Predatory Lending is a term used to describe unfair, deceptive or fraudulent practices of some lenders during the loan origination process. Predatory Lending refers to dishonest or deceptive practices by lenders who take advantage of borrowers and home buyers.
A Forensic Audit, also referred to as Forensic Accounting, is the application of accounting methods for tracking and collecting data for the investigation and prosecution of criminal acts such as embezzlement and fraud.
A Mortgage Loan Forensic specialist can provide real and effective options and solutions to people who are victims of unfair, deceptive, predatory mortgage lending practices. They will perform a comprehensive investigation to gather data to be used to turn the tables on your predatory lender. A good forensic auditing service will do more than provide a temporary fix to your situation; they will take you out of your current loan situation and into a more affordable and sustainable loan that will reduce your chances of default.
A team of forensic auditing professionals will review your closing documents in detail as they search for errors, miscalculations, discrepancies and violations of federal and state consumer protection statutes. Data is gathered as they identify fraud, misrepresentation, unfair and deceptive acts, breach of contract, unscrupulous practices and claims under other theories of the law.
Once the investigation is complete and all data is gathered, forensic auditors move full-steam ahead to provide a solution for the fraud victim. They will negotiate with your lender, on your behalf, using their findings as leverage to achieve a settlement. Their main focus of the process is to protect your most valuable asset, your home. The goal is to keep you in your home with a more affordable and sustainable loan.
Good forensic auditors have been known to get some great results for victims of predatory lending or other unfair mortgage practices. It is not uncommon for successful investigating and negotiating to lead to:
Recouping overcharges with back interest
Compensation based on violations uncovered
Correction of your loan to a prime, fixed-rate based on income prior to the loan
Correction of your loan through Principal Reduction
If you feel that you are a victim of predatory lending or if you are having difficulty making your mortgage payments, a mortgage loan forensics specialist will help you negotiate and affordable workout plan so you can keep your home. Audit reviews by forensic auditors verify compliance related to Truth and Lending laws, loan to value requirements, debt to income requirements and predatory lending and usury.
This article was written by Ralph Mark Maupin, a real estate professional who has been in the industry for over 25 years. County Loan Modification Forensic Audit Specialists at http://www.countyloanmod.com help victims of predatory lending practices in Oakland, Wayne and Macomb Counties in South East Michigan.
