Name

Michael Richardson

Company

Preventmortgagefraud.com

E-mail

Contact Michael Richardson (Preventmortgagefraud.com)

Website

http://www.preventmortgagefraud.com

Office Phone

(303) 482-2496

Fax

(303) 664-1588

Address

Golden, CO, 80401

Description

We can help if: You Are Behind On Your Payments Your Adjustable Rate Has Increased Your Adjustable Rate Will Increase You Owe More Than Your House Is Worth You Can't Afford Your Monthly Payment

Loan Modification

Michael S. Richardson has been a President/CEO, Loan officer, Real Estate Agent, or Author depending on the day or even the time of day. An entrepreneur since 1980, Michael has started and successfully sold seven companies, of which two were mortgage companies. They say when one door closes a window typically opens, giving you a chance to turn failure into opportunity or, as they also say, lemons into lemonade. But they don't say anything about the size of the window that needs to open when not just one but ALL the doors shut, or when all the doors shut, the walls fall down, and the roof caves in on the very same day.

   EDUCATING AND PREVENTING MORTGAGE FRAUD ONE TRANSACTION AT A TIME!

  

An American Epidemic Mortgage Fraud - A Serious Business...the book! This book will help you understand the whole transaction and help you learn how to Prevent Mortgage Fraud

Mortgage Fraud. Clearly, the statistics point to nothing short of an epidemic. And yet, really, what do we know about fraud? In point of fact, it's not what we know about fraud that's dangerous; it's what we don't know.
What's worse is the staggering amount of opportunity with which the American real estate industry provides those who commit fraud. 

Start Now Kit

Send your request e-mail to

michaelr@preventmortgagefraud.com

We will then send your Start Now Kit 

Forensic Audits

Forensic Mortgage Loan Audit

      www.PreventMorgtgageFraud.com

                               Michael S. Richardson: founder, author and loan modification specialist

FORENSIC MORTGAGE LOAN AUDITS

What is a forensic mortgage audit?

A Forensic Mortgage Audit is the comprehensive review of all loan documentation including legal documents, transactional data, and other evidence pertaining to your real estate loan that has been funded. A forensic mortgage audit identifies any illegalities performed by the lender, their broker, or other parties in conjunction with the mortgage. During the audit process, skilled professionals review all documents received from your lender from the date you applied to the date you funded your loan including any envelopes, faxes, and emails to ensure that your loan meets all legal requirements that were in effect at the time the loan was funded.

How can an audit stop a foreclosure?

If you are in foreclosure, the proper plan and notifications can stop the foreclosure process immediately. A forensic mortgage audit disclosing violations can stop a foreclosure in its at once, until the issues are resolved. The law gives a borrower a limited amount of time to act. If you wait, you may not be able to take action later.

Why do a loan audit?

A Forensic Loan Audit helps to identify potential infractions and violations committed by your lender and/or broker when your original loan was funded. 

A thorough forensic loan audit should look for:

1) Violations of Federal, State or Local Laws
The act of using your home as collateral in obtaining a mortgage is covered by numerous federal, state and local laws. These laws are in place to protect your rights when you use your home as collateral in a mortgage transaction. The audit professional will review your loan documents to determine if there are differences between the disclosure of information in your loan documents you received and the disclosure of information required by law.

2) Constructive Fraud
Material facts include the terms of the loan, whether there is a prepayment penalty, or any other information that a reasonable borrower would want to know before accepting the loan. Did the broker or loan officer or anyone working for the broker or loan officer fail to disclose any material facts to the borrower?

3) Fraud and Negligent Misrepresentation
Were any representations, statements, or comments, written or oral made by the loan officer, broker, escrow or anyone else which contradicted the terms of the documents? When a mortgage professional makes errors, which a reasonably diligent mortgage professional would not have made, he or she may have made a negligent misrepresentation.

4) Excessive Fees
Were there any excessive fees or improper charges made by the lender or loan broker. Are there any deceptive, abusive, or predatory lending practices or an excessive prepayment penalty? Is there a Net Tangible Benefit to the Borrower in the mortgage transaction? Was there a proper analysis to determine if the Borrower can afford the payments on the loan? Were the fees properly disclosed?

5) Breach of Contract
The note and its attachments are a contract. The lender must follow all the terms of the contract such as the way the interest is calculated, and the penalties are assessed. Were there any terms in the contract, which the lender failed to follow?

                                                        Typical Problems we find in the loan files: 
1.     No broker disclosures were made 
2.     No RESPA booklet was ever given
3.     No good faith estimate (GFE) was given within three days of taking the loan application
4.     Two Copies of Notice of Right to Cancel not given to each borrower
5.     Three Day rescission period not provided for (client signs and loan funds on dame day on a non-purchase loan)
6.     FICO scores not properly disclosed
7.     Credit risk factors not disclosed
8.     Truth in Lending not provided within three days of taking the loan application
9.     Truth in Lending Statement does not accurately disclose the finance charges, APR, amount financed, or total of payments
10.   No payment schedule is included in the loan documents or the payment schedule is not accurate
11.   There is no ARM disclosure or the ARM disclosure in not accurate
12.   The loan contains a floor interest rate that is illegal in California
13.   Truth in Lending Notice of Right to Cancel is not filled out properly by the lender
14.   Documents are not properly signed or notarized
15.   There is no copy of the promissory note (it is unclear what entity is entitled to enforce the debt)
16.   There is no Final Hud-1 in the file or the Final HUD is not accurate 

(These are the main ones that pop up with frequency. There are of course others as well.)

How do I begin?

Here is an overview of how the Forensic Mortgage Audits program works from

1. PreventMortgageFraud.com will conduct a Forensic Loan Audit, which scrutinizes the mortgage documents you received upon the closing of your loans(s) and look for TILA, RESPA and HOEPA violations by your lender. Once you receive your Audit, you will know what violations, if any, were committed in the handling of your loan. (Statistically, nearly every loan has at least some violations) You can then decide if you should proceed to seek a mortgage loan modification. If you do proceed,

2. We will the start your mortgage work out plan plan or known as a Loan Modification using your audit as leverage. If needed your audit could be referred to an attorney who can immediately file a Federal lawsuit on your behalf, this happens in very few cases.

3. Armed with your details audit and perhaps indicating the lender's violations, our Loan Modification team will negotiate with your lender for a reduced payment and even possibly a reduction of your principal balance. Alternatively, if the Attorney is needed they will reach a settlement agreement with your lender using our audit to support your claim. If the claim continues into trial, our audit will demonstrate to a judge and jury how the lender willfully failed to comply with the law.

Order my book today at  www.amazon.com or www.barnesandnoble.com

An American Epidemic:  Mortgage Fraud - A Serious Business

Michael S. Richardson is an author and Loan Modification Specialist


Do not wait visit our "Start Now Page"

 

Testimonials:

Sue, a real estate broker,

I found your book most enlightening and would highly recommend it to all real estate and mortgage brokers. For individuals such as ourselves that have been in real estate and mortgage for 20 years we should have a strong desire to keep our industry healthy. Thank you for your contributions and for your book, it is most informative.

Laura, A reviewer,

Your book is amazing. Once I started reading it I couldn't put it down. Very informative. An eye-opening read. The industry has needed a book like this for a long time.

Richard Stevens, Mortgage Banker,

This book is very organized and educational, I have been in the mortgage business for 13 years and had no idea what lengths the fraudsters would go to accomplish mortgage fraud. Michael has a very unique way of explaing mortage fraud. If you want to avoid mortgage fraud this is a must read!!