What is a Forensic Loan Audit?
A forensic loan audit is a service that is very specialized and imperative in identifying if a borrower is a victim of predatory lending. There is a review of all loan documents and a thorough investigation for miscalculations to determine if the loan terms are accurate, truthful, and met the requirements of the applicable federal statutes.
The #1 goal is to determine whether there were violations of federal law. If these violations are found, then the borrower may be eligible for complete relief of the predatory loan. This is known as a loan rescission.
This means the lender takes back the “predatory loan” and awards or credits back to the borrower all interest made on payments thus far, loan origination fees, all applicable lenders fees, penalties and attorney’s fees.
This can be done by means of a loan modification or a new affordable loan. This allows the borrower to get a new loan with a smaller principal, meaning that the mortgage can be affordable and non-predatory.
“Creating Financially Secure Families”