Mainly when an attorney takes the time to investigate your loan package they are looking to find out if you have been a victim of predatory lending. It is virtually impossible to find these violations on our own without knowing the law and understanding the terminology used is loan documents and contracts. Predatory lending are abusive practices which are used in the mortgage industry that strip the borrowers of home equity and threaten families with bankruptcy and foreclosure.
Predatory lending can be broken down into three categories:
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• Mortgage Origination
• Mortgage Servicing
• Mortgage Collection and Foreclosure
Mortgage Origination is the process by which you obtain your home loan from a mortgage broker or bank. A Loan Audit is generally performed by a licensed attorney and they will search you a complete package to find the following items:
• Any and all applicable federal law violations
• Outline of hidden fees and/or commission earned by your broker or lender
• A complete assessment which can be utilized by the attorney during the loan modification process.
A complete loan document and disclosure audit by underwriting, fraud, and compliance mortgage professionals include a review to find violations in the following areas:
• Truth in Lending (TILA)
• Real Estate Settlements & Procedures Act (RESPA)
• State Violations
Violations will vary from state to state and so it is absolutely necessary to have an experienced attorney perform the investigation for you. You can expect to pay anywhere from $800 to $1200, but is well worth it if your goal is to get the best possible reduction of your mortgage by a professional. Odds are your lender has investigated your account and know where you stand, but if you haven't taken this important step to realizing your bargaining position, you may not get the best deal that you're entitled to. More than half of all our forensic audits (and we've performed thousand's) come back with some fault or error on the part of the lender, giving homeowners the power to negotiate with a clear advantage with the bank.
How Are Compliance Violations Handled?
You may have the right to sue a lender for violations of these new requirements. In a successful suit, you may be able to recover statutory and actual damages, court costs and attorney's fees. In addition, a violation of the high-rate, high-fee requirements of the TILA may enable you to rescind (or cancel) the loan for up to three years. We audit your loan file to see if the ARM was adequately disclosed and we look at whether costs and fees were excessive/predatory.
If we can find a legal violation of any of these statutes you may be able to seek an appropriate remedy in a Court of law. A lender faced with the prospects of an attorney filing a lawsuit is faced with a difficult decision to modify the Client's loan as an act that seeks to take accountability for their non-compliance with serious loan and mortgage laws. The other is to face the prospects of losing in court to a jury that may be largely unsympathetic to these lenders who have largely caused the economic crises we are facing? Let's not forget this bailout is touted as a bailout for lenders. People are not at all happy about this. If we find a serious loan compliance error in your loan files following a loan audit, we will be in a very strong position to compel the lender to give you the loan modification you so badly need.
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