subject: Forensic Loan Audits: Sticking It To Predatory Lenders [print this page] Forensic loan audits can be used to stick-it-to predatory lenders and mortgage brokers who purposely take advantage of borrowers with unsavory or unethical business practices.
A Forensic Audit, also referred to as Forensic Accounting, is the application of accounting methods for tracking and collecting data for the investigation and prosecution of criminal acts such as embezzlement and fraud.
Predatory Lending is a term used to describe unfair, deceptive or fraudulent practices of some lenders during the loan origination process. Predatory Lending refers to dishonest or deceptive practices by lenders who take advantage of borrowers and home buyers.
If you are the victim of predatory lending, you are a good candidate for loan modification and a forensic loan audit. Having a qualified team of professionals examine your closing documents to uncover errors or violations of your rights will add ammunition to be used against the lender.
Forensic mortgage examiners have been successful in getting great results for victims of predatory lending or unfair mortgage practices, including:
Recouping overcharges with back interest
Refund of all interest paid since the origination date
Reduced interest rate and/or longer mortgage term to reduce monthly payments
Compensation based on violations uncovered
Correction of your loan to a prime, fixed-rate based on income prior to the loan
Correction of your loan through Principal Reduction
If you received a mortgage between 2002 and 2008, then you could be a prime candidate for loan modification services. Most violations occurred in loans that were originated during these years. High interest loans, refinanced mortgages and ARMs are the types of loans that created the most problems for borrowers. These are also the loans that are most likely to contain evidence of predatory lending practices.
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 Forensic Audit Specialists at http://www.mymortgageauditor.com help victims of predatory lending practices in Oakland, Wayne and Macomb Counties in South East Michigan.
by: Nichole Jackson
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