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

3 things to do when talking to Mortgage Holder or BANK

1) DO NOT go delinquent in order to try for modification. Get a forensic audit and negotiate with the bank BEFORE going late. THIS IS IMPORTANT the bank will tell you that you cannot modify because you are not deliquent. Once deliquent they will start modification process. PAY THE FULL amount paid previously, even if offered lower payments. Just trust me on that one.

2) Do not believe them when they say they will call back or fax you. Call them weekly.

3) Start a file with all details of conversations and all contact numbers. Keep computer copy and paper copy

The thing is home modification offers are temporary and take time. The temporary trial modification lasts six months. You should not hire a modification company, spending thousands as there are many scams out there. Instead try to find good advice, perhaps consulting with a couple of different attournies. Bankruptcy if you are too far down the road in payments can be useful solution that a SKILLED lawyer can help negotiate saving your home for you.

Check out websites about home mortgage fraud and the laws of TILA and RESPA.