One of the most aggressive options for getting loan reductions and sometimes principle reductions is performing Loan Litigation.
You get a Forensic Audit from a reputable company - hire an an attorney or someone qualified to read the audit. If there are violations on the audit- submit it to the lender to see if they want to play ball. If the lender does not want to play ball you file a lawsuit against them.
Once a lawsuit is filed against the lender all foreclosure proceedings and reporting to the credit agencies must cease and desist.
You hire an attorney or other qualified professional to go over the violations that were found on the audit with your lender. The violations will be in the Real Estate Settlement & Procedures Act (RESPA), Truth in Lending Act (TILA) . Home Mortgage Disclosure Act (HMDA), violations in the Fair Housing Act (FHA) Equal Credit Opportunity Act (ECOA) etc.
I have seen Forensic Audits come back with multiple violations on them. Some violations carry fines up to $1000 per violations. Sometimes the Forensic Audit encourages the lender to work with the homeowner to work out a equitable deal. I do Forensic Audits all the time. If you have any questions about them please feel free to contact me.
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