(EMAILWIRE.COM, September 03, 2009 ) Detroit, MI – Part of the blame for the increase in foreclosures over the last few years can be attributed to unfair lending practices and subprime mortgages. Distressed homeowners who face foreclosure and are in danger of losing their home have discovered a new tool that they can use as negotiating power with their lender to increase their chances of success of getting a mortgage modification.

A forensic loan audit is a complete examination of one’s mortgage loan closing file to determine if any Truth in Lending laws were violated. According to the Truth in Lending Act, even small mistakes can be grounds for a lengthy and costly lawsuit against the lender.

Forensic loan audits were only available to large banks and lending institutions until recently. Lending institutions would use the service to determine their own exposure to risk and legal liability when purchasing mortgage loans. Now the service is available and affordable to distressed homeowners.

Attorneys and loan modification companies can complete forensic loan reviews to assist borrowers with the loan modification and negotiation process. Nearly 80 percent of mortgages reviewed contain violations from unintentional mathematical errors to unethical practices, fraud and misrepresentation. These errors could result in the borrower being awarded a refund of all finance charges, closing costs and interest payments since the origination of the mortgage.

Mortgage servicers and lenders are encouraged to negotiate mortgage loan modification when errors are discovered by a forensic mortgage review. The purpose of the forensic loan audit is to provide negotiating power for the distressed homeowner while helping the lender mitigate losses. Forensic mortgage examinations are not meant to be a threat to the lender; however, a lender can face an expensive and lengthy lawsuit if they refuse to negotiate loan modification if errors or fraudulent practices are found.

County Loan Modification is the industry leader in forensic auditing and mortgage modifications to help people keep their homes. Their greatest asset is their reputation; their goal to help homeowners, attorneys and loan consultants negotiate a winning solution for all parties involved. http://www.mymortgageauditor.com serves consumers in Oakland, Wayne and Macomb Counties in South East Michigan

Contact

Nichole Jackson
County Loan Modification
25900 W. 11 Mile Road; Ste. 220
Southfield, MI 48034
877-218-0049
info@countyloanmod.com

This press release was submitted by Right Now Marketing Group, LLC

Contact Information:
County Loan Modification
Nichole Jackson
Tel: 877-218-0049
Email us


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