Forensic Loan Audit

In California earlier this year a company calling itself Federal Loan Modification Law Center (FedMod) hit the spotlight after it was learned that they had not been successful in delivering loan modifications to consumers who were paying them thousands of dollars for their services. FedMod is not the only company to succumb to this temptation.

You can call this practice the flip side to predatory lending. It’s predatory loan salvation - only no one’s loans are being saved. It amounts to financial rape.

FedMod had been a mortgage broker helping people get in over their heads in loans they couldn’t afford. Then, when the loan modification trend started, they started billing themselves as loan modification experts. Here’s what the Modesto Bee reported in July this year:

Despite making promises of relief to homeowners desperate to keep their homes, FedMod and other profit-making loan-modification firms often fail to deliver, according to a New York Times investigation based on interviews with scores of former employees and customers, more than 650 complaints filed with the Better Business Bureau and documents filed by the Federal Trade Commission in a lawsuit against the company.

According to the Bee, FedMod failed to deliver one successful loan modification. That’s unacceptable.

In our view, if you want to succeed in getting your clients the loan modifications they deserve, you have to start with solid information on their loans - the good, the bad, and the ugly. A forensic loan audit is designed to uncover lender violations that could lead to a successful loan modification. It’s about time we rid ourselves of predatory lenders and their friends and help people with real services designed to keep them in their homes. A trustworthy company will offer a full money-back guarantee.