If you have faced or are about to face a foreclosure and or you’ve been trying for loan modification, you might have come across the ‘Forensic Loan Audit’. What actually it is and does it really help you?
As claimed by loan modification companies, it’s a way to have leverage to borrowers in obtaining a Loan Modification faster and with very little hassle. In fact, a Forensic Loan Audit is a process that involves proper examination of all of your loan documents. On finding violations within your loan documents you can have advantage under the Truth In Lending Act or the Real Estate Settlement Procedures Act. According to Patrick Pulatie’s article at iamfacingforeclosure.com, “These pieces of Federal legislation are the guidelines for lending and the disclosure of costs related to any loan”. Remedies for violations are damages for up to one year, and a Three Year Extended Rescission for specific violations of required “material disclosures”.
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