subject: Why Homeowners Facing Possible Foreclosure Should Get A Loan Audit [print this page] A loan audit, along with its supportive research often provides a common base where all the associated parties, namely the lenders and borrowers, are made aware of any violations in the initial funding of a mortgage agreement. This is particularly useful to the borrower who may have fallen back on mortgage payments and is facing foreclosure.
If any miscalculations are found to have occurred in the issuing of the mortgage, the borrower's counsel can make a strong case for a modification. A loan audit provides factual evidence and support which can be used to help borrower's in need of better repayment terms, restructuring of new terms, and capital or interest rate reduction.
The other important facet of this type of audit is that it may be needed to help move a non-judicial foreclosure action (currently valid in 29 states), and if required, in any case of jurisdiction, which can immediately stop foreclosure in its tracks. Loans with infractions are not enforceable. Foreclosures resulting from loans with violations are also not enforceable.
Are you behind on your payments?
Is foreclosure a threat?
Are you stressed about possibly losing your home and being forced to uproot your family?
A loan audit may be your best chance of avoiding foreclosure, saving your home, and renegotiating for more affordable terms. How else will you know if your lender or broker committed any illegalities? You positively need a loan audit! A thorough analysis of your original mortgage agreement benefits you and ultimately the lender too. Lenders make their money by lending, not by foreclosing on homes. Believe it or not, your lender hopes for you to keep your home and pay your mortgage on time. They may not be all that happy if your attorney uncovers any infractions, but they will work with you to modify your terms.
