A lot of people got caught up in the sub-prime mortgage spectacle of the last decade because the market was prospering and credit was readily accessible to almost any and everybody. Even those who could not afford a home were impulsively buying homes. As the bottom literally fell out of the real estate market with the extreme drops in prices and home values many hard working homeowners have found themselves in financial chaos and are in desperate need of mortgage modification.
Not everyone qualifies for a mortgage modification. There are a number of factors that must be measured before lenders will agree to modify a loan.
This is when the forensic loan comes into play. Homeowners struggling with possible foreclosure are urged to get a forensic loan audit to verify that their mortgage was done properly when originated. If however, violations are found the home homeowner may have the grounds for a home loan modification case which could stop foreclosure.
A forensic loan audit team is comprised of extremely qualified finance and legal specialists that manage a detailed and comprehensive analysis of a homeowners mortgage documents to find out whether any lender violations took place. The team is specifically looking for missing documents, disclosures, and/or misrepresentations in order to build a case and have the loan terms modified. Fortunately (or unfortunately), with more than 80% of mortgages originating between years 2002 and 2008 it is not that difficult.
Just the point that your mortgage was initiated in this time period clearly does not mean that you will automatically qualify for loan modification. Banks would argue that it was your blunder that you failed to read the fine print and or grasped the mortgage terms entirely.
The good news is you have consumer protection laws on your side, and if the mortgage violates them, that mortgage is looked at as illegal.
A forensic loan audit is an essential tool for your legal practitioner to uncover these violations, which ultimately can easily make a difference between losing your home to foreclosure and keeping your family secure and sheltered.