When the mortgage crisis hit American property owners complete-force, businesses offering “foreclosure rescue” and “loan modification” companies sprouted like weeds. Most promised troubled homeowners quick fixes for higher costs, and failed to deliver after collecting their cash, leaving households poorer and closer to homelessness.
The new flood of loan audit companies is fueled by the spread of loan modification companies in an try to side step the upfront fees that the states have prohibited these firms from charging. They’re the proverbial “wolf in sheep’s clothing.”
Mortgage Fraud Examiners is a project of Lex Consulting, LLC http://www.instantlawpartner.com. For over 30 years, Lex Consulting has supplied litigation help to attorneys, helping them break into new locations of practice, or delivering specialized advice for complex cases requiring novel approaches to the law. Due to the current housing crisis, Mortgage Fraud Examiners, a group of specially educated attorneys, was created to offer borrowers and the legal community with comprehensive help to help them preserve them in their houses.
Mortgage Fraud Examiners CEO Storm Bradford explains: “Despite the fact that forensic examinations of mortgage transactions can be of substantial value to a homeowner, regrettably, most firms supplying these so-called ‘loan audits’ are nowhere close to qualified to do so. They are performed and sold by persons with no legal education, such as, former actual estate agents, mortgage brokers, or loan processors, who input information into some software system. The “audit” is a useless checklist of the documents provided to the “auditor,” with no data about the legal implications of the documents. It is that old adage on pc software program: ‘Garbage-in, garbage-out.’ We do our forensic examinations mainly for attorneys and their consumers. Knowledgeable attorneys are going to spot a scam ‘audit’ a lot quicker than a layperson. We have to give solutions that withstand the scrutiny and demands of a educated legal eye. You want a certain and unique legal understanding to do a forensic examination of a mortgage transaction a ten-minute software audit is no substitute for 3 years of law school. We’re legal specialists looking for things that application cannot locate, in addition to, we know what to look for!”
“A correct forensic examination inspects the homeowners’ appraisal, mortgage and supporting documents, in the context of the dealings surrounding the creation of those documents, so legal authorities can find out legal defenses a homeowner can use to stay away from foreclosure.
Jonathon Moseley, an lawyer specializing in foreclosures, employs the solutions of Mortgage Fraud Examiners explains, “Mortgage Fraud Examiners aids me identify contract defenses, torts, regulatory violations and other kinds of legal anomalies. The value of a thorough examination of the mortgage transaction is that the examination is done appropriate — with legal accuracy and depth. Sadly, cheap imitators should be avoided. A simplistic, computer software-based forensic audit by individuals with no legal instruction defeats the entire purpose: Cautious evaluation of the entire transaction, to incorporate an evaluation of the appraisal is necessary to prepare a legal defense. The initial step in any contract dispute is to see if the contract is legally valid. Too many lawyers in no way verify whether or not the mortgage is even legally enforceable just before rushing in to tackle a foreclosure. Spending money on a single of these so-called forensic audits is completely wasted because it requires a considering legal expert to discover defects in a mortgage transaction.”
How does a customer spot a genuine loan auditor from an untrained 1? “Ask the right concerns,” Bradford advises. “Ask how they do they conduct the audit- is it software program, or are there particularly trained attorneys spending real time examining the documents looking for contract defenses? If they’re not performing a forensic appraisal that must be a clue. We uncover appraisal fraud in 4 out of every single 5-mortgage transactions we examine. Be wary if they inform you anything vague like, ‘Attorney backed,’ or they are ‘certified loan auditors.’ Either legal specialists are performing the examinations, or not, and there is no schooling or certification method to becoming Joe the Auditor. Somebody could have been a ditch digger last week and doing ‘audits’ this week. Be cautious with a one hundred% guarantee. Guarantees normally usually have loopholes. Home owners need to have to be cautious. You even have attorneys undertaking loan modifications rather of doing what they are paid to do–that is seeking for contract defenses.”
“There actually are a lot of legal possibilities obtainable to home owners facing foreclosure,” Bradford concludes. “But there are no shortcuts to discovering them. Every single claim has exclusive facts, each and every claim has distinct applicable law, and only a legal specialist is going to uncover the answers to support each person borrower keep in their residence.”
Speak to: Mortgage Fraud Examiners
Telephone: 800-540-EXAM (3926)
President & CEO Mortgage Fraud Examiners
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