Mortgage and Real Estate Blog

One of the most important steps when it comes to stopping foreclosure is a loan modification, however there are a number of ways in which simply requesting a loan modification isn’t enough. It is essential to take every advantage of the opportunity to create leverage for your clients, and often the best way to create that leverage is through the process of a forensic mortgage audit.

Forensic loan audits create the opportunity to know that a client’s mortgage paperwork was gone through line by line to identify any ways in which Truth in Lending Violations occurred or there were other errors in the process of preparing the loan. In order to effectively argue your clients’ side of the argument for loan modification - and to ensure that the families that you work with will not be forced to compromise the equity that they have build into their homes.

Forensic mortgage audits are going to be far more than just a quick scan of the paperwork and a basic discussion with the mortgage lender; instead, with a forensic loan audit you can be sure that your client is the one who benefits from mortgage modification - and not the lender who already has taken advantage of the situation.

When you are in the business of ensuring that clients are able to stay in the homes that they worked so hard to buy, one of the things that you’re going to be all too keenly aware of is the fact that not all mortgage audits are going to be the same. They simply don’t have the same value.

When you look into having forensic loan audits performed by those auditors who know the law now and what the law had been when the loan was issued, when you know that the mortgage auditor that you are working with is going to be someone who is sure to uncover any existing truth in lending violations in the write up of the loan.

When you are working with the right partner in the process, you are sure to see that not all mortgage audits are going to be the same - and you’ll be able to know that you are giving your clients the best possible service, the service that is going to do more to help them modify their home loans and to stop foreclosure. In other words, what you are going to find is that you are able to provide a far better service when you are being given a far better service.

The mortgage industry is ripe with opportunities for those lawyers who are looking into carving out their niche at this point. With forensic loan audits, after all, you’re like to discover that your clients who are at risk for foreclosure can stop the process completely as a result of errors in their initial mortgage loans; especially if you’re working with forensic loan auditor who knows mortgage regulations in addition to know a bit about working with tricky lenders and consumer rights cases, it’s a good idea to recognize that people need help stopping foreclosure.

Whether you have been building the foundation of your practice on consumer rights or you simply want to be a great advocate and mediator in an area of the law that’s in demand, you’re likely to find that addressing the mortgage industry is a great way to focus your legal services. Similarly, if you’ve been looking for a great opportunity to branch out on your own or even to start your own firm and are still looking for a specialty, you’ll find that loan modification and forensic loan audits are a great direction to head in; they’ll lead you on a path to success.

One of the things that you are going to want to be on the lookout for - especially in times like these in which news about the mortgage market isn’t all that great - is errors in your mortgage. With a mortgage audit, you are going to find that you are able to do more to find out what those errors are - and what you can do about them.

Before you are going to be able to change your mortgage and take control of your situation, you need to know that there’s a good chance that, not only will you be able to save your home, but you might also find that you are due a refund. It’s also a good idea to have a sense of what may indicate a problem with your mortgage:

• Your mortgage was transferred or sold to another company
• You have an ARM
• You’ve made a pre-payment against the principal of your loan at some point in the past
• You are paying for Private Mortgage Insurance

If you find yourself in one of those categories, a mortgage audit is going to help you know that the errors in your loan will be found - and that you’re able to negotiate with your lender.

One of the things that you are going to want to be thinking about if there is a chance that you might be facing foreclosure on your home is going to be mortgage audits. Simply put, you just might find that mortgage audits are the difference between keeping and losing your home.

When should you look into mortgage audits?

1. You should look into mortgage audits if, when you signed on for your mortgage, some of the required information was left blank.
2. You should look into a mortgage audit if you suspect that you are in a position in which the terms of your mortgage were less than legal.
3. You should make an effort to look into a mortgage audit when you want to be sure that you are able to stop foreclosure on your home.
4. You are going to want to be sure that you look into having a mortgage audit - specifically, a forensic mortgage audit - if you want to look into loan modification so that you can reduce your payments or adjust the terms of your mortgage loan.

In other words, whenever you suspect that there are problems with your mortgage and you want to be sure that your bank isn’t taking advantage of you, take the time to look into a mortgage audit.

Mortgage audits can help you to save your home when you are worried that you may be facing foreclosure. The reality, however, is that all mortgage audits are not the same; you are going to need to be sure that you are choosing a company that will be able to give you the commitment that they promise (and then some).

In other words, when you’re choosing a mortgage audit, you are going to want to be sure that you are looking at those who offer mortgage audits. Make sure that you are choosing a mortgage audit company that will know what the laws were like when you took out your mortgage and not just what the laws look like now. Focus on choosing a mortgage audit that will be focused on looking at the finer points of your loan and not just look at the possibility of your losing your home as something that’s important to you. In other words, you want to be able to choose a mortgage audit provider who will focus on your situation and put their full effort into finding issues.

When you know that the mortgage audit company that you choose will be there for you and will be focused on your needs, you will be able to rest assured that if there is a way to save your home they will find it.

There are a number of reasons why home owners make the choice to start looking into mortgage audits is simple: they want to be sure that, because of changes that have been made to their mortgage, they are still getting the deal and arrangement that they had been promised. Mortgage audits can uncover a number of problems with your mortgage - many of which could help to stop foreclosure or even to put more money into your pocket.

If you are going to be looking into mortgage audits, you are going to want to be sure that you are looking at the company that will perform the audit as much as you are looking at the results. A thorough report will help to uncover even the most minor details while the right mortgage audit, you can be sure that you’re getting to the root of the issue - whatever it may be.

Choosing the right mortgage audit matters because it determines how thorough the investigation will be. Choosing the right mortgage audit service is important for a variety of other reasons as well; take the time to discover them for yourself; that’s going to be the only way that you can be sure you’re getting right mortgage audit service.

If you’re uncertain about whether or not your mortgage is everything that you thought that it would be - especially if you are concerned about the risk of foreclosure - you may want to take a closer look at having a mortgage audit.

The first reason is that your loan has been transferred or sold to another bank. Simply put, the more that things change, the more that there is a risk that something could go awry.

Similarly, if you have an adjustable rate mortgage or you have a mortgage loan that is connected with an escrow or impound account (to cover the costs of takes and insurance), you may find that there have been changes made to your mortgage that a mortgage audit could uncover - changes that, quite possibly could mean that you are owed money from your mortgage lender or broker.

In other words, if you have any doubts about the status of your mortgage or there have been any changes made, one of the things that you’re going to want to do is to look into mortgage audits so that you can be sure of where you stand. After all, without a mortgage audit, you’re not going to know where you really stand.

One of the primary reasons why those who have taken out mortgage loans look into mortgage audits is to determine whether or not the Truth in Lending Act was followed when they received their home loan. The Truth in Lending Act, after all, was put into place in order to ensure that consumers were given accurate information when applying for and taking out a loan - in this case, a mortgage.

The reason that mortgage audits are important when it comes to getting a chance to look at your mortgage is simple: the Truth in Lending Act does not require that there are any set rates or practices that must be followed, it merely states that everything needs to be disclosed up front. A mortgage audit will help to uncover whether, during the course of taking out your mortgage, you were given accurate information.

In other words, if you’re facing challenges with your mortgage, having a mortgage audit can ensure that the rates you were quoted for your loan are the rates that you’re being charged. A mortgage audit can help to identify whether or not the fees associated with your loan exceed those that can be charged. Searches like these will ensure that you are not the victim of predatory lending.

With all the talk that’s out there about the mortgage industry, it’s little wonder that more and more people have questions about whether or not their mortgage was a good mortgage - especially when they find themselves facing foreclosure or their loan is about to reset with skyrocketing rates. A loan audit can help to identify any problems with your loan; loan audits serve to uncover issues that can give you solid ground to stand on if you are going up against your mortgage lender.

A loan audit will identify whether or not the lender acted in good faith; it’s assumed that you lender will not have provided a good loan if you were approved for more than you could possible repay. A loan audit can also determine whether or not the loan you received was the loan that you were told you were signing and that all of the documentation you received was accurate. Similarly, an audit of your mortgage loan can determine whether laws were followed and whether or not you were the one who benefited most from the loan.

While not every mortgage will be found to be predatory or in violation of one policy or another, many home owners will find that they did not receive what was promised to them. A loan audit can help those who were not treated fairly to stop foreclosure, to prevent bankruptcy and, in some cases to receive money that is owed to them by the lender.