Mortgage Loan Audits For Homeowners On Loan Forbearance

Mortgage forbearance is when the organization that manages your mortgage gives you permission to halt or lower your monthly mortgage payments for a set amount of time. It’s crucial to understand that forbearance doesn’t cancel out any of your payments; you will continue to be responsible for any missed or lowered payments.

Forbearance: How Will It Affect Refinancing?

Yes, you are prohibited from refinancing while on forbearance. The precise point is that most institutions will disqualify you from refinancing if you have any missed mortgage payments. However, every person has unique circumstances, and every mortgage provider has various regulations. It is crucial to inquire about your circumstances with mortgage lenders.

How many homeowners profit from forensic loan audits?

If you took out a home loan between 2002 and 2008, there is a considerable probability that your creditors have burdened you with a high-interest loan that you may not be able to repay. This is because the majority of lenders issued high-interest loans, refinanced loans, and adjustable-rate mortgages at this time. Do you believe that the mortgage or loan creditors are violating the law? Your best option is a forensic loan audit.

The fact that mortgages granted during the aforementioned period are referred to as problem loans is not surprising. How come?

It’s because the borrowers couldn’t afford them due to high-interest rates. It should be added to this that more than 80% of all mortgages have some kind of creditor breach. As a result, forensic loan auditing becomes an essential instrument to aid in debt modification and uncover creditor infractions.

Steps you ought to follow before asking for a forensic loan audit?

Maintaining touch with your creditors is preferable to exploring legal options, seeking legal advice, and working with a forensic loan auditing company if you are behind on your mortgage payments.

The first step you should do is to get in touch with your creditors if you start to fall behind on your mortgage payments, find it difficult to continue, or receive a notice of foreclosure. The creditors may bargain a new repayment schedule. However, if this isn’t the case, go ahead and select a forensic mortgage auditing.

Forensic Loan Audit

By employing forensic loan auditors, you can have a thorough forensic loan audit performed for your loan. This auditing comprises a careful examination of your loan to identify any potential legal transgressions that your creditors may have made when issuing the loan to you.

Forensic mortgage auditors are trained to conduct such a detailed analysis of mortgage documentation. As a result, they are able to spot any violations with mortgages. They are the best people to know how to perform a forensic mortgage audit.

Key elements of a successful loan audit

As a result, you have decided to have the loan audit done. Recognize the essential elements of a successful loan audit. Those are:

• Loan auditing should be done forensically or carefully rather than randomly.
• As part of a thorough loan audit, all the documents listed in the mortgage contract should be looked at.
• The evaluated mortgage documents should be compared to all pertinent and applicable mortgage case statutes during an audit.
• Loan audits must be summarized in writing and include an issue analysis.

Without doing the aforementioned actions, your creditors can irritate you by making it challenging for you to make loan alterations. They could try to stall the process by not answering your calls, responding to your inquiries in a different way each time, or employing other strategies.

However, if you provide them with a loan modification audit that also includes evidence of loan violations, you’ll have their assistance. They will voluntarily come up with a plan for your mortgage since the possibility of legal action paralyzes them.

Forensic Audit Guidance For Mortgages

Make sure the audit company you choose for the forensic loan audit has auditors who are qualified to conduct such audits. The company needs to be prepared to work with your forensic loan audit attorney.

As a result, you ought never to take any statements made by a firm at face value. Consumers of house loans are even warned by the Federal Trade Commission (FTC) about companies that hire for-profit “rescue” experts for foreclosures. The debtors are duped by these dishonest specialists, who may even convince them to engage them by promising them false relief. In other words, they benefit from your precarious financial situation.

When engaging with such forensic loan audit companies, your first objective is to spot a scam. The following are signs of a scam, according to the FTC:

• Automatically stop the foreclosure process, which could be helpful if you decide to pursue other alternatives like a loan modification or short sale.
• Discourage you from contacting your creditors, attorney, or credit counselor, all of which are crucial in a situation like this.
• So that the owner can someday buy your home back, I’d like to encourage you to rent it out.
• Demand that their company receives the mortgage payment rather than your creditors.
• Demand that you sign paperwork without fully exposing its contents.

Is a forensic loan audit required if you choose to file for a foreclosure?

You can elect to foreclose on your property rather than restructure your loan if you cannot make your mortgage payments. In this circumstance, it is still in your best interest to conduct a forensic loan audit. This is because the audit will help you understand both your financial condition and any wrongdoings committed by your creditors.

Knowing the violations made by the creditors will enable you to bargain better with the bank and avoid a deficiency judgment. Additionally, this will strengthen your negotiation position with your creditors if you are struggling to make your payments in order to keep your home.

This implies that you ought to reserve this tactic for last. Use it if you think the loan is unfair or that your creditors are profiting unfairly from your predicament. Never use it as a justification for skipping a payment on a debt you are able to pay.

However, a forensic loan auditor and a forensic loan audit attorney become crucial if you decide to pursue loan auditing. You will receive clear information on how to continue from them.