Cheyenne, WY (PressExposure) March 25, 2009 -- Many troubled homeowners with adjustable rate loans or option arm loans are in trouble getting behind on their payments, which endanger losing their home.
These homeowners are perfect for Forensic Loan Auditing. Forensic Loan Audits performed by an industry expert such as a mortgage broker, real estate agent, loan officer or loan modification rep. An industry expert needs to discover through the process of the forensic loan audit if the lender violated the Truth in Lending Act, or made any mistakes when in preparation for the closing documents of the loan. In addition, many lenders neglect to properly disclose the terms of the loan in question.
Even small mistakes according to the truth in lending act when calculations are made are a violation. Such violations include calculating annual percentage rates or particulars of the loan. If this is discovered through a forensic loan audit, the borrower of the loan has a right to rescind the loan. Thus this rescind threat in addition to a possible lawsuit will give the lender more motivation to work out new interest rate terms with the borrower.
Forensic loan audits are a great way to help borrowers with their loan modifications, it is by far one of the most effective ways to modify a loan. Forensic Loan Audits are in huge demand and will continue to be in the next couple years. Direct Capital Software is hard at work on the next generation of forensic loan audit software to assist you in this tedious process.