Forensic Loan Audits
Forensic Loan Audits
A Forensic Loan Auditor, purportedly, reviews your mortgage loan documents to determine whether your mortgage lender violated any state or federal mortgage lending laws when they funded your loan.
We always wondered if these outfits were really helping homeowners. We couldn’t quite figure out how just finding problems with the loan documents, and not actually using that information to defend the foreclosure, was helping homeowners.
Well, the Federal Trade Commission (FTC) has a released a consumer alert, Forensic Mortgage Loan Audit Scams: A New Twist on Foreclosure Rescue Fraud, which states that these mortgage audits are “the latest foreclosure rescue scam to exploit financially strapped homeowners…” The alert goes on to state the following:
In exchange for an upfront fee of several hundred dollars, so-called forensic loan auditors, mortgage loan auditors, or foreclosure prevention auditors backed by forensic attorneys offer to review your mortgage loan documents to determine whether your lender complied with state and federal mortgage lending laws. The “auditors” say you can use the audit report to avoid foreclosure, accelerate the loan modification process, reduce your loan principal, or even cancel your loan.
Nothing could be further from the truth. According to the FTC and its law enforcement partners:
- there is no evidence that forensic loan audits will help you get a loan modification or any other foreclosure relief, even if they’re conducted by a licensed, legitimate and trained auditor, mortgage professional or lawyer.
- some federal laws allow you to sue your lender based on errors in your loan documents. But even if you sue and win, your lender is not required to modify your loan simply to make your payments more affordable.
- if you cancel your loan, you will lose your home and you will have to return the money you borrowed to your lender.
It is our standard practice, as foreclosure defense attorneys, to review ALL documents relating to the purchase and possible foreclosure of your home for potential defenses. We often find ourselves, due to no fault of our own, reviewing and drafting hundreds of pages in a short period of time. This is very labor intensive work, but we take pride in stopping unnecessary foreclosures and providing our clients with an opportunity to remain in their home.
As always, The Foreclosure Defense Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you. We are conveniently located in the heart of Nassau County, Long Island, NY. Contact us at (516) 858-2620 to arrange a consultation with a foreclosure defense attorney.
Default Judgment in Foreclosure
Your lender brought a mortgage foreclosure action and obtained a default judgment against you.
So, it’s game over and you are bound to lose your home to foreclosure, right? Not necessarily!
The scenario usually goes something like this:
Your mortgage lender brought a foreclosure action against you and allegedly had you served with a summons and complaint. You failed to hire a foreclosure defense attorney or respond to the summons and complaint. The lender proceeded with the foreclosure action and obtained a default judgment against you. Now your home is set to be sold at a fast approaching foreclosure auction.
This is not a good situation for any homeowner. However, you may still be able to defend the foreclosure action and save your home from foreclosure. You might even be able to get a loan modification before it is all said and done. To determine if any of this is possible, you need to contact a knowledgeable foreclosure defense attorney immediately. They will determine if there is still time and a chance to vacate the default judgment and defend the foreclosure action.
If you are facing this type of foreclosure or foreclosure in general, we may be able to stop the foreclosure and give you an opportunity to negotiate a loan modification. We were recently successful in stopping a foreclosure auction and getting the homeowner into a foreclosure settlement conference. The lender has expressed an interest in negotiating a loan modification for the homeowner.
Foreclosure Defense Attorneys in Mineola
As always, the Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you. We are conveniently located in the heart of Nassau County, at 393 Jericho Turnpike in Mineola, NY 11501. Contact us at (516) 858-2620 to arrange a consultation with a foreclosure defense lawyer.
Don’t hesitate, call a foreclosure defense attorney today! Because, “It ain’t over till it’s over.” –Yogi Berra.