Posts Tagged "Audit"

A Forensic Loan Audit May Prevent You From Losing Your Home

Posted by admin on Jul 22, 2009 in Mortgages and Loans | 2 comments

It’s estimated that at over 80 percent of mortgage loans either contain some type of error. These errors range from just a simple mistake in math, to  outright fraud and misrepresentation. Since most people have no legal experience with mortgages, they’re totally unaware of any problems.

A forensic loan audit is fairly expensive, so not everyone should decide to get one done just in case there are errors. But, if you’re unable to make your payments and are facing foreclosure, it might be well worth the investment to have a professional audit your mortgage agreement.

Since mortgages deal with an enormous amount of money, even a small mistake can add up to thousands of dollars over the term of your mortgage. When a professional mortgage auditor performs a forensic audit, they scrutinize every detail of your mortgage. They will recalculate all the numbers and look for any information that wasn’t fully disclosed by the lender.

If there are any errors or fraudulent activities found in your mortgage, it can give you the leverage you need to stop foreclosure proceedings. In some cases if the errors total as little as $35, you may be entitled to a full refund of all of the finance charges, interest payments and closing costs that you have paid from the beginning of the mortgage.