Forensic loan audits are becoming more prevalent as many homeowners struggle to deal with tough economic times. If you are experiencing difficulty in making your current mortgage payment, you may be worried about the possibility of impending foreclosure and feel as though you are out of options. A forensic loan audit is one way to take control of the situation and discover solutions that you didn’t even know existed.

Loan auditors thoroughly examine all of the information used in the mortgage loan origination process, checking all documents line by line for validity, and to make sure that the mortgage lender has not unintentionally or otherwise violated any regulatory or lender guidelines. If any violations are found, then your lender may not be able to enforce your mortgage loan under the original loan terms, making you a prime candidate for a loan modification.

Since this process is such a hot topic right now, you’ve also probably seen ads and websites that promise you that “anyone” can do their own loan modification. While this is technically true, it isn’t a good idea for the simple reason that unless you are a loan modification attorney, you won’t have an understanding of the complex legal jargon surrounding this type of mortgage renegotiation. It is very similar to acting as your own legal defense in front of a judge in that it puts you at a distinct disadvantage, both because of your lack of legal experience and because of the legal experience of those on the opposing side.

While anyone can attempt their own loan modification, 80% of these attempts fail, and only a loan auditor can perform a forensic loan audit. It goes without saying that you owe it to yourself to consult with an expert before you struggle to make another payment that you can’t afford, and may, as it might turn out, not really have to pay in the first place.

This entry was posted on Tuesday, March 17th, 2009 at 4:58 pm and is filed under Loan Modification. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.