Forensic Mortgage Audits: Examining Mortgage Files Originated 2002 2008
A Forensic Mortgage Audit is a complete analysis of all the documents in your mortgage loan file
. The purpose of a forensic mortgage audit is to uncover errors or violation of borrowers rights. Often, errors or violations are unintentional; however, still subject to penalization and liability to the lender or servicer involved at the time of origination.
The findings in a forensic mortgage audit provide leverage for the firm representing the borrower in loan modification negotiations. Errors or violations will compel the lender to make corrections or modifications to avoid being sued. If the borrower really wants to keep their home and can demonstrate the ability to meet their mortgage obligations with reasonable modification, then it is in the lenders best interest to negotiate and modify the terms. This way, everyone comes out a winner.
A fair amount of recent foreclosures are on homes where the owner received a mortgage between the years of 2002 and 2008. This is the period of time that most loan violations occur. Many of these mortgages have very high interest rates or are refinanced home loans and adjustable rate mortgages (ARMs). These loans were issued based on the borrowers current ability to pay; they did not account for the future when the ARM resets and the interest rate spikes. This is one reason loans of this nature are referred to as bad loans.
If your home mortgage was originated during these years, it doesnt mean it was a bad loan; however, it could be in a high-risk category. If you are experiencing financial hardship or facing foreclosure, you might consider speaking to an attorney or firm that specializes in forensic mortgage audits and mortgage modification negotiation. A forensic mortgage audit will increase your chances of reaching a favorable outcome in obtaining a mortgage loan modification.
This article was written by Ralph Mark Maupin, a real estate professional who has been in the industry for over 25 years. My Mortgage Auditor helps distressed home owners in South East Michigan keep their homes by modifying their mortgage to an affordable and sustainable loan. Through diligent representation of homeowners, they negotiate a modification or resolution with lenders. Learn more at http://www.mymortgageauditor.com
by: Nichole Jackson
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