Melbourne, FL (PRWEB) November 15, 2009
Authorities agree. Four out of five mortgage loans contain serious state and federal violations.

Every single year, an astounding $ 25 billion of American savings is taken in the form of predatory mortgages, payday loans, overdraft loans, tax refund loans, and excessive credit card debt. Predatory mortgages alone make up practically $ ten billion in fraudulent costs, charges, and kickbacks. Undesirable lenders count on shoppers becoming unaware of their rights when it comes to the complicated approach of getting a property loan. The forensic mortgage audit is a powerful negotiating tool being used by home owners with mortgages, borrowers facing foreclosure or those who have trouble creating their mortgage payments. The goal of loan modification is to attempt to negotiate new, much more inexpensive mortgage terms. This is a difficult procedure for the average homeowner who usually has difficulty receiving their lender to cooperate. Mortgage Audits On-line requires the negotiation process to the subsequent level with a new weapon for distressed homeowners to add to their arsenal.
With the buyer in mind Mortgage Audits On-line gives the industries most reasonably priced service at only $ 199 for a complete compliance audit. They also do not sacrifice the quality of the audit or cut corners, most consumers realize that Mortgage Audits On-line provides a superior audit file. With more than 20 years of real estate knowledge from underwriting, title examination and loan processing our employees is equipped to handle any assortment of services.
Mortgage Audits Online performs a forensic loan audit to find out if their lender has violated the Truth in Lending Act, RESPA and HOEPA laws or if they have created any errors in preparing closing documents or neglected to give adequate disclosure. According to the Truth in Lending Act, tiny errors in calculations can enable the borrower to rescind the loan. The threat of an expensive lawsuit will compel the lender to make necessary corrections and/or agree to loan modification. Mortgage Audits On the internet will carry out a full forensic mortgage loan examination to support distressed property owners fight back. Nearly 80 percent of loans reviewed include errors and violations. A lot of loans funded during the “boom” years of 2002-2006 have been performed with legal violations.

The majority of loans have important State and Federal violations resulting from carelessness, greed or just innocent oversight by the lender and/or broker. The objective of the forensic loan audit is not to force the lender into a expensive lawsuit, but rather to compel the lender to negotiate an affordable work out plan so the borrower can hold their home while the lender mitigates their losses. Nevertheless, no matter why these violations have been performed by the lender, these violations carry extremely stiff monetary penalties for the lender, and can outcome in significant legal consequences to the lender, such as forcing the lender to refund all interest paid to date back to the borrower.

For instance, let’s say that over the final two years, you paid $ 25,000 in interest on your loan that contained Federal or State Violations. The lender could be essential to spend you back $ 25,000!

Discover more at http://www.mortgageauditsonline.com or get in touch with a loan Audit specialist at 866-647-3452

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