Articles by Nichole Jackson on ArticleSnatch.com

Forensic Mortgage Audits add Leverage for Distressed Homeowners

Tue, 10 Nov 2009 07:26:27 -0500

Forensic mortgage audits are being used as leverage for attorneys and mortgage modification experts to negotiate affordable work out plans with borrowers facing foreclosure. Studies show that at nearly 80 percent of mortgage loans contain State and Federal Violations. Many mortgage loans originated during the years 2001 – 2005 contained legal violations; some were unintentional; some were blatant acts of fraud. The mortgages originated during this time frame were large contributors to the mortgage meltdown which has resulted in a flood of home foreclosures during the last few years. Whether the violations and errors in a mortgage file are just innocent oversights or acts of carelessness, greed or fraud by the lender or mortgage broker, they can carry serious legal consequences, fines and penalties for the lender. In many cases, the lender can be forced to refund all interest paid from the origination date back to the borrower. A forensic mortgage examination is a comprehensive investigation of a mortgage loan file to determine if there were errors or violations of a borrower’s rights under the Truth in Lending Act. When mortgage loans contain errors or illegal terms or conditions, they are not enforceable; **End Summary** Topics: forensic mortgage examination]]> forensic review]]> forensic loa]]>]]> About the Author: ]]> County Loan Modification is the industry leader in forensic auditing and mortgage modifications to help people keep their homes. Their greatest asset is their reputation; their goal to help homeowners, attorneys and loan consultants negotiate a winning solution for all parties involved. http://www.mymortgageauditor.com serves consumers in Oakland, Wayne and Macomb Counties in South East Michigan

Forensic Loan Audit: A Weapon for Distressed Homeowners Fighting Back

Tue, 10 Nov 2009 07:25:26 -0500

Homeowners who have adjustable rate mortgages, are victims of predatory lending, or individuals who are having trouble making their mortgage payments now have a new weapon to add to their arsenal for negotiating power with their lender. What is there to negotiate? Mortgage modification is often a desirable option for homeowners facing foreclosure. Some lenders will agree to modify the terms of the mortgage to make it affordable for homeowners to keep their homes. The reason they will do this is to mitigate their losses. For example, they might reduce the interest rate or increase the mortgage term to reduce the monthly payment rather than proceed with a lengthy foreclosure process and be stuck with a house that they cannot sell in today’s distressed real estate market. Sounds like a No-Brainer – Why would it be Difficult? The process of negotiating a loan modification is often a difficult process for the average homeowner, especially one who is emotionally distressed because they are in danger of losing their home. Just getting the right person on the phone to speak with can be quite a task. **End Summary** Topics: forensic mortgage examination]]> forensic review]]> forensic loa]]>]]> About the Author: ]]> County Loan Modification is the industry leader in forensic auditing and mortgage modifications to help people keep their homes. Their greatest asset is their reputation; their goal to help homeowners, attorneys and loan consultants negotiate a winning solution for all parties involved. http://www.mymortgageauditor.com serves consumers in Oakland, Wayne and Macomb Counties in South East Michigan

Why Perform a Forensic Loan Audit?

Tue, 10 Nov 2009 07:24:11 -0500

Forensic Loan auditing is necessary to determine mortgage loan enforceability in the event of predatory lending or fraudulent mortgage practices. There are several reasons a law firm or mortgage modification company would perform a forensic audit. Performing a forensic audit demonstrate to clients that the company employs a team of professionals who are diligent and thorough in pursuing all available remedies and solutions. The findings in a forensic audit are a critical part of understanding the borrower’s situation and negotiating an appropriate workout. Violations of mortgage guidelines or proof of mortgage fraud or unfair practices will compel a lender to modify a loan even if the borrower does not qualify for loan modification. Performing a forensic audit indicates a company is providing expert services to distressed homeowners rather than one who is operating a foreclosure rescue scam. Federal and State agencies are cracking down on loan modification companies who prey on people who are facing foreclosure by charging high fees for minimal service. When a company performs a complete forensic audit, by reviewing a mortgage file for compliance with consumer protection laws, they are providing something of value to their client. **End Summary** Topics: forensic mortgage examination]]> forensic review]]> forensic loa]]>]]> About the Author: ]]> County Loan Modification is the industry leader in forensic auditing and mortgage modifications to help people keep their homes. Their greatest asset is their reputation; their goal to help homeowners, attorneys and loan consultants negotiate a winning solution for all parties involved. http://www.mymortgageauditor.com serves consumers in Oakland, Wayne and Macomb Counties in South East Michigan

Forensic Loan Audits for Mortgage Modification

Tue, 10 Nov 2009 07:22:35 -0500

Subprime lending practices and economic conditions have led to the mortgage melt-down causing a flood of foreclosures. Mortgage fraud and predatory lending practices have increased, creating a demand for forensic loan auditors and mortgage modification specialists. In order to qualify as a forensic loan auditor who performs a forensic file review one must have a strong understanding of mortgage loan documents and mortgage laws and guidelines at the time of origination. A qualified forensic auditing service consists of a team of mortgage industry experts who specialize in consumer finance law and are skilled in consumer protection regulation. Performing a forensic loan audit involves an extensive and very thorough examination of the entire mortgage file to determine enforceability of the mortgage, note and related documents. When the investigation is complete the forensic auditing team compiles the data and prepares a report outlining all regulatory violations they discover and findings of predatory lending, mortgage fraud or other unfair or deceptive practices. Forensic loan auditors represent borrowers as they negotiate loan related disputes and agree to remedies or compensation for the fraud victim or distressed borrower. **End Summary** Topics: forensic mortgage examination]]> forensic review]]> forensic loa]]>]]> About the Author: ]]> County Loan Modification is the industry leader in forensic auditing and mortgage modifications to help people keep their homes. Their greatest asset is their reputation; their goal to help homeowners, attorneys and loan consultants negotiate a winning solution for all parties involved. http://www.mymortgageauditor.com serves consumers in Oakland, Wayne and Macomb Counties in South East Michigan

Forensic Auditors: Help for Victims of Predatory Lending

Tue, 10 Nov 2009 07:21:16 -0500

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. **End Summary** Topics: forensic mortgage examination]]> forensic review]]> forensic loa]]>]]> About the Author: ]]> County Loan Modification is the industry leader in forensic auditing and mortgage modifications to help people keep their homes. Their greatest asset is their reputation; their goal to help homeowners, attorneys and loan consultants negotiate a winning solution for all parties involved. http://www.mymortgageauditor.com serves consumers in Oakland, Wayne and Macomb Counties in South East Michigan

Forensic Mortgage Audits: Examining Mortgage Files Originated 2002 â 2008

Tue, 10 Nov 2009 07:20:09 -0500

A Forensic Mortgage Audit is a complete analysis of all the documents in your mortgage loan file. The purpose of a forensic mortgage audit is to uncover errors or violation of borrowers’ rights. Often, errors or violations are unintentional; however, still subject to penalization and liability to the lender or servicer involved at the time of origination. The findings in a forensic mortgage audit provide leverage for the firm representing the borrower in loan modification negotiations. Errors or violations will compel the lender to make corrections or modifications to avoid being sued. If the borrower really wants to keep their home and can demonstrate the ability to meet their mortgage obligations with reasonable modification, then it is in the lender’s best interest to negotiate and modify the terms. This way, everyone comes out a winner. A fair amount of recent foreclosures are on homes where the owner received a mortgage between the years of 2002 and 2008. This is the period of time that most loan violations occur. Many of these mortgages have very high interest rates or are refinanced home loans and adjustable rate mortgages (ARMs). These loans were issued based on the borrower’s current ability to pay; **End Summary** Topics: forensic mortgage examination]]> forensic review]]>]]> About the Author: ]]> County Loan Modification is the industry leader in forensic auditing and mortgage modifications to help people keep their homes. Their greatest asset is their reputation; their goal to help homeowners, attorneys and loan consultants negotiate a winning solution for all parties involved. http://www.mymortgageauditor.com serves consumers in Oakland, Wayne and Macomb Counties in South East Michigan

Forensic Loan Audits: Sticking it to Predatory Lenders

Tue, 10 Nov 2009 07:16:37 -0500

Forensic loan audits can be used to stick-it-to predatory lenders and mortgage brokers who purposely take advantage of borrowers with unsavory or unethical business practices. 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. 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. If you are the victim of predatory lending, you are a good candidate for loan modification and a forensic loan audit. Having a qualified team of professionals examine your closing documents to uncover errors or violations of your rights will add ammunition to be used against the lender. **End Summary** Topics: forensic mortgage examination]]> forensic review]]> forensic loa]]>]]> About the Author: ]]> County Loan Modification is the industry leader in forensic auditing and mortgage modifications to help people keep their homes. Their greatest asset is their reputation; their goal to help homeowners, attorneys and loan consultants negotiate a winning solution for all parties involved. http://www.mymortgageauditor.com serves consumers in Oakland, Wayne and Macomb Counties in South East Michigan

Forensic Loan Audits and Reducing Mortgage Payments

Tue, 10 Nov 2009 07:15:25 -0500

Forensic loan audits are not just weapons that attorneys and mortgage modification services use to stick-it-to the bank. They are actually very good tools for the negotiation process when a distressed homeowner is facing foreclosure and they wish to modify their loan terms to have a more affordable and sustainable mortgage. Of course, finding and pointing out the errors do help provide leverage for the loan modification negotiations. Errors in calculation or violation of borrowers’ rights, even if unintentional, are liability issues to the mortgage lender. They are grounds for siding with the distressed homeowner, should they end up suing in court. In most cases, a lender will be compelled to modify the mortgage so everyone comes out a winner. If a homeowner who is facing foreclosure can show that they would be able to afford to make their mortgage payments if the loan was modified, it is in the best interest for the lender to agree. This is especially true in the case where the homeowner owes more than the house is worth; if the lender forecloses, he will likely have problems selling the home and coming out whole. **End Summary** Topics: forensic mortgage examination]]> forensic review]]> forensic loa]]>]]> About the Author: ]]> County Loan Modification is the industry leader in forensic auditing and mortgage modifications to help people keep their homes. Their greatest asset is their reputation; their goal to help homeowners, attorneys and loan consultants negotiate a winning solution for all parties involved. http://www.mymortgageauditor.com serves consumers in Oakland, Wayne and Macomb Counties in South East Michigan

Forensic Mortgage Audits: They are not all the Same!

Tue, 10 Nov 2009 07:14:26 -0500

Forensic mortgage audits are powerful tools for a loan modification attorney; but, they are not all the same! You cannot decide to use a certain company for this service based on price alone. In fact, if the price seems too good to be true, it probably is! The forensic mortgage audit must be performed by a certified forensic loan auditor in order to be of value. There are other elements in a forensic loan audit that you need to be aware of before you pay for the service. A good forensic mortgage audit is a complete examination of every document in your mortgage origination and closing file. All mortgage documents should be reviewed and compared to all relevant mortgage case laws. Though the main purpose is to reveal lender violations, the auditor should not guarantee that they will find errors; it is possible that there are none. Many auditors use special software; however, a forensic mortgage audit should be gone over by human eyes. There is no software that can possibly catch every error. Clients should be provided with a complete written report containing an analysis of all problem areas. **End Summary** Topics: forensic mortgage examination]]> forensic review]]> forensic loa]]>]]> About the Author: ]]> County Loan Modification is the industry leader in forensic auditing and mortgage modifications to help people keep their homes. Their greatest asset is their reputation; their goal to help homeowners, attorneys and loan consultants negotiate a winning solution for all parties involved. http://www.mymortgageauditor.com serves consumers in Oakland, Wayne and Macomb Counties in South East Michigan

Forensic Loan Audits: Donât be Scammed by a Forensic Auditor

Tue, 10 Nov 2009 07:13:03 -0500

Forensic loan audits are a useful tool for mortgage modification services; they add leverage to the distressed homeowner’s negotiation with their lender for loan modification. Unfortunately, like with many other great services, there are scammers who claim to be qualified in performing forensic loan audits. Forensic loan audits must be performed by qualified or certified firms to be of any value. Some companies take advantage of distressed homeowners who are so desperate for help that they will spend hundreds of dollars with a company who promises them a mortgage modification and a complete review of their mortgage documents. People who are working with a loan modification company should insist on a certified forensic loan audit. Beware of companies who offer these services for unreasonably low prices; these companies have not earned their degree in accounting or finance. They use software systems that may not be up to date or capable of catching the numerous errors that could exist. When forensic loan audits are properly conducted by certified, qualified firms, they uncover far more errors, and the end result is a complete report that increases a favorable result with mortgage modification. **End Summary** Topics: forensic mortgage examination]]> forensic review]]> forensic loa]]>]]> About the Author: ]]> County Loan Modification is the industry leader in forensic auditing and mortgage modifications to help people keep their homes. Their greatest asset is their reputation; their goal to help homeowners, attorneys and loan consultants negotiate a winning solution for all parties involved. http://www.mymortgageauditor.com serves consumers in Oakland, Wayne and Macomb Counties in South East Michigan