look for violations of federal and state lending practices.

The only way to be sure that your mortgage contains irregularities is to conduct a forensic audit ready. In essence, a loan forensic audit is a comprehensive review of your most recent loan package, line by line, page by page. The purpose of the review is to identify all the illegal acts performed by the lender, the broker or any other party, in connection with the loan.

This is important because, for a lender to be able to prohibit a mortgage, the loan must be a legal contract. Ready violations and grave breaches legal donors are subject to heavy fines and legal sanctions for violating those laws. For most, financial institutions are run by rational business people, who understand the financial consequences of their mistakes and generally want to avoid litigation or risk being accused of heavy fines. When they are shown proof of their mistakes and leaning against the wall, lenders are more easily agreed to work on terms more favorable to the owner.

How does a forensic audit to help the owner? Mortgage violations are the basis by which you can argue with the lenders. Generally, the greater the severity of these violations, the greater your chances of getting a favorable settlement. This regulation may include punitive damages, attorney fees, loan terms more affordable (like a lower interest rate, less the monthly payments and / or reduction of capital), a delay or prevention of a foreclosure sale and more. When you consider the chances of finding a lender while favorable jury decision in a court in the country, one can understand why the lender may be willing to negotiate a settlement.

What happens if there are violations of my loan? If a loan audit in May determined that you have been a victim of deceptive lending practices or any other type of mortgage compliance issue, May you have the leverage needed to negotiate with the lender. Many borrowers try to negotiate directly with the lender. In the early stages of changes in loan, many borrowers who did not make representation eventually return to the process of foreclosure, a few months later. Unless you have time, knowledge and negotiating skills, you must hire a lawyer to negotiate on your behalf. Otherwise, your lender, or you are not serious in your intentions and give you a low priority consideration. Anyway you are probably not being made to achieve positive results.

What is predatory lending? Dishonest by many donors, bankers, brokers and their sales force is behind the recent collapse of financial markets. Examples of loans that May be regarded as predatory include pay option arms, stated income loans, bait and switch loans, elder abuse and other type of lending where unscrupulous mortgage lenders and / or banks have taken advantage of the borrower.

If you are serious about saving your home and your life back on track, a Forensic Loanaudit readiness May be exactly what you need. A Forensic Loan audit in May ready to discover some irregularities which in turn give your legal negotiators ammunition they need to develop a modification program favorable loan for you. Many homeowners like you are able to work on lower monthly payments, reducing interest rate principal and even reductions. Your home and family well-being may be at risk. It is up to you and your family to pursue all available options. Remember, the worst thing you can do is do nothing.

About Forensic Loan Software

Thomas A is author of Forensic Loan Software.For more information about Forensic Loan Audit visit http://www.forensicloansoftware.com

Press Release Source: http://PressExposure.com/PR/Forensic_Loan_Software.html

Press Release Submitted On: August 02, 2009 at 10:09 pm
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