As a loan modification attorney, you need to surround yourself with people you can trust. One such person is a knowledgeable and professional loan auditor.
A loan auditor is someone who can perform a thorough and comprehensive analysis of a client’s mortgage documents to ascertain whether or not there are any lender violations with regard to applicable case law. With more than 80% of all mortgages containing some kind of lender violation, the chances are fairly high that any client you have facing foreclosure could benefit from a loan audit and if a lender violation is uncovered it will prove to be a valuable negotiating point for you whether you are headed to litigation or not. In the end, it can mean the difference between saving a homeowner from losing a home and keeping a family sheltered.
That’s why a loan auditor could very well be your best friend. Why not give your best friend a call today?
If you are an attorney performing loan modifications then you’ve probably heard this question a few times.
How do you get a fair loan settlement? What do you have to do?
You should know (and you probably do) that there’s not just one thing a homeowner can do to get a fair loan settlement. There are a lot of things he can do and many ways to approach a situation. Every situation, however, is different and calls for a different strategy. As an attorney entering into the loan settlement negotiation role on behalf of homeowners, you’ve got to have more than one weapon at your disposal.
But you want to be sure that one of your weapons is a forensic loan audit. There is probably no tool that a good loan modification attorney can use that will get better results more often. It’s like using a dump truck to poor cement. What else would you use?
Seriously, a loan audit should be your door to the best evidence to use in your client’s favor. A loan document review and audit will uncover which lender violations are the most serious and which ones are the best ones to target for renegotiation. By know that information you can enter loan settlement negotiations from a position of strength.
You know your sick and tired of your mortgage company sending you threatening letters. Now it’s time to do something about it. The latest statistics show that 83% of all mortgages have violations in them. And you might be wondering, “What’s a violation and what does it mean?”
Essentially, it means your mortgage company broke a law. There are case laws that offer specific requirements for mortgage companies to follow and if they don’t follow those requirements then there are penalties. In some cases your mortgage company could be required to refund you some of your money. Here’s what you do:
- Hire an attorney that specializes in loan modifications
- Have your attorney order a mortgage document review
- After your review reveals violations to any applicable state, federal, or local laws, authorize your attorney to meet with your mortgage company to negotiate a loan modification
Pretty simple, right?
It is simple, but there are complex laws that require certain documentation of your mortgage company. The mortgage document review is the one tool that can show any violations, giving you the evidence you need to win in court and/or seek a more fair and equitable mortgage agreement. A qualified attorney can help, but you’ll need the document review to be your leverage.
Litigating a loan settlement claim can get sticky without the right documentation. When you enter into court on behalf of your client you want to have all of the documentation necessary to present your case and get a win for the client. That means uncovering any lender violations that give your client the right to rescind their loan. How do you find that information out? Should you wait for the discovery phase of your court case?
Waiting can be detrimental to your client and to your reputation as a tough lawyer. You need to know the facts before you enter discovery and the best way to get down to the core of your client’s case is to order a forensic loan audit.
The forensic loan audit can tell you several things about your client’s mortgage, including:
- Is it an FHA or non-FHA loan?
- Are there TILA violations that can give your client rescission rights?
- Is it subject to HOEPA law?
- Does the loan provide your client with a net tangible benefit?
- Did your client’s mortgage company make any substantial material claims or misrepresentations that caused your client to enter into a loan that is detrimental to their welfare?
And it can do a lot more. This is just the tip of the iceberg. Bottom line, if you are litigating the case and expect to win, you’ve got to know who your client is doing business with and how they are doing business. The forensic loan audit can tell you that.
Learn more about lender litigation strategy now.