Many homeowners in the United States today have fallen victim to fraudulent or predatory lending practices - and don't even know it.
Homeowners who are upside down on their mortgage and are trying to either have their loan(s) modified or avoid foreclosure are finding that most lenders won't talk to them unless the homeowner can show how there is a benefit to the lender.
This is where Mortgage Audit Solutions can help.
Mortgage Audit Solutions is a nationally-recognized leader in the fight against predatory lending and mortgage fraud. We help homeowners like you get the needed evidence of any malfeasance on your mortgage loan(s) to assist you in getting your loan(s) modified and prevent foreclosure by providing independent and accurate data of the activity that has occurred on your mortgage loan(s) from the date you last purchased or refinanced your loan.
At Mortgage Audit Solutions you will find an unparalleled customer-centric philosophy. We handle every mortgage audit on a case-by-case basis. We strive to ensure that you receive the attention and treatment you expect and deserve. Simply put, we are a results-oriented company who are determined to satisfy your needs and exceed your expectations.
The goal of Mortgage Audit Solutions, simply put, is to create legal leverage! We are the litigation support team! We give your attorney, should you so choose, the tools necessary to sue the lender for damages or pressure them into modifying your loan(s) in your favor.
We may be the best answer to the question, "Can you save my home?"
What can a Forensic Mortgage Loan Document Audit do for you?
In many cases, clients who have hired Mortgage Audit Solutions to perform a mortgage audit, have been able to:
- Avoid foreclosure;
- Have principal reduced;
- Switch adjustable mortgages to a fixed-rate loan; and
- Have payments lowered.
We are on your side and fight to ensure that your rights have not been violated. There are consumer protection laws assisting homeowners' fight against lenders who are trying to increase their payments or foreclose on their homes.
The forensic mortgage audit is a 20-25 page report which gives an in depth review of your mortgage loan documents for compliance with over 335 federal and state mortgage lending laws, including regulatory requirements. Our forensic mortgage audit ensures all mortgages comply with fair lending laws. Any error or omission on the part of a lender or their agents, discovered by our forensic mortgage audit, constitutes a violation. Our forensic mortgage audit verifies compliance with these laws.
The audit will investigate whether the information and calculations provided in your mortgage documentation were fully disclosed and in compliance with federal and state lending laws. We focus on the truth in lending document to ensure that your lender or broker properly disclosed to you the rate, term, fees, and total repayment of the loan for which you applied. We also look to see if any RESPA or predatory lending violations occurred.
For example, on August 1, 2011, Mortgage Audit Solutions found the following data in a forensic mortgage audit:
The final Truth-in-lending Statement in the file was incorrect, as the Annual Percentage Rate (APR) was understated by 10.527%, and the finance charges were understated by $266,867.
Forensic mortgage audits often reveal violations in your loan (mortgage fraud, etc) that can be used to start legal litigation with your lender. Having this leverage means your lender will not only have to listen, but also be held accountable for the laws that were violated and potential mortgage fraud. You may be shocked at how many violations we are able to find using our forensic process. In fact, it is estimated that over 90% of adjustable rate mortgages (ARMs) reveal violations in Real Estate Settlement Procedure Act (RESPA), Truth in Lending Act (TILA), predatory lending, and real estate and mortgage fraud.
One client had his commercial mortgage loan modified because of an audit we performed. As of December 1, 2011, his principal balance has dropped from $880,000 to $450,000, and his interest rate has dropped to 4.750%, on a 40-year loan.
What can a Mortgage Securitization Audit do for you?
Bloomberg reported that Josh Rosner, a well respected financial analyst, issued a client advisory in October 2010, advising of widespread violations of pooling and servicing agreements on mortgages.
Mr. Rosner counseled that although PSA’s require transfer of the promissory notes into the securitized trusts, that hardly ever occurred in the white hot run-up of securitized loans in the last decade. He also says that the mortgage assignments which must accompany each note are routinely ignored or left blank. (This was the major problem in the Ibanez case.)
Mr. Rosner said: “We believe nearly every single loan transferred was transferred to (securitized trusts) in “blank” name. That is to say the actual loans were apparently not, as of either the cut-off or closing dates, assigned to the (securitized trusts) as required by the PSA.”
Mr. Rosner also concludes in this chilling statement:
"There have been a large numbers of foreclosure proceedings where, because of improper assignments, the trust has been unable to demonstrate the right to foreclose. It is thus that we raised concern about the transfer “in blank name."
We do believe it likely the rush to move large volumes of loans may well have resulted in operational failures in the “true sale” process by some selling firms and trustees.
If this “missing assignment” problem is found to have resulted from widespread failure of issuers and trusts to properly transfer rights, there would be appear to be a strong legal basis for the calling into question Securitization.
Ultimately, any potential modification of your mortgage loan hinges upon the audit report's pass-or-fail status. Once the audit is complete, if it is revealed that violations occurred, then you can proceed with a higher level of comfort that your requests from your lender will be more closely watched because they know that if there is malfeasance presented they have additional responsibilities and liability.
This information is not to be taken as legal advice, and should be evaluated by your attorney for clarification and advice.
Please call us at 253-228-8882 or Contact Us for any assistance you need.