Do you think there may have been violations during your home loan refinance or purchase. This may be the next wave we see of homeowner's seeking relief from lender misrepresentation or fraud. There are companies specializing in State and Federal Compliance and these companies will audit all your closing documents and recorded instruments, they are very aggressive and are looking for fraud, coercion, misrepresentation and any violation to your civil rights as well as any RESPA - Truth in Lending violations. These violations could include your APR, right of rescission vs funding date. HOEPA disc dates and any state and local high costs. There are just too many possibly violations to list but these companies are banking on the fact that there are many lender violations on a good majority of home loans in this country.
I don't think the every day "Joe" has a clue what's in his loan file. Let alone if he's been violated. This could be a chance for some to take the next step to litigation and get some relief in a different form then Modification.
If a homeowner does have violations in their loan docs, several different things can happen. The lender may be required to give the homeowner a reduction in accrued interest, possible recession or a restructure of the overall terms to make the liability go away.
So is it worth the cost of an audit well it certainly could be worth that and thousands more. I think putting the power back into the homeowvner's hands is very important. Lender's are not preforming when it comes to the modification process and final outcome is only about 7% actually qualify for a mod.
Tell me what you think!
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