Articles on Loan Fraud

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Mortgage 'Fix' Not Helpful to Troubled Homeowners

With one in 10 American mortgage-holders at least one month behind on their payments, the Treasury Department is coming up with yet another "fix" for the Great American Mortgage Crisis - which, not surprisingly, will do little to directly help current mortgage-holders.

Under the Treasury's latest proposal, the government would invest tens of billions of dollars to help lower the interest rate on 30-year mortgages to just 4.5 percent, which would be the lowest rate since the early 1960s.

"Wow!" you may be thinking. "Who cares about the mortgage crisis? ...
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posted by MORTGAGE AUDIT SERVICE December 09, 2008 1:59 AM

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A Loan Audit Can Show that Foreclosure Isn't Appropriate

When you are working with clients who come to you because they are facing foreclosure, one of the things that you are going to want to think about is what you can do to address the situation. As a lawyer, you're going to want to be sure that you are turning to loan audits, loan auditors and those processes that are going to be able to bring it all together. Ultimately, what you are looking for when you have a loan audit performed is the ability to show that foreclosure ...
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posted by MORTGAGE AUDIT SERVICE December 09, 2008 1:43 AM

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Out Of Control Fraud

Lenders pay high priced attorneys who will “lie, misrepresent and violate the law” and will do most anything for the mortgage company they are employed by. That being said:

With all of the fraud and deception coming to light during the current foreclosure crisis, it is easy to overlook the massive fraud that has been a standard of the mortgage industry for years. When loans are originated, they are often quickly sold off to large investment banks, which then hire mortgage servicing companies to collect the monthly payments.

These servicers have ...

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posted by MORTGAGE AUDIT SERVICE November 30, 2008 11:49 PM

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ALERT! Mortgage Relief Programs

A government sponsored program to renegotiate Fannie Mae and Freddie Mac loans is set to take effect December 15th. Fannie and Freddie own or guarantee 31 million mortgages, yet the government cannot or will not, estimate how many people will receive mortgage relief. Rather than pose a simple test based on delinquency, the government program requires homeowner’s measure up to the following standards:

The program is limited to owner occupied homes.
Debtors in bankruptcy are not eligible.
The owner must be at least 3 months delinquent.
The owner cannot ...

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posted by MORTGAGE AUDIT SERVICE November 30, 2008 11:19 PM

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