Saturday, June 12, 2010

How to find MORTGAGE and LOAN Fraud

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

Do you wonder if you have loan fraud?
Get out those closing documents!

1) Loan Rescission Notice - Many loans in 2006 did not receive copies of this important notice. If there is more than one person on the loan, each party is to have received a copy.

2) TILA law violations - TILA is the Truth In Lending Act check the link for laws and compare to your documents. You may want to pay for a forensic audit. If you need an audit email me and I can refer you to reliable auditor. Did you know that if your loan closed less than 3 years ago you can rescind your loan fairly easily?????? A sister law to this is FDCA, Fair Debt Collections Act.

3) Amounts owing are in error or do not add up. A difference of just 65 bucks makes a HUGE difference and is a red flag to challenge the loan.

4) HOEPA I just recently learned about is that loans under 150,000 or interest rates of 8% or more, or points and fees in excess of $583 are red flags. This can be in violation of HOEPA,Home Ownership and Equity Protection Act. Many self employed people were given higher interest rates. We had a high rate but it did not qualify. FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261.

DO You Need Help Reading Your Documents?

If you want a forensic audit you can have one done free through I have not used them and cannot vouch for how well they perform. I do have a forensic auditor I recommend to those that email me. The cost is reasonable and probably less than you pay for one months mortgage.

Finding fraud can help to fight foreclosure, save your home and give you the ammunition to modify that loan to benefit you and not the bank.


Christine said...

Darla: No one is winning on TILA/RESPA violations. The judges look at these people asking them to stop a foreclosure on $35 of undisclosed finance charges as deadbeats. If you're within the three year statute of limitations, you might have some luck prevailing, but hopefully you've got a lawyer on board. The loan audit should cover TILA/RESPA and the chain of ownership. If you're not looking at the chain of ownership, you're missing a major piece of the puzzle that could legitimately stop a foreclosure.


Darla said...

Thank you Christine that is very important. There is more than that also.

I know the audit we had done had many bank disclosure errors and there are also examinations of foreclosure documents that can and should be done as well as the chain of ownership.

Thank you so much for pointing it out. : )

Corlin Divabla said...

Not all loans are the same, in fact they can differ significantly. Know what to look for with an unsecured personal loan and above all, know where to look for the best one.
see more at- loan rescission