Finance & Investment Articles - Prevent Foreclosure with a Forensic Loan Audit
While it is true that loan modifications can ease the problem of keeping up with your monthly payments on your mortgage, there is still one big problem with loan modifications-the lender will still need to approve the loan terms before any much-needed changes can be confirmed. Most lenders would prefer to deny a loan modification and let the home fall into foreclosure. For those who are facing a foreclosure, there is another option known as a forensic loan audit. A loan audit is an overview of loan documents to find federal and state violations. The earlier a forensic loan audit is performed, the more it can help a homeowner.
Many struggling homeowners attempt a loan modification because they believe it is their only option of saving their home. They do not realize that they were victims of predatory lending and that their home may have been purchased with falsified documents or mortgage fraud.
A loan modification approval from the lender may help save the homeowners home, but it doesn't thoroughly investigate the homeowner's loan documents for signs of fraud and predatory lending. Therefore, a homeowner may find themselves in the same position years down the line. A forensic loan audit is the only way a homeowner may seek the help of the law to save their home.
If a homeowner believes they have been a victim of predatory lending, which includes elder abuse, falsified loan documents or misleading actions on the part of the lender to get the homeowner into a loan, the homeowner should seek out the services of a reputable and experienced loan auditing company.
Related Tags: mortgage, foreclosure, loan audit
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