Forensic Loan Audits for Mortgage Modifications and Loan Workouts

The largest debt anyone will ever owe is usually one's home. A forensic loan Loan Audit opens up the possibility that this debt can be modified. Order your Forensic Loan Audit now.

Tens of thousands of lenders violated laws during the "gold rush" mortgage years of 1999-2006. Did you finance a loan during this time? If so, you may be a victim of predatory lending. Don't be a victim! Know your rights!   Order your Forensic Loan Audit now.

At National Loan Auditors, our primary goal is to keep our clients in their homes. With this goal in mind, we advance the interests of our clients by performing a Forensic Loan Audit and then referring our client to our national network of loan modification and bankruptcy attorneys and specialists. Our attorneys are experts in their field and are able to negotiate with lenders, and when necessary, file a lawsuit and mitigate your case.

Fortunately, many lenders have the goal of keeping their financial losses to a minimum, and this can work out to a favorable end result for not only our clients, but also for for the lenders themselves. Here's why: 

In this mortgage meltdown market, keeping the lenders' losses to a minimum is often best accomplished by keeping a borrower who can at least a major part of the mortgage in the house. Thus, the goals of our clients often meet those of the lenders. While it would then seem easy for borrowers and lenders to come to agreements, reaching the right person at the lenders' offices, as in the one who can make decisions, is often very difficult. We are able to get to the right people and, when needed, to the lenders' attorneys.

Your attorney will negotiate directly with the people at the lenders who can make decisions, and make the most logical ones for both the lender and the borrower.

When negotiations fail, and our client has valid complaints against the lender, your attorney will file suit in court. This gets the lenders undivided attention, and puts us in a position to be heard. Fortunately, the big lenders hire "big name" experienced law firms who understand mortgage laws very well. These seasoned attorneys do not usually hesitate to settle when faced with facts against their client. Thus, many cases will settle before trial, which means less hassle for our client and for the lender.

While we individualize our services for each client, a general overview of what we have to offer is as follows:

· LOAN MODIFICATION SERVICES

What Is a Loan Modification?

This is where the attorney renegotiates your existing contract with the lender. A loan modification is effective when the initial teaser rate has expired, and the new interest rate explodes to ten percent or more. The lender may be willing to extend the teaser rate for a few more years, keeping our client in the home while the lender collects a monthly payment. Smart lenders see this arrangement as better than collecting nothing from a vacant house.

Who Will Handle My Loan Modification?

Our loan modification team consists of attorneys and loss mitigation consultants. While a loan modification can be accomplished without counsel from an attorney, borrowers should keep in mind that the loan they now have was done without an attorney looking out for them. Obviously, the end result was not satisfactory. Moving into a new situation, a loan modification can be considered a "new" loan, because there will be a new contract signed. This new contract will have new terms, and new payments. These new terms and new payments should be completely understood by the borrower, and they should be in the borrowers best interest, and produce a net tangible benefit to the borrower. Our attorneys will fully and accurately explain the new loan terms and payments to you, ensure that the new loan best fits your needs, and that it produces a net tangible benefit to you.

Do I Really Need an Attorney?

There are many people advertising loan modification services on the Internet and through other media outlets. While some of these people may be well-meaning and competent, troubled borrowers need to keep in mind that there is a virtual "army" of out-of-work loan officers, brokers, escrow officers, and underwriters out there looking to make money. Many of these mortgage professionals are the same ones who sold the toxic loans that now need modification. Extreme caution should be exercised when hiring someone to get you out of a bad loan. To avoid falling victim to a predatory lender twice, we suggest hiring a firm that is represented by an attorney, whether from our firm or another.

What Kind of New Terms Can I Expect?

The first thing we tell our clients is that they need to be realistic. If someone owes $700,000 and can only afford a payment of $1,000 per month, and that payment must include taxes and insurance, we set that person straight. That person can not afford their house. What is realistic is to expect fixed payments for anywhere from five to thirty years at an interest rate of between six and seven percent. These are realistic numbers for the borrower and the lender.

Do Lenders Reduce Balances?

Many people think that the lenders should write off loan balances as part of a loan modification, and while we agree, the lenders are just not agreeing to many modifications of that nature at this time. There's a lot of red tape in the process that prevents lenders from reducing balances (for example, the IRS wants to make taxable such written-off debt), even though such an arrangement would be logical. That said, we believe we will see principle reductions becoming quite common as we go into 2009 and the meltdown continues. The Federal government will probably change laws that pertain to this issue and we will post news here.

Will National Loan Auditors Guarantee Results?

No. While that may not be the answer you expected, please understand that there is no way to guarantee a loan modification, short sale, deed-in-lieu of foreclosure, or any other desired result. Any lawyer, firm or organization that does make such a guarantee should be heavily scrutinized, if not doubted. The only guarantee we make is that we perform one of the best "Forensic Loan Audits" in the industry, and you are hiring us to perform this audit, so you can clearly understand your options when it comes to saving your home, walking away from your home, or saving or rebuilding your credit.

We understand the value, both economic and emotional, of your home and your home ownership dreams. We truly want to help people keep their homes, stay in their neighborhood, and raise their families as they had planned. It all starts by conducting a Forensic Loan Audit.

CONSTRUCTIVE FRAUD

Material facts include the terms of the loan, whether there is a prepayment penalty, or any other information which a reasonable borrower would want to know before accepting the loan. Did the broker or loan officer or anyone working for the broker or loan officer fail to disclose any material facts to the borrower?

FRAUD AND NEGLIGENT MISREPRESENTATION

Were any representations, statements, or comments, written or oral made by the loan officer, broker, notary or anyone else which contradicted the terms of the documents? When a mortgage professional makes errors which a reasonably diligent mortgage professional would not have made, he or she may have made a negligent misrepresentation.

EXCESSIVE FEES

We look for Excessive Fees and Improper Charges by your Lender. We also look for Deceptive Abusive Predatory Lending Practices, Excessive Prepayment Penalties, Tangible Benefits to the Borrower, Affordability to the Borrower, Home Mortgage Disclosure Act (HMDA) Data, Broker Fee Agreements, and State and Federal Disclosure Accuracy.

BREACH OF CONTRACT

The note and its attachments are a contract. The broker must follow all the terms of the contract such as the way the interest is calculated, and the penalties it assesses. Were there any terms in the contract which the lender failed to follow?

THE RESULT

Once we determine that you may have been a Victim of Deceptive Lending Practices or any other type of Mortgage Compliance Issue stated above, we will send an official written request to your Lender, on your behalf.