Many loans funded during the “boom” years of 2002-2006 were performed with legal violations. Although only a fraction of the loans were funded with blatant disregard for the law, the majority of loans have significant State and Federal violations resulting from carelessness, greed or just innocent oversight by the lender and/or broker. However, no matter why these violations were performed by the lender, these violations carry EXTREMELY stiff financial penalties for the lender, and can result in SERIOUS legal consequences to the lender, such as forcing the lender to refund all interest paid to date back to the borrower.
Lenders are more likely to respond favorably to modification request when there are violations of State or Federal regulations discovered in your loan package, or current servicing violations. The last thing they want is a law suit. Lender Audit is truly helping those borrowers and attorneys more than any company we know. Lender Audit offers the best price in the industry. It seems many start-up companies and even larger software providers are using the term “Forensic loan document review” very loosely, and we are concerned.
You can find the forensic loan doc review at http://www.youwalkaway.com/. Loans with illegal terms or conditions are not enforceable. Foreclosures resulting from illegal loans are also not enforceable. The foreclosure process is STOPPED when litigation on a questionable loan begins. Mortgage payments are NOT required during the foreclosure or litigation process, although depositing the mortgage payment into a separate bank account is often recommended.
The loan modification process can be frustrating and confusing for many distressed homeowners. If you are considering contacting your lender about a loan modification to avoid foreclosure, you need to get as much information upfront as possible so you will be prepared and able to present your case in the best possible light. Homeowners receive free loan modification forms along with instructions on how to complete them properly. It is very important that borrowers are fully educated on the process before contacting their lender. Borrowers have one shot at getting a home loan modification-get informed before you make a decision affecting your family.
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