Professionals dealing with fraudulent foreclosure activities work on fifty percent truth or outright lie and promote their service with the promise to bring relief to people who are on the verge of facing foreclosure. As per The national consumer protection agency, “The Federal Trade Commission”, the latest in the line is homeowners who are financially strapped and use the method of forensic mortgage audit to save themselves from foreclosure.
These homeowners pay an upfront fee to the forensic auditors also known as foreclosure prevention auditors, who, along with forensic attorney go through the documents of your mortgage loan to find out whether your lender has complied with laws given out by the state and the federal government or other lending laws.
The report given to you by the auditor after scrutinizing your documents can be used to speed up the modification process of the loan, avoid foreclosure, reduce the principal on the loan, or can even get the loan canceled. There is nothing beyond the truth. As per FTC and its partners in law enforcement:
– One cannot be hundred percent certain that there will be modification of loan or any other type of foreclosure relief as their documents goes in the hands of forensic mortgage auditor, even though they may be experienced, licensed and legitimate lawyer or professionals.
– There is provision in federal law which gives the homeowner the liberty to sue his or her lender in case there is any error in the documents of the loan. But the lender is not bound to make the payments for loan more affordable, even if the person wins the case in the court.
– In case the homeowner terminates the loan, then he or she is required to return the money that is borrowed, and the end result will be that the person will lose a place to live.
If the homeowner is at default in the mortgage or is facing foreclosure, than it is quite likely that the person targeted by foreclosure rescue scam. It is worth to be aware of the telltale signs and be able to recognize them and report it in time.
Get more info about Forensic Mortgage Audits at Securitization Audit Reports