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Using the Forensic Audit for Loan Modification or Foreclosure Relief
Division of Supervision and Consumer Protection’s Supervisory
Actions Taken for Compliance Violations
Results of Audit
DSC identified and reported 9,534 significant compliance violations during 2005. Of the 1,945 financial institutions examined in 2005, 1,607 (83 percent) had been cited with compliance violations deemed significant by the FDIC
Read more at
http://www.fdicoig.gov/reports06/06-024-508.shtml
The BEST way to get your lender to listen to you is by presenting a legal case to them, along with PROOF that they committed ERRORS in underwriting, approving, and funding your loan!
A mortgage CAN be renegotiated under certain circumstances:
• The inability by the borrower to pay
• VIOLATION OF FEDERAL LAW
What Happens During a Loan Modification?
• The rate can be lowered
• The term can be lengthened, lowering payments
• Payments can be amended
• The loan balance can be reduced to a fraction of what the borrower owes
Key factors to qualify for a loan modification would be such that the borrower:
• Still has a stable income
• Desires to keep the property
• Is delinquent in payments
• Is up to date on taxes
• Has monthly income that still exceeds monthly expenses
Why the Lender Audit?
Utilizing the results of the lender audit, and the violations found, can allow ANY borrower regardless of the “Typical Qualifiers”, the RIGHTS to Loan Modification AND MORE! The discovery of factual information provided through a forensic audit of the loan can be used as a negotiation tool. Should you choose to seek an attorney or loan modification kit (both advised), they or you can use the Audit as a leveraging tool. Any litigation proceedings will be used to FREEZE the lender’s current position.
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.
Loans with illegal terms or conditions ARE NOT ENFORCEABLE!
Foreclosures resulting from illegal loans are also not enforceable. The foreclosure process is STOPPED when litigation on a questionable loan begins. Mortgage payments are NOT required during the foreclosure or litigation process, although depositing the mortgage payment into a separate bank account is often considered a gesture of good will. Speak to an legal advisor for details.
When presented with the legal FACTS, lenders are apt to provide the most affordable solution when facing their legal options: modifying your loan, foreclosing your home, paying some high-priced attorneys to litigate, or risk stiff federal fines and penalties. And, furthermore, because of the economic conditions and the high cost of foreclosure to the lender, lenders will choose Loan Modification as the most financially sensible option!
Our forensic loan auditing experts have the industry experience, in-depth subject matter expertise, compliance and underwriting knowledge, and judgment to help you obtain the mortgage relief you deserve!
