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Written by 4:52 am Domain

What is Forensic Loan Audit and How it Works?

Let’s say, you bought into the sub-prime mortgage bonanza of the last decade and bought a house or a condo. A lot of people did the same thing as markets kept booming and credit was readily available literally to anyone who would bother to ask.

A desire to have a place you call home is only natural. According to scientific research conducted in the University of Ohio, home owners are more satisfied with their lives, and generally happier. Home ownership is positively associated with physical, mental and emotional health. Children of home owners are more likely to perform higher on academic achievement tests and finish high school. Nothing is wrong with trying to give your kids the best they deserve.

But following a real estate market slow down that translated into sliding prices and home values a lot of American families found themselves in financial hot water, looking around for possible solutions. Many families facing financial hardship or foreclosure decide to opt for forensic loan audit to make sure that their mortgage deal was “kosher”. Any discovered violations could serve as a basis for mortgage modification case that would ease home owners’ situation and/or prevent foreclosure.

So what if forensic loan audit and how it works?

A forensic loan audit team is a group of highly qualified finance and legal professionals that conduct a thorough and comprehensive analysis of clients’ mortgage documents to determine whether any lender violations took place. They are looking for missing documents, disclosures, and/or misrepresentations in order to build a case and have the loan terms modified. Luckily (or unluckily), with more than 80% of mortgages originating between years 2002 and 2008 it is not that difficult.

Just the fact that your mortgage was issued in this time period obviously does not mean that you would automatically qualify for loan modification. Banks would argue that it was your fault that you had not read the fine print and/or understood the mortgage terms completely. Luckily you have consumer protection laws on your side, and if the mortgage violates them, it is being rendered illegal. And forensic loan audit is an essential tool for you or your lawyer to discover these violations, which in the end can make a difference between losing your house and keeping your family protected and sheltered.

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