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According to the statistics published by the Mortgage Bankers Association, in America, 250,000 families enter foreclosure every 3 months! Many of them get bogged down by the huge stacks of legal documents provided by lenders to support their claims. The fact remains, however that mortgage agreements should be thoroughly investigated, before giving in to foreclosure. You can opt for a forensic loan audit for an effective review of the mortgage document. Forensic Loan Audit: The Bells and the Whistles Simply put, a forensic loan audit would check whether the lender has abided by the federal and state laws pertaining to mortgages. It will also investigate aspects related to predatory lending, interest rates levied, additional fees, permissible loan value and so on. The idea is to nail the lender in case he has resorted to unlawful practices and fight for a withdrawal of foreclosure, in retaliation. However, auditors often resort to false and almost utopian claims in quest of increased business opportunities. Some of the claims to be steered clear of include: * Forensic auditing will identify all potential frauds committed by the lender. * The audit report is a guaranteed document. * The forensic loan audit process will be 100% free of charge. * The audit report will provide sufficient leverage for doing away with foreclosure completely. * The audit will provide enough scope for loan modification. Therefore, you will be able to reduce your loan principal amount and adjust your interest rates as per your convenience. * A forensic loan audit will provide you with the required advantage for being a part of investor-lender negotiations. * A forensic loan audit will always be performed by an expert. Although there is more than a hint of truth in most of the above statements, there are no absolute facts that can be established here. Forensic auditing would indeed prove beneficial to homeowners in several ways. However, this is subject to condition that proofs and documents are provided in court in support of the claims put forth. A lot would also depend on the expertise of the law firm engaged for carrying out the forensic auditing process. An ideal legal aid would be one who provides you with a true picture of the situation, enabling you to take an informed decision. Seek help from true experts who have been in this business for long enough, rather than self proclaimed ones. Developing a knack for the actual facts and muting out the bells and whistles is the smarter option. For true facts pertaining to forensic loan audit, without additional frills, visit the experienced lawyers at NHCLawGroup.com. Every aspect of the case is discussed with you in great detail right here, leading to informed decisions with respect to future course of action.
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