Forensic Mortgage Audit a Powerful Negotiating Tool

Melbourne, FL (PRWEB) November 15, 2009

Experts agree. Four out of 5 mortgage loans contain serious state and federal violations.

Each year, an astounding $25 billion of American savings is taken in the form of predatory mortgages, payday loans, overdraft loans, tax refund loans, and excessive credit card debt. Predatory mortgages alone make up nearly $10 billion in fraudulent fees, charges, and kickbacks. Bad lenders count on consumers being unaware of their rights when it comes to the complicated process of obtaining a home loan. The forensic mortgage audit is a powerful negotiating tool being used by homeowners with mortgages, borrowers facing foreclosure or those who have trouble making their mortgage payments. The purpose of loan modification is to attempt to negotiate new, more affordable mortgage terms. This is a complicated process for the average homeowner who often has trouble getting their lender to cooperate. Mortgage Audits Online takes the negotiation process to the next level with a new weapon for distressed homeowners to add to their arsenal.
With the customer in mind Mortgage Audits Online provides the industries most affordable service at only $199 for a full compliance audit. They also do not sacrifice the quality of the audit or cut corners, most clients realize that Mortgage Audits Online provides a superior audit file. With over 20 years of real estate knowledge from underwriting, title examination and loan processing our staff is equipped to handle any variety of services.
Mortgage Audits Online performs a forensic loan audit to discover if their lender has violated the Truth in Lending Act, RESPA and HOEPA laws or if they have made any errors in preparing closing documents or neglected to provide adequate disclosure. According to the Truth in Lending Act, small mistakes in calculations can enable the borrower to rescind the loan. The threat of an expensive lawsuit will compel the lender to make necessary corrections and/or agree to loan modification. Mortgage Audits Online will perform a complete forensic mortgage loan examination to help distressed homeowners fight back. Nearly 80 percent of loans reviewed contain errors and violations. Many loans funded during the "boom" years of 2002-2006 were performed with legal violations.

The majority of loans have significant State and Federal violations resulting from carelessness, greed or just innocent oversight by the lender and/or broker. The purpose of the forensic loan audit is not to force the lender into a costly lawsuit, but rather to compel the lender to negotiate an affordable work out plan so the borrower can keep their home while the lender mitigates their losses. However, no matter why these violations were performed by the lender, these violations carry extremely stiff financial penalties for the lender, and can result in serious legal consequences to the lender, such as forcing the lender to refund all interest paid to date back to the borrower.

For example, let's say that over the last 2 years, you paid $25,000 in interest on your loan that contained Federal or State Violations. The lender could be required to pay you back $25,000!

Learn more at http://www.mortgageauditsonline.com or contact a loan Audit specialist at 866-647-3452

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