Loan Forensic Analysis
Let Our Team of Mortgage Experts Examine Your Loan
for Truth in Lending Act Violations, RESPA Violations and Fraud
How To Legally Get Out Of Your Bad Loan
When people look for a mortgage they rely on professional advice and the aid of a mortgage broker or lender. The loan process is complicated and most everyone places their trust in the professional that is guiding them through the process.
Unfortunately, many of these professionals placed thousands and thousands of borrowers in loans that they could not afford or in just down right exotic mortgages, that now have become extinct.
Predatory lending is a buzz word that is floating around a lot right now and for good reason. There are thousands and quite possibly maybe a million plus people that have mortgages where the Truth in Lending Act was violated, thus falling under the predatory lending statue. Many can stop foreclosure if they only knew what to look for and how to defend themselves.
Loan Document Audit
This service is a very specialized and imperative in identifying if a borrower is a victim of predatory lending. We review all loan documents and perform a thorough investigation for miscalculations and to determine if the loan terms are accurate, truthful, and met the requirements of the applicable federal statutes.
Our #1 goal is to determine whether there were violations of federal law. If these violations are found, then the borrower may be eligible for complete relief of the predatory loan. This is know as a loan rescission. Meaning the lender takes back the "predatory loan" and awards or credits back to the borrower all interest made on payments thus far, loan origination fees, all applicable lenders fees, penalties and attorney's fees.
This can be done by means of a Loan modification nor a new affordable loan. This allows the borrower to get a new loan with a smaller principle, meaning that the mortgage can be affordable and non-predatory.
The Documents We Need From You
HUD = HUD 1 Closing & Settlement Statement, the 2 page document that breaks
out all the closing cost and shows how funds are disbursed in the
transaction. HUD stands for Housing and Urban Development.
GFE - Good Faith Estimate. The document borrowers must receive within 3 days
of applying for a loan. Typically, it is one page and shows ALL estimated
costs associated with the transaction including interest rate, broker fees
and (ysp) yield spread premium, the "double secret probation" FEE...the fee
the lender pays the broker after the transaction.
TIL - Truth In Lending disclosure document which calculates the APR Annual
Percentage Rate. This is one of the most important documents which show the
true/effective cost of borrowing. This is the one that possesses the most
violations. There are supposed to be 2 issued/disclosed. One B4 the
transaction and one act the closing, post transaction.
Note - Promissory Note....the promise to pay document that shows discloses
the borrower, the loan amount, the interest rate, the loan terms, etc.
Mortgage - The document that provides the collateral for the Note. This is
the document that gets recorded showing the borrower, lender, loan amount,
legal description of the property amongst other really neat legal stuff.
Please contact us for details.