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VIOLATIONS found in the Audit Report can be used to:
- STOP FORECLOSURE
- STOP BANKRUPTCY
- RECEIVE REFUNDS
- REDUCE MORTGAGE
- REDUCE PAYMENTS
- And More...
DEFINITIONS of the word "Audit":
A systematic, independent and documented process for obtaining evidence.
A formal examination of an organization's or individual's accounts or financial situation. An audit may also include examination of compliance with applicable terms, laws, and regulations.
The physical review of practice records to determine if the practice has been (and is being) compliant with carrier requirements.
WERE YOU A VICTIM of PREDATORY LENDING?
TYPES of FRAUD AN AUDIT MAY REVEAL:
· Constructive Fraud
· Misrepresentation
· Victim of Bait and Switch
· Straw Buying Victim
· Steering
· Appraisal Fraud
Common Abuses:
Predatory mortgage lending involves a wide array of abusive practices. A brief descriptions of some of the most common are:
- Excessive Fees
- Abusive Prepayment Penalties
- Kickbacks to Brokers (Yield Spread Premiums)
- Loan Flipping
- Unnecessary Products
- Mandatory Arbitration
- Steering & Targeting
- Breach of Contract
NOTE: Several companies are advertising Software to Audit a mortgage. FACT: NO SOFTWARE can complete an audit for accuracy by itself. Software can only trigger certain violations such as correct Rate, Payment and Amortization, not detailed specifics like missing documents, procedural and compliance issues, and much more. Get the facts. We've put it to the test. Ask us about our competative analysis done on the same loan by other organizations.
Only U.S. Lender Audit's team caught the violations others did not! U.S. Lender Audit provides the most accurate and comprehensive forensic loan audit report, with violations NO software can detect. However, the result of the manual forensic audit is then re-audited using a Proprietary technology that is far superior than ANY other company making such claim. Our confidence is backed by our Money-Back Guarantee!
"Three million homeowners with subprime loans are anticipated to enter foreclosure during the next two years, and 2 million of them are forecasted to lose their homes. Another 40 million homeowners will see their home values decline by $200 billion due to nearby subprime foreclosures." -May 07,2008 Center for Responsible Lending
U.S. Lender Audit gives the borrower a fighting chance, providing FACTUAL findings that may be used help alleviate borrowers from the loan's obligations, even if only partially. A reduction possibility exists when violations are found. Lenders eager to cover up wrongdoing are likely to offer modifications that include clauses releasing themselves from liability and removing all of the borrower's defense, claim, counter claim, or any other defense against the lender should a lawsuit or foreclosure occur. Consult with your attorney for details. Protect your rights! Consider our forensic loan audit before you sign on the bottom line for any such loan modification. Know why the HOPE NOW program along with the Emergency Economic Stabilization Act of 2008, "the $700 Billion Bailout" could be the greatest cover up to the improper events and violations that the lenders don't want you to know!
The penalties for failure to comply with the Truth In Lending Act can be substantial. A creditor who violates the disclosure requirements may be sued for twice the amount of the total finance charge on the loan. In the case of a home mortgage, this can be a very significant amount. Costs and attorney's fees may also be awarded to the consumer. A lawsuit must be begun by the consumer typically within three years of the violation, but certain tolling provisions apply giving the consumer more time.
The Truth In Lending Act ("TILA") and the Real Estate Settlement Procedures Act ("RESPA") are violated daily by lenders and mortgage companies. These laws are in place to protect you, the homeowner, but they are often completely disregarded. Your loan is probably unlawful, and you may be entitled to substantial damages whether or not you're currently in foreclosure.
Not only can the Truth In Lending Act be used to immediately stop the foreclosure process (if you currently are in foreclosure), but it also lets you avoid bankruptcy and it puts money in your pocket. Once TILA and/or RESPA violations are discovered in your loan documents, your lender will be eager to discontinue the unlawful foreclosure process and settle the dispute.
Under Section 6 of RESPA, borrowers who have a problem with the servicing of their loan (including escrow account questions or any such questions as to the possibility of fraud or validation of debt), should contact their loan servicer in writing, outlining the nature of their complaint. The servicer must acknowledge the complaint in writing within 20 business days of receipt of the complaint. Within 60 business days the servicer must resolve the complaint by correcting the account or giving a statement of the reasons for its position. Until the complaint is resolved, borrowers should continue to make the servicer's required payment.
A borrower may bring a private law suit, or a group of borrowers may bring a class action suit, within three years, against a servicer who fails to comply with Section 6's provisions. Borrowers may obtain actual damages, as well as additional damages if there is a pattern of noncompliance.
The Lender will have 20 business days per the Real Estate Settlement Procedures Act (RESPA) to respond to the written request and 60 business days to try and settle this matter. In the event the Lender does not act within the timeframe's listed above, you may file "Documented Mortgage Complaints" to all appropriate local, state and federal regulatory agencies, as the servicer would be in serious default!
Protection of Credit Rating
During the 60-day period beginning on the date of the servicer's receipt from any borrower of a qualified written request relating to a dispute regarding the borrower's payments, a servicer may not provide information regarding any overdue payment, owed by such borrower and relating to such period or qualified written request, to any consumer reporting agency (as such term is defined under section 1681a of title 15).
What lies in your loan? Find out by ordering an Audit!
Call us today to get started.
When Does a Borrower Have a Right to Rescind a Residential Mortgage?
The general rule is that a borrower whose loan is secured by his or her principal dwelling has the right to rescind, unless the loan is not intended primarily for personal family purposes or the loan is a purchase money loan. 15 USC §1635(f). There are, effectively, two separate rights to rescind. The first is the three-day right to cancel, which can be exercised by the borrower during the three business days after the loan documents are signed. During this three-day period, the lender should not release loan proceeds or record the security interest. This three-day right to cancel ends at midnight on the third business day after the loan documents were signed. A business day is Monday through Saturday, with certain holidays excluded.
The second right to rescind is the extended right to cancel. The statute of limitations on this extended right is three years; however, it can be tolled for certain reasons, and more importantly, a borrower can always rescind, if the loan is rescindable, if the lender starts foreclosure proceedings.
Under TILA, the extended right to rescind is created when the borrower is not properly notified of the three-day right to cancel or the TILA disclosures are not accurate within certain statutorily defined tolerances.
What happens during the Audit?
The Audit process starts with a thorough understanding of your unique situation. An in-depth interview is conducted to better understand what violations may have occured even prior to funding the loan, and perhaps any federal violations during collections, if you are delinquent. Prior or after review and acknoledgement of your interview, you'll want to gether any documents you have regarding your loan. We will need a copy of your last mortgage statement as well to determine next steps. Most importantly, retrieve a copy of your closed loan documents. The documents issued to you at closing may be okay, but it is advised that a copy of the original signed documents be retrieved from the title company that closed your loan or the closed loan docuemnts the servicer has on file. By sending a certified "Qualfied Written Request" letter to the mortgage servicer, they will have to respond in a timely fashion, or they could be in Federal and State Default. If you are requesting documents through the title company, they may be able to email you an encrypted file, or secure copy of your closed loan documents. Simply make a phone call, and follow up by contacting them in writing to authorize a copy of your mortgage closed-loan documents be emailed or mailed to you. Upon receiving the items, please contact us.
Prior to ordering, we may have you consult with an attorney first to order your audit, depending on your delinquency status. If you do not have an attorney, please let us know, and we may be able to assist you with a completely free consultation and evaluation with an attorney in your area before and after your audit is completed. You and your attorney will additionally receive support from the auditors. The auditors will be accessible for a FREE conference call to discuss the specific findings of your audit, should you or your attorney have additional questions. No other company compares.
At the time of order, please go to the ORDER NOW page to start your account. Upon completion and delivery, it is advised that you consult with an attorney for additinal ways to help your situation and negotiate with your lender for recourse.a better modification, such as a principal reduction, lower interest rates, reestablishment of a new loan with better terms, refund, recission, or quiet title. Know your rights. Know where your stand. Know what lies in your loan.
If you or someone you know has been victimized by an unlawful RESPA overcharge, or if you have any questions about any aspect of RESPA, don't wait. The deadlines for bringing a RESPA lawsuit can be short; if you delay, you could lose your right to bring a claim.
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