How to find MORTGAGE and LOAN Fraud

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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 alrady40@yahoo.com 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 NACA.com. 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.

COMMENTS/Questions

Appraisals and home values in today's economy

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I was reading my weekly MarketWatch and had a JOLT. An article on how to negotiate the appraisel value of your home. Now granted the author was speaking in terms of LEGITIMATE fair value when you know an appraisal has been lowballed. But, in this day and age, when we are still seeing huge numbers of foreclosures, it seems as if we learned nothing from the housing bubble burst. IN the past two years, seeing first hand the results of overinflated appraisals, makes one leary of information that instructs people to ignore the lessons learned.

Here is a snippet of the article and read also the comments on the article itself. People are responding in a way they would not have 3 years ago. I personally think the advice is great when used correctly.

Amy Hoak's Home Economics

May 10, 2010, 11:06 a.m. EDT · Recommend (3) · Post:

How to fight back against a low home appraisal

Check for mistakes, contest inaccurate valuations

By Amy Hoak, MarketWatch

CHICAGO (MarketWatch) -- A low appraisal can kill a home sale.

"It's one of the more common reasons that transactions fall apart these days," said Tara-Nicholle Nelson, consumer educator for Trulia.com, a real-estate website, and a real-estate broker and attorney in the San Francisco area.

In a normal market, when an appraisal is lower than expected, it's up to the buyer and seller to cooperate -- whether that means the buyer needs to put more cash into the deal or the seller needs to >>>>>KEEP READING and add your comments