Nearly every person across the US is feeling the effects of the current mortgage disaster; even if they themselves have not been affected, chances are they know someone who has. As the threat of foreclosure seems to be where things are going, more and more people are presenting their cases to Mortgage Auditors in an effort to avoid the foreclosure.
A Mortgage Audit is an in-depth analysis of all documentation corresponding to a real estate loan, including contracts, records, and actions taken by both lender and borrower. The objective of a mortgage audit is to locate any mistakes, violations, erroneous charges or deceptive practices that may have taken place while the mortgage was conducted, and it will also establish if the mortgage is in compliance with federal and state banking regulations. With the assistance of Mortgage Auditors and their mortgage auditing services, tens of thousands of home-owners are fighting foreclosure, and many are winning.
Take, for example, the Mosby family of Miami, Florida, who after being foreclosed upon, had their contract audited, took their lenders to court under the Federal Truth and Lending Act, and were awarded their house back, mortgage-free. While not everyone has been able to achieve such amazing results, as the result of an audit, it has been found that over 80% of homeowners are eligible for a refund of some kind, 11% in excess of $10,000.
One of the key contributions to the current mortgage disaster was the widespread acceptance of loans with adjustable rates, sometimes multiple loans for one borrower. While in the short run it seemed to present potential homeowners with a window of opportunity, the margin for miscalculation presented a multitude of problems later.
Difficult contracts with pages of fine print allowed lenders to take advantage of ill-informed borrowers. Most homeowners are regular people who may not understand every aspect of the contracts they sign, and often have no idea that violations are happening right under their noses.
The most common violation occurs during the initial closing stages in which lenders understate prepaid finance charges. Other violations include overcharges on rate adjustments, mathematical errors and if the lender selects the wrong index value or mistakenly credited extra principal payments. Identifying these violations, as well as others, as the result of a Mortgage Loan Audit can result in a refund of all finance charges, closing costs and interest payments, sometimes upwards of tens of thousands of dollars.
One down-on-his-luck borrower missed a number of payments of his $250,000 adjustable rate mortgage. After a mortgage loan audit, however, it was found that the bank had miscalculated his payments and owed him over $30,000. A Denver homeowner’s mortgage loan audit found almost $40,000 in overcharges, which the lender refunded to him. Another mortgage audit conducted for a borrower in Maryland discovered numerous errors in the bank’s calculations, entitling him to a $12,000 refund. The success stories continue to pour in, all testimonies to the value of Mortgage Audits for homeowners facing foreclosure, and even those who aren’t.
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