Home : Blogs : Bob Gammache, CMPS : Bob's Blog

Helping Past Clients With A Forensic Mortgage Audit

I know that both Realtors and Loan Officers have past clients who are either behind on their mortgage or are upside down on their home. Many are looking for help and guidance from their real estate professional. Here is one answer.

My mortgage practice has evolved to include a consulting service for distressed homeowners. I offer a free phone consultation to help people understand which option is the right choice for them and the costs associated with that choice.

Their options may include loan modification, forbearance, a short sale, or even a deed in lieu agreement. The problem is that lenders are simply not modifying loans in any meaningful way because there really is no incentive to do so.

If they are in an ARM, I may suggest a "forensic mortgage audit" to see if the closing documents and deed of trust contain violations of Federal or State law. You may not realize that as many as 80% of all ARMs originated since 2001 contain violations of the many State and Federal anti Predatory Lending laws. If errors are found, a homeowner will have a significantly better chance of negotiating a favorable modification agreement or forbearance on their own without spending thousands on a "loan modification" company.

A successful forensic mortgage audit will force the lenders' hand. When facing their options: modification, foreclosure, litigation, or stiff federal fines and penalties, many lenders will choose Loan Modification as their most financially sensible option.

If they choose legal action against the lender, their attorney will be able to stop any foreclosure proceedings immediately and they can often remain in the home without making payments until the case is resolved.

There are several provisions in the new housing rescue bill signed into law recently that may help by refinancing based on the current value and without credit qualifying. If the homeowners are 62 or older, I have used a reverse mortgage several times to keep people in their homes. Again, without credit qualifying.

The difficulty for most distressed home owners is in understanding which of the confusing programs is the best choice and that is where I can help.

If your clients are interested in this free, no obligation service, I will need them to make a phone appointment. The calls generally last 30-45 minutes and can often be scheduled at a time convenient to them.

The information I will need includes:

•1) The current loan type, balance, payment, and interest rate

•2) I will need to know who the lender is

•3) I will need to know if they have received a Notice of Default

•4) I will need to know their current income

I have a "white paper" on the forensic mortgage audit process and would be happy to share it with you by email. The audits work and we are in fact keeping people in their homes.

Take care and God Bless. We will find a way out of this mess.

Posted by Bob Gammache, CMPS on 01/22/2009 08:41 AM

Comments (10)

Forensic Mortgage Audit in the ActiveRain Channel

forensic mortgage audit

Post is included in group: True Mortgage Professionals
Post is included in group: Short Sale REALTORS®
Post is included in group: Mortgage Originators
Post is included in group: Investors

10 Comments on Helping Past Clients With A Forensic Mortgage Audit

JAN

I hear about this, and don't really understand what you are looking for. I have a client with a negative am loan and they are trying to decide if it's just not worth it. What do you think?

JAN

Karen, literally 100% of the Option Arms we have looked at have contained serious violations of TILA. Useally the APR is wrong and that will often affect the total amount of finance charge. Email me for specifics

FEB

Please send me your white paper report. Also, is it to late to stop the foreclosure if the auction date has been set by the lender? One more question, the bank/lender sent out a notice to the borrower say that they ( the bank/lender) could not find the original note and if she did not protest in 10 days the borrower gave up their right to protest. Is that true?

Thank you,

Sincerely,

Harvey

Harvey. Email me at bgammache@verizon.net so I can respond to you.

APR

I send you an email and I am desperate as I need help ... I would like to ask if you can share that information you have on forensic audit.

I very much appreciate the help

Marisol

My email is bgammache@verizon.net and my phone number is (540) 719-1115 Call or email me. Audits relly are helping

APR

We are three months behind in our mortgage payments since the ARM increased 200 a month. The very first mortgage was a predatory lending with the majority of them in prison. We refinanced after 3 years but that also was for an ARM and it expired in January. Would we be eligible for the "forensic mortgage audit? We want to keep our house and have been contacted by a group that wants 1500 dollars to loan modification, basically they are lawyers who will negotiate. Whatever info you can send me would be greatly appreciated.

JUL

I am looking for a job I can do at home over the Internet. A friend of mine is working for Forensic Mortage Audits & Real Estate Investments. Am I at the right place? If not, do you know anything about the postion as Processor of Loans. Thank you in advance for your help? Joyce howard

AUG

I have been a financial consultant for over 20 years. I have worked for 4 fortune 500 companies from coast to coast. With our economy in the troubled times that we are currently dealing with, I have noticed more and more loan modification scams in the news almost daily. From companies taking money and doing nothing to instructing homeowners to stop paying their mortgage because a modification was going to take care of everything. With all of the negative press as of late, I found myself thinking that there is no way to know who you, as a homeowner, can trust with this process. As a family man myself, I have always considered ones home to be an intricate piece of the American Dream. To be unsure of the security of ones home is to throw into limbo the safety of your family. And as an individual who values that family dynamic I set in my mind to find a way to help. Then it dawned on me, there are many kits available that offer a do it yourself modification kit and I have reviewed most of whats available. The one thing that is lacking from these kits is, in my opinion, the most important thing, the Forensic loan audit or FSLA report. The forensic audit is considered, in my field, the key to a successful modification; it is a full spectrum legal analysis. This basically means, a specialized analyst reviews all of your loan documents for federal violations. When violations are flagged they are prepared in a simple report that is the FSLA or audit. In my experience, federal violations are more common than sliced bread. Actually, over 83% of the home loans in America have several violations. Depending on the severity of these infractions, the lender is liable to a varying degree (documented in Section 6 of the real estate settlement procedures act, RESPA, 12 U.S.C. 2605). It could be as simple as adjusting your rate and giving you the option of a fixed rate or as severe as being fined, losing their license, and paying you 10 times the total interest to be paid on the loan. I have even seen homeowners wind up with the option of a loan rescission which wipes out the loan entirely. Confronted with these facts and my knowledge, I decided to partner with a long time business associate and very knowledgeable friend to put together a package that no one else offers. Our company offers the most efficient and complete home loan modification kit available on the market today. There is no home loan mod kit available that gives you the leverage that ours does. It combines over 20 years of professional experience in the home finance industry into one simple step by step process that was designed to give our customers success. Our forensic report is one of the most advanced in the industry. It has successfully been used numerous times in court against banks and has proved itself time and time again. When combined with our fool proof step by step guide it is the strongest leverage you could ever hope to have when dealing with your lender. our package gives you the do it yourself guide, the forensic report, an amazing bankruptcy guide that even explains how to stop a foreclosure sale after the date has been set, a short sale guide, a complete lender contact pamphlet that gives you the ability to speak with the same people at the bank that the pros do, and all forms you will need to complete the process right down to the fax cover letters.

Please take a moment to review our website @

http://WWW.MyHomeSavingSolution.com

and feel free to contact us with any questions. Our team of experts is looking forward to helping you answer any questions you may have.

Thank you

OCT

I have been performing Forensic Mortgage Loan Audits and have 20 years in the mortgage business. What I have found is that the Audit is a tremendous asset to someone who is in foreclosure and has an attorney and we find Compliance Violations. But just as important are Predatory Lending findings that many Forensic Audits do not uncover. Using only software to discover violations is a nice start, but you have to dig, dig, dig into the transaction and ask yourself these types of questions:

Was the client steered into a loan program they could not afford?

Did the LO or lender benefit by putting someone into a sub prime ARM when they would have qualified for A paper financing?

Was there excessiving loan 'flipping', erasing equity in the name of lowering interest rates a small amount?

You should choose a company that uncovers Compliance, Underwriting, and Transactional errors and violations. That reviews the payment stream and index changes to ensure that they were not over-charged on their payments.

For more information email Scott@acescredit.com.

thanks and Go Pack!

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?