I keep getting calls from brokers who are taking in a lot of cash up-front for loan modifications, but then they are having a hard time closing the loan modification with the lender.  I am hearing things like "I am just a broker....I have no clout with the lender" or "it's like I am begging the lender for a loan modification there is no real leverage." 

     I have a question for you, are you gathering your clients loan documents up front and having them reviewed for potential loan compliance errors such as Truth in Lending violations or RESPA violations?

     My law firm conducts forensic loan audits.  I can review your Client's loan files (with your client's consent) and look for potential legal errors.  You have seen the large stack of papers Client's have to sign when they get a new loan.  Each paper generally represents some sort of legal requirement.  From having a signed promissory notes, to propely presenting a HUD-1 statement, to having certain pages initialed and having the proper notary signatures where they are required, there are a lot of legal formalities each loan has to comply with in order to pass legal compliance muster.

    If the lender has short-cutted the process (basically by being swamped with loans during the mortgage heyday), and made legal errors in the process, shouldn't your borrower/client be entitled to call the lender out on their mistakes and demand a fair loan modification?  Isn't the lender obligated to follow the rules as well?

    Here's what I propose, after you sign up a new client and take an advance fee (if you are a California broker you need an advance fee agreement that allows you to do this and which also allows for outsourcing of loan audits - see my other blog post for information on how I can set you up with an approved advance fee agreement for this purpose) and after you obtain their loan documentation, send the file(s) to my law office and have a California real estate attorney conduct a detailed and comprehensive forensic loan compliance analysis on your Client's file(s).

 THE BEST PART ABOUT OUR MORTGAGE LOAN AUDIT SERVICES IS OUR FEES: 

OUR PRICE TO AUDIT BROKER LOAN FILES IS $575.  This is a detailed loan audit that identifies potential lender errors such as Truh in Lending, RESPA, and HOEPA, Failure to Disclose, YSP problems, Broker Failure to Disclose and more.  A Typical audit can run from 10-20 pages and can provide the ammunition you need to accomplish your real estate objectives and may be the document that saves you from foreclosure. 

This price assumes you have a complete copy of your loan file signed at closing of escrow.  If you do not have a copy of these files we can obtain your loan file by making a RESPA demand.  An additional fee of $250 applies in this case and the borrower must sign an authorization form.  The lender has 20 days to comply with our RESPA demand.  There are no guarantees however that the lender will provide us with a copy of your loan file.

GOOD REASONS TO HAVE YOUR LOAN AUDITED BY A CALIFORNIA REAL ESTATE ATTORNEY

(1) You have negotiated your own loan modification and the lender wants you to relinquish your rights in a new loan modification agreement.  Send us the loan modification agreement your lender sent you and have us review it.  At the same time, have your loan audited.  You may be able to negotiate a better deal than you have now.  Would it be worth a $575 investment to potentially save 1% over the life of your loan or to compel a principle reduction if these items are possible?

(2) Even if you are not late on your mortgage (which in today's loan modification market means noone wants to deal with you as far as banks go) have your file audited and see if the tune changes.  After all, if you find a legal error, doesn't that give you a potential right to sue your bank or lender or do you have to wait until you are late on your mortgage to sue your bank?  Keep in mind, in the legal world, statutes of limitations are always running.  Another reason to have your loan audited now.

(3) You are trying to negotiate a short sale and the bank wont play ball.  Would it make sense to identify potential federal loan non-compliance errors in the loan file to literally force the bank to take your deal, or to at least move quicker in getting a deal done?  Think about it.  A forensic loan compliance audit may be just the trick you are looking for.

(4) Broker Junkyard:  Brokers, do you have files sitting on your desk, literally collecting dust?  You want to get them mopving and your Client is basically harassing you wondering what the status of his loan is?  Reccomend a forensic loan audit be conducted by a California and Arizona real estate and loan modification attorney (loss mitigation).  A detailed and comprehensive forensic loan audit just may serve as the catalyst to get the file off your desk and keep the homeowner in their home.

Contact us for more details or to get started today.  Even if you are not yet late on your home loan the time to audit your mortgage loan file(s) is RIGHT NOW. Strict legal deadlines and statutes of limitations may be at play.  For our low cost of $575 you can get peace of mind fairly quick (we normally return out mortagage loan audit results within 7 days in most cases).

*Note: Attorney has sole discretion whether or not to engage in any loan modification work or lawsuit work following any loan audit, and therefore attorney is never obligated to perform any legal work not specifically contracted for in Attorneys retainer agreement.  By accepting any legal work Attorney has no obligation to accept any additional or future legal work including filing any lawsuit(s) or performing any loan modification services and is therefore not obligated to file a lawsuit, perform any addtional legal services not specifically contracted for in Attorney's retainer agreement.

 I will provide a summary of my findings that you can use as leverage (assuming legal errors or deficiencies in the file are detected) against your lender.  For example, you may want to inform them "my outside counsel has detected a RESPA violation.......is it still your position that my client is not eligible for a loan modification or would you like to discuss this in further detail with your compliance department first?"  In addition, you might want to play coy and ask "Isn't a truth in lending violation a pretty serious problem?"  or "I think there are attorneys who take these types of cases on contingency isn't there?"

     The point, with a loan audit performed by a California licensed attorney, you may find that your clients are in a much stronger negotiation position than if you simply go in without such ammunition.

     The other main reason to have a California licensed attorney review your Client's loan file for potential loan compliance errors is that you are facing potential liability in that your Client facing potentially losing their home to foreclosure.  You have collected a fee up front, and promised certain services, and if the file is just sitting on your desk collecting dust, you face potentialy liability if your Client comes back to you (through their attorney of course) and wants to review your files and see exactly what you did on their behalf.  Are you ready to open up your books? 

      Note: By performing an audit we are under no obligation to take your case to pursue a loan modification or to file a lawsuit.  Attorney retains the sole discretion whether or not to file any case.  The audit will be written in such a way that any attorney can review our findings and decide if they want to file a lawsuit on your behalf.

     For more information about our valuable loan modification file auditing service, contact us at:

The Law Offices of Steven C. Vondran (877) 276-5084

California Clients:

620 Newport Center Drive, Suite 1100
Newport Beach, Ca 92660

 Because most of our California loan modification and loan auditing work can be done, and is done, by phone fax and email between us and you we are able to serve our California clients in the following California Counties and Cities

Alameda
Albany
Berkeley
Dublin
Emeryville
Fremont
Hayward
Livermore
Newark
Oakland
Piedmont
Pleasanton
San Leandro
Union City
Amador
Amador City
Ione
Jackson
Plymouth
Sutter Creek
Chico
Gridley
Oroville
Paradise
Angels Camp
Colusa
Colusa
Williams
Antioch
Brentwood
Clayton
Concord
Danville
El Cerrito
Hercules
Lafayette
Martinez
Moraga
Orinda
Pinole
Pittsburg
Pleasant Hill
Richmond
San Pablo
San Ramon
Walnut Creek
Crescent City
Placerville
South Lake Tahoe
Clovis
Coalinga
Firebaugh
Fowler
Fresno
Huron
Kerman
Kingsburg
Mendota
Orange Cove
Parlier
Reedley
San Joaquin
Sanger
Selma
Orland
Willows
Humboldt
Arcata
Blue Lake
Eureka
Ferndale
Fortuna
Rio Dell
Trinidad
Imperial
Brawley
Calexico
Calipatria
El Centro
Holtville
Westmorland
Inyo
Bishop
Kern
Arvin
Bakersfield
California City
Delano
Kern County
Maricopa
McFarland
Ridgecrest
Shafter
Taft
Tehachapi
Wasco
Avenal
Corcoran
Hanford
Lemoore
Lake
Clearlake
Lakeport
Susanville
Los Angeles
Agoura Hills
Alhambra
Arcadia
Artesia
Azusa
Baldwin Park
Bell
Bell Gardens
Bellflower
Beverly Hills
Bradbury
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CalabasCarson
Cerritos
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Commerce
Compton
Covina
Cudahy
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Diamond Bar
Downey
Duarte
El Monte
El Segundo
Gardena
Glendale
Glendora
Hawaiian Gardens
Hawthorne
Hermosa Beach
Hidden Hills
Huntington Park
Industry
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La Canada-Flintridge
La Habra Heights
La Mirada
La Puente
La Verne
Lakewood
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Lawndale
Lomita
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Lynwood
Malibu
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Maywood
Monrovia
Montebello
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Norwalk
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Paramount
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Pomona
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Redondo Beach
Rolling Hills
Rolling Hills Estates
Rosemead
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San Marino
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Santa Fe Springs
Santa Monica
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Signal Hill
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South Pasadena
Temple City
Torrance
Vernon
Walnut
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Westlake Village
Whittier
Chowchilla
Madera
Marin
Belvedere
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Fairfax
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Mill Valley
Novato
Ross
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Mendocino
Fort Bragg
Point Arena
Ukiah
Willits
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Atwater
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Gustine
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Carmel
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Gonzales
Greenfield
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Marina
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Calistoga
Napa
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Yountville
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Grass Valley
Nevada City
Truckee
Orange
Anaheim
Brea
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Costa Mesa
Cypress
Dana Point
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Fullerton
Garden Grove
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Irvine
La Habra
La Palma
Laguna Beach
Laguna Hills
Laguna Niguel
Lake Forest
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Newport Beach
Orange
Placentia
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Seal Beach
Stanton
Tustin
Villa Park
Westminster
Yorba Linda
Placer
Auburn
Colfax
Lincoln
Loomis
Rocklin
Roseville
Plumas
Portola
Riverside
Banning
Beaumont
Blythe
Calimesa
Canyon Lake
Cathedral City
Coachella
Corona
Desert Hot Springs
Hemet
Indian Wells
Indio
La Quinta
Lake Elsinore
Moreno Valley
Murrieta
Norco
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Palm Springs
Perris
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Galt
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Hollister
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Adelanto
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Barstow
Big Bear Lake
Chino
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Colton
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Grand Terrace
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Marysville
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 This is an advertisement and communication pursuant to State Bar Rules.  Offer Applies to California Brokers Only.