Again we're not bankruptcy lawyers or offering legal advice. However let's shortly talk about bankruptcy and loan modification and just how it can work for you and against you.
Bankruptcy and foreclosure must be prevented if you are preserving a high credit score. There are two common kinds of bankruptcy are Chapter 7 and Chapter 13.
Bankruptcy can be filed up to the minute prior to the foreclosure sale. This will hold up the sale in order for a Bankruptcy trustee to determine if you qualify.
Just like a work-out and mortgage adjustment of course you need to meet the criteria. Not everyone gets accepted. If you are considering bankruptcy you need to contact your attorney and find out if he or she is convinced it is appropriate for you.
Our team has contact with outstanding bankruptcy attorneys if you don't have one and would happily recommend you.
What Exactly Is A Forensic Loan Audit?
A Forensic Loan Audit is an audit on loan documentation to uncover offenses and complications. It's an extensive thorough evaluation and analysis into the homeowners/borrowers existing loan.
The main kinds of violations are the following:
* Good Faith Guideline Violations
* Borrower Approved For Loan(s) They Aren't Capable To Repay
* Truth in Lending Act Violations
* Real Estate Settlement Procedures Act Violations
* No Net Benefit to Borrower
If there's one of these types of offenses in the forensic loan audit, there is a very high possibility a loan adjustment will go through and even result in receiving cash back to borrow/homeowner.
Mortgage providers make some mistakes in the loan records all the time. If your loan previously moved over to several loan providers then chances are they messed up along the way.
You may be able to fight your foreclosure based on similar type of mistakes - for example perhaps the mortgage holder said you were supposed to pay them unwanted fees or told you that you need to pay them more than exactly what you really owed them.
Ways to get information about errors?
The more data you will get from the mortgage provider the better. The federal law called the Real Estate Settlement Procedures Act (RESPA) provides a way for you to challenge usual types of mistakes such as inappropriate fees, incorrect calculation of interest, or failure to apply credits appropriately. It also provides the details you'll want to make this kind of challenge.
The first step is to write the loan provider what's known under RESPA as the Quality Written Request identifying the borrower and the account plus the information you are after.
How is the audit different than a loan modification?
A loan modification is where you request the loan provider to modify the terms of your mortgage so that your monthly payments will become more economical. For instance, they can lower your interest rate to 2%; reduce your monthly payments and maybe your total mortgage balance.
An audit does not modify the loan terms but it does make it easier to modify. As soon as you qualify for a loan adjustment the loan audit may be used as a negotiation tool to get you the cheapest rate and payment possible.
NOTE: You could also use a forensic loan modification audit results to sue the lending company regarding damages and remove unfavorable reporting on the credit record regardless of your state laws. In some instances you can be awarded your property "free and clear".
Start out today, you will be able to...
* Stall or Stop a Foreclosure
* Cancel your Mortgage and Keep Your Home
* Eliminate back payments
* Reduce your payments
* And much, much more...
Bankruptcy and foreclosure must be prevented if you are preserving a high credit score. There are two common kinds of bankruptcy are Chapter 7 and Chapter 13.
Bankruptcy can be filed up to the minute prior to the foreclosure sale. This will hold up the sale in order for a Bankruptcy trustee to determine if you qualify.
Just like a work-out and mortgage adjustment of course you need to meet the criteria. Not everyone gets accepted. If you are considering bankruptcy you need to contact your attorney and find out if he or she is convinced it is appropriate for you.
Our team has contact with outstanding bankruptcy attorneys if you don't have one and would happily recommend you.
What Exactly Is A Forensic Loan Audit?
A Forensic Loan Audit is an audit on loan documentation to uncover offenses and complications. It's an extensive thorough evaluation and analysis into the homeowners/borrowers existing loan.
The main kinds of violations are the following:
* Good Faith Guideline Violations
* Borrower Approved For Loan(s) They Aren't Capable To Repay
* Truth in Lending Act Violations
* Real Estate Settlement Procedures Act Violations
* No Net Benefit to Borrower
If there's one of these types of offenses in the forensic loan audit, there is a very high possibility a loan adjustment will go through and even result in receiving cash back to borrow/homeowner.
Mortgage providers make some mistakes in the loan records all the time. If your loan previously moved over to several loan providers then chances are they messed up along the way.
You may be able to fight your foreclosure based on similar type of mistakes - for example perhaps the mortgage holder said you were supposed to pay them unwanted fees or told you that you need to pay them more than exactly what you really owed them.
Ways to get information about errors?
The more data you will get from the mortgage provider the better. The federal law called the Real Estate Settlement Procedures Act (RESPA) provides a way for you to challenge usual types of mistakes such as inappropriate fees, incorrect calculation of interest, or failure to apply credits appropriately. It also provides the details you'll want to make this kind of challenge.
The first step is to write the loan provider what's known under RESPA as the Quality Written Request identifying the borrower and the account plus the information you are after.
How is the audit different than a loan modification?
A loan modification is where you request the loan provider to modify the terms of your mortgage so that your monthly payments will become more economical. For instance, they can lower your interest rate to 2%; reduce your monthly payments and maybe your total mortgage balance.
An audit does not modify the loan terms but it does make it easier to modify. As soon as you qualify for a loan adjustment the loan audit may be used as a negotiation tool to get you the cheapest rate and payment possible.
NOTE: You could also use a forensic loan modification audit results to sue the lending company regarding damages and remove unfavorable reporting on the credit record regardless of your state laws. In some instances you can be awarded your property "free and clear".
Start out today, you will be able to...
* Stall or Stop a Foreclosure
* Cancel your Mortgage and Keep Your Home
* Eliminate back payments
* Reduce your payments
* And much, much more...
About the Author:
Become familiar with Loan Modification for doing this provides its clients the capability to make strategic real estate property decisions based on sound financial principles. The MRA Group has got the experience and expertise to follow through on those decisions to obtain pre-determined goals.
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