We have heard a lot about predatory loans, and how lenders such as Bank of America, JP Morgan Chase, Wells Fargo, GMAC and others have been guilty of predatory lending on a very large scale by approving home mortgage loans that they knew borrowers would not be able to keep up the payments on. These predatory lending practices have hurt homeowners greatly, since it has become so difficult for so many people to escape from a predatory loan. Banks have been reluctant at best to approve refinancing on many homes, since home values (and the equity built within) have continued to drop, leading to skyrocketing foreclosure rates.
It is estimated that over 80% of mortgage loans currently have multiple levels of violations at both the state and federal levels. High interest rates, excessive fees as well as incomplete loan applications and incorrect dates are all examples of the predatory lending violations that forensic document reviews can find. Once these violations have been identified by these forensic document reviews, you have hard evidence that you were the victim of a predatory loan. If you are working with a qualified loan modification attorney while trying to obtain a loan mod, the evidence that forensic document reviews, such as forensic loan audits and securitization audits provide, can make negotiating with your bank for a loan modification with a lower interest rate much easier.
Another benefit of having forensic document reviews performed on your mortgage is they will make sure that your home loan is in compliance with all state and federal predatory lending laws such as TILA, RESPA, FHA, HDMA and ECOA. You can also discover if your home loan has been securitized and securitized correctly with a forensic document review that is called a securitization audit. The large majority of home loans that have been approved over the last decade have gone through this securitization process, which means the loan can be sold and traded by the banks like a stock or bond is. If this has been done correctly, there are no problems. If it is done incorrectly, that means the bank that you originally had your loan with quite possibly no longer holds the title to your property. A securitization audit proves absolutely that there has been wrongdoing on the part of a predatory lender.
If you are concerned that you are trapped in a predatory loan, you should not hesitate to contact Tila Solutions to get you the help you need. For over a decade, Tila Solutions has been looking out for the homeowner with their forensic audits and securitization audits. If you need help stopping foreclosure, a Tila Solutions Consultant is available by telephone at (702) 508-0335. Or you can visit the Tila Solutions website at foreclosure loan.