Category Archives: Mortgage Forensic Audit

Foreclosure settlement possibly threatened

The ongoing discussion between the banks and states of a $25 million settlement might be derailed by President Obama’s new expanded plan.

In Obama’s State of the Union address, Tuesday, he shared that he has asked his attorney general to create a special unit of prosecutors to expand investigations into lender foreclosure practices.

JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon said that these investigations could stop settlement talks with the states over foreclosure practices, according to Reuters.

It is not yet clear how these investigations will differ from those already in progress.

If you need help with foreclosure and believe that you might have fallen victim to deceptive foreclosure practices, the Mortgage Forensic Audit can be the right step to take in restructuring your mortgage and saving your home.

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Your Loan Documents May Be The Key To Saving Your Home

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.

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