Advice Articles - Who Benefits from a Loan Audit?
During the seven year span, it has been estimated that upwards to 90% of mortgages funded may include lending violations. Forensic loan audits will take an in-depth analysis of a homebuyer's current loan documents and check for federal and standing lending violations. If there are any violations discovered, those involved will be brought to court for prosecution.
A way to catch predatory lending is to find unlawful terms and violations in mortgage documents and procedures. This includes existing mortgages with updated monthly payments or those that are heading into foreclosure. At this point, it would benefit the homeowner to undergo a forensic loan audit. Forensic loan audits thoroughly investigate loans and the terms that come with them to see if any violations were committed. After the violations are discovered, the borrower is entitled to damages. What is a Forensic Audit?
Forensic loan audits are comprehensive to ensure nothing is overlooked. Lenders are unable to properly foreclose a property if they have violated home loan and mortgage laws. In most cases when a discrepancy and a violation is discovered, lenders would rather avoid the litigation for many different reasons (cost, time consumed, bad publicity) and may choose to settle with you on reasonable changes.
How exactly does a forensic loan audit benefit a borrower? The answer is simple. The lender is automatically liable for any violations discovered on your loan terms. Discrepancies and violations become the borrower's leverage against the lender in going for a better settlement. It is important to determine if you have been a victim of deceptive lending practices or if you
It is important to get professional assistance when settling with your lender to clear up any confusion. Seeking assistance lessens the chance of a failed settlement and possible foreclosure, therefore resulting in a wasted audit and wasted time.
Related Tags: mortgage, home loan, loan audit
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