When Should You Look into a Mortgage Audit?
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.
