The Quincy Cove, a newspaper covering the Greater Boston area, recently published an article that warns consumers to look out for a foreclosure scams that could potentially hit Massachusetts in the near future.
The scams are known as Forensic Loan Audits and are advertised to provide a borrower with evidence of errors or even illegal practices carried out by the lenders in the creation of their mortgage. The audit is said to provide this “evidence” in order for you to challenge your foreclosure and receive help from the lender.
The only problem is that experts believe these audits provide no benefit whatsoever. You end up paying these auditors up-front and receive no positive results. “There is no statistical or other data that supports the claims that a forensic loan audit, even if performed by a licensed, legitimate and trained auditor, will help you modify your home loan or ‘stop foreclosure in its tracks’”