Did you know that there is an 80 percent chance that your loan may contain civil law violations?
It is very difficult to restructure mortgages yourself.
It’s difficult to restructure mortgages yourself. Photo by Charleston Foreclosure Blog.
Only a very small percentage of homeowners, who apply for loan modifications with their lender, are in fact approved.
In a study done by ProPublica last spring, they crunched numbers from major lenders including Bank of America, Litton, JPMorgan Chase, CitiMortgage, GMAC and Ocwen.
What they found?
On average, only about 20 percent of their customers had a successful loan modification completed, through them.
There are specific laws and guidelines that must be followed when a lender underwrites and funds a mortgage. If your lender failed to stay within those guidelines, set by federal and state lawmakers, you could have a very strong legal case.
The Mortgage Forensic Audit is the key to uncovering these predatory lending practices. When uncovered they can be used to negotiate a more affordable mortgage payment.
The audit reviews the documents for compliance with over 335 federal and state mortgage lending laws including regulatory requirements related to the Truth in Lending Act (TILA), Home ownership and equity protection act (HOEPA), Real Estate Settlement and Procedures Act (RESPA) and 19 others.
Help with foreclosure is possible, and your own loan documents may be all it takes to lower your payments and save your home.