Benefits Of Loan Modification By An Attorney / Items Found Loan Audit

How does a forensic audit help the homeowner? Mortgage violations are the basis by which your case can be argued with lenders. Generally, the more severe those violations are, the better your chances are of obtaining a favorable settlement. Understanding why the home loan lender Violations-help-lower-payments the benefits of using a loan modification program by our licensed attorney is your best choice. This is where you get the detailed facts that you need to save your home and also to stop the bank from foreclosing on the house.
What I'd like to share with you is that at least 2 or more million mortgages that were funded between 2000-2007, many of these loans were funded unlawfully. During that period, bankers, lenders, mortgage brokers, appraisers and others in the industry have been known to enjoy the benefits of a very prosperous time. Way too many of these people performed their jobs well and honestly, but others performed their duties illegally. Prosecutions are on the rise as these predatory lending violators are being brought to trial.
This is what I feel you should know! Your loan may be unlawful, and you might be entitled to substantial damages whether or not you are currently in foreclosure. A detailed forensic loan audit performed by our attorney's will help to discover any violations of federal, state and predatory lending practices. Approximately 85% of forensic loan audits to date have uncovered violations in the TILA (Truth in Lending Act), Good Faith estimate, RESPA (Real Estate Settlement Procedures Act), and in the Predatory Lending and Real Estate/Mortgage Fraud regulations.
A forensic loan is a detailed investigation of how everything was written of all legal paperwork, transaction data, and other evidence pertaining to your real estate loan that has already been funded by your lender. A Forensic Loan Audit identifies any illegalities performed by the lender, their broker, or other parties in conjunction with the loan. During the audit process, a professional should review your loan to ensure that it meets all legal requirements that were in effect at the time the loan was funded.
Why is this audit so important? This simple and straight forward answer is, loans must be legal to remain enforceable by the lender. Loan violations are serious offenses of federal laws and lenders may face stiff fines and penalties for breaking the laws. For the most part, lenders and banks are firms run by reasonable business people. They understand the financial mess they were creating, and they want to avoid any possible large fines or being faced with expensive litigation. There is a saying with universal application that states that a person who elects to represent himself has a fool for a client. This is not the time or the place to try to test out your negotiating skills. There is far too much at stake.
This settlement can include punitive damages, attorney fees, more affordable loan terms (such as a lower interest rate, lower monthly payments and/or a principal reduction), a delay or prevention of a foreclosure sale and more. When you consider the chances of any lender getting a favorable jury decision in any court in the country, one can understand why the lender might be inclined to negotiate a settlement.
Your best course of action is to hire an attorney who is skilled in mortgage lending and real estate law and especially someone who knows and understand the forensic audit principals. He or she will determine the proper course of action. If your loan is found with mistakes and is considered unlawful you may be entitled to compensation and other awards. At worst, you can be assured of an attractive loan modification on terms more to your liking.
Violations of the Truth in Lending Act carry severe penalties. Most of the recent prosecutions have centered around this document which in recent years was not properly disclosed and/or presented in the loan package. A creditor who violates the disclosure requirements may be sued for twice the amount of the total finance charge on the loan. In the case of a home mortgage, this can be a very significant amount. Costs and attorney's fees may also be awarded to the borrower. This is just one of the many documents the forensic audit team will scrutinize.

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