Mortgage Audit Service will perform a detailed Forensic Mortgage Audit calculated to expose serious lender legal and non-compliance errors.
A well known lender (whose name starts with a C) of sub-prime loans stated in one of their correspondence letters to Mortgage Audit Service “This loan was submitted as a reduced documentation loan. The guidelines for submitting a loan under reduced documentation are as follows: Employment must be disclosed on the 1003 and the source verified (not the amount). The borrower must have been in the same business, at the same location, for a minimum of 2 years. The stated income was deemed reasonable and consistent with the borrower’s profession or occupation. A verbal verification of employment was completed.
The lender by making these statements has made a very bad blunder, in effect admitting to a fraudulent loan and allowing Mortgage Audit Service to use this – not only with this lender but all other lenders as leverage in restructuring the loan.
The letter goes on to say a number of other things, all of which our audit had addressed. Mortgage Audit Services’ audit is intended to exposes and places the lender on the defensive.
Mortgage Audit Services’ Audit Exposes and Places the Lender on the Defensive Forcing a Restructure of the Loan.
Unlike audits done by “so called experts” (we have copies of these in our office). These audits all have a common format – they’re all done with a software program – all quote the law (as if the lender doesn’t know it) and not one of them forces the lender to restructure the loan.
Our Audit is Based on Finding Violation and Fraud Leaving No Room for the Lender to Escape from these Facts.
Our Audits Have Been Used In Court To Win Against Lenders.
*Documentation Upon Request*
After Doing Thousands of Audits We Thought We Knew It All. But One Of Our Clients Taught Us Something Remarkable!!!
We did Audits on two of our clients’ properties and things weren’t moving fast enough for him, so he took things into his own hands. After consulting with us on the possibility of what he wanted to do we concurred that there was no way he could lose. We won’t reveal exactly what he did but our Audit played the Major part in him getting $8,000.00 dollars in a matter of weeks from his lender. See copy of checks. This money was not the direct result of our Audits; it was the side results of our Audits. What he did can be done by any homeowner and we can show you ABSOLUTE PROOF of how it will work for you. In fact Mortgage Audit Service will pay you $2,000.00 dollars if you don’t receive AT LEAST $2,000.00 and probably much more…
After his win “based on our Audit” he and Mortgage Audit Service developed a plan that can be used by any homeowner. This information is so valuable we wanted a law firm to verify our clients “WIN”. Mortgage Audit Service from time to time trains attorneys in forensic audits and their use as well as doing Audits for law firms.
Before we go any further we want to insert this DISCLAIMER: Mortgage Audit Service does not provide legal advice. Anything you may read or infer is not a substitute for the advice of an attorney.
Over the years we have received thousands of correspondence from almost any lender you can name and their outside law firms. We tell you this because there probably isn’t anything we have not encountered with these lenders.
That being said, we have learned all of their ploys, strategies and deceptions and in so doing like a good boxer we have learned how to counter punch sometimes using what they are attempting to do directly against them.
Then comes along our client who does to the lender what we believe no else has done. When we explained to the law firm what he had done they couldn’t believe why no one is doing this, the ease in how it’s done and how profitable it can be.
As we said this information is too valuable to put on the web site, if you want to know how this will help you’ll have to call and we will have to verify that you are a homeowner.
Lending without due regard for repayment ability is prohibited. Lenders must reasonably believe borrower(s) will be able to make the scheduled payments, considering: 1) current and expected income, 2) current obligations, 3) employment status, and 4) other financial resources other than the borrower's equity in the collateral.
Lenders can be held liable for the actions of brokers.
If your total debt ratio is more than 55%you are in a Predatory Loan. Making a stated income loan for the purpose of avoiding this requirement is prohibited. Find out what your debt ratio is.
Steering a borrower to a loan with less favorable terms than they would otherwise qualify for (based on lender's objective underwriting criteria) is prohibited and could be considered loan fraud.
Violation of California Civil Code § 1632 California Civil Code section 1632 provides, in relevant part: Any person engaged in a trade or business who negotiates primarily in Spanish, Chinese, Tagalog, Vietnamese, or Korean, orally or in writing, in the course of entering into any of the following, shall deliver to the other party to the contract or agreement and prior to the execution thereof, a translation of the contract or agreement in the language in which the contract or agreement was negotiated, which includes a translation of every term and condition in that contractor agreement.CAL. CIV. CODE§ 1632(b).
The Federal law The Truth In Lending Act (TILA) protects you the same way as (California Civil Code § 1632) even if you're in any other state.
If you got a loan between the years 2000 to 2007, a mortgage audit is likely to uncover a wide range of errors in your mortgage which will give you the upper hand in negotiating with your mortgage lender.
Attorneys
“Predatory Loan Documents
and How They Win Cases”
We’re proud to have been selected by the National Business Institute providers of legal and professional education to the legal profession to present our 90 minute Live National Teleconference September 10, 2009 from 11am - 12:30pm PST
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