Frequently Asked Questions
Who Are Loan Audit Experts?
Since 2005, Loan Audit Experts has assisted mortgage lending instutions, legal professionals, and homeowners in auditing their loans for compliance related issues. Our Audit Team includes auditors that specialize in consumer finance law and mortgage industry experts skilled in consumer protection regulations.
We perform manual review audits coupled with a Industry Leading and Patented compliance software which reviews loan compliance of more than 330 federal, state, and local mortgage lending laws with citations.
Is A Securitization Audit Better Than A Forensic Audit?
No. These are two very different types of audits. A Securitization Audit will help to prove or disprove ownership of the loan by tracing the asset through the securitization process. Forensic Audits look at the origination or beginning of the loan and report any violation of Predatory Lending and Consumer Protection Laws.
What is Foreclosure?
Home foreclosure is a process by which a lender regains a property which they have financed. Typically, this is because the borrower or homeowner is behind on house payments and is unable to catch up, often due to circumstances outside of his or her control. When the lender forecloses on the home, the homeowner must move out of the house, therefore losing all possession of the property and jeopardizing any possible equity that the homeowner may have in the home.
Do I have enough time to stop foreclosure?
Up until the foreclosure sale occurs there is still hope. If a sale date for your house has been set you need to act fast. Some attorneys have stopped sales set for the next day but this is very risky and some lenders will not agree to it. You're best option is to take action immediately to stop foreclosure before it goes too far.
What Can Loan Audit Experts Do For Me?
If after your FREE Consultation you decide to use our audit service we can help you. No matter which level of audit you choose you can review the results and pursue a variety of legal options that may be able to help get you out of foreclosure and protect your credit history. Lien Stripping, Cram-Down Principal Reductions and Settlement are some of the techniques many attorneys can use to protect your home.
What can litigation do for me?
The goal of litigation or as we like to say, suing your lender, is to work out an agreement between the homeowner and the lender that will stop foreclosure proceedings permanently. This can allow the homeowner to stay in their home and protects their credit history.
Am I a good candidate for litigation?
You have a legal right to sue your lender if your mortgage was Subprime, a high interest rate, or an Adjustable Rate. You can go through a lender questionnaire to further check your qualification.
How Do Loan Audit Experts Help Stop Foreclosure
Loan Audit Experts specializes in Compliance and Title Audits. We reccomend you work with Attorneys who can use the errors and legal violations found in your audit to negotiate resolutions of mortgage delinquencies or home foreclosure claims on behalf of you, the homeowner. By having an Attorney working with you against your lender, you can tailor a resolution to meet your specific criteria and financial circumstance.
How long do I have to act?
Time is of the essence when you are behind on house payments. The home foreclosure process can take anywhere from a few weeks to many months, depending on your state law and the method of foreclosure your lender chooses to use, but the law is on your side.
Several companies contacted me recently offering help, what makes Loan Audit Experts different?
There are many scam companies who are not what they appear to be. Beware of unscrupulous companies who are actually just interested in buying your house at big discount, or companies that collect a consultation fee then do nothing for you. We have some of the most experienced and well respected audit specialists whose sole purpose is to discover any violations on your loan. Give us a call, speak with one of our professionals and judge for yourself. The consultation is FREE.
Should I negotiate with the lender myself?
Yes. If you are only a payment or two behind and your lender has not began the foreclosure proceedings you may be able to negotiate a work out agreement yourself. If you are successful then you have saved yourself some funds that can be used to get caught up on your mortgage.
Just remember, don't waste a lot of time on this. Time is not on your side right now. If you don't have something worked out within 1-2 weeks, then it's obvious that your lender is not serious about working things out with you directly. If you are at that point our Rapid Report can quickly test your loan for errors and then you will be better served by professional representation that can use the formal business and legal protocols to your advantage. Many times your lender will lead you to believe they are working out a resolution and then all of a sudden you get a Notice of Sale. By then it may be too late to help yourself. Don't make that mistake.
How long does it take to complete the audit once I fill out all of the paperwork?
Anywhere from 24 hours to seven (7) days to complete your audit. This depends on the laws of the state you live in, the type of loans you have, and your level of audit choice.
How much does your company charge for a Mortgage Audit?
Our fees are not based on your mortgage payment amount or your loan amount. The Forensic Compliance Audit is only $599 whether you have a first and second mortgage or even a third. We also offer our fastest Audit yet, The Rapid Report Forensic Audit is only $399. Our professional audit specialist will evaluate your loan and explain the findings fully. We are confident that you will feel that our fees are a bargain compared to the cost of the alternatives.
I'm currently in bankruptcy, can Loan Audit Experts still help?
Yes. But you will need to discuss any legal option with your attorney. We cannot negotiate a work out agreement with your lender. Our audit specialist can evaluate your loan and explain the errors and legal violations found in it. You can then discuss all your options with a qualified legal representative.
Should I file for bankruptcy to save my house?
You should speak with an Attorney before making those decisions. Sometimes after bankruptcy, it is easier to make a mortgage payment because other debts have been discharged.
Do I need a special type of mortgage loan for Loan Audit Experts to help me?
No. We specialize Commercial, as well as in pre-close and post close Mortgage Audits of government and non-government mortgages. These can be FHA, Rural Administration, VA, Freddie Mac, Fannie Mae, or conventional loans which are current or have become delinquent.