(EMAILWIRE.COM, April 30, 2010 ) Plymouth, MI – Short sale negotiation and loan modification expert, Dave Smith, has discovered the answer to many distressed homeowners’ questions about why lenders refuse to work with them. “There are 3 secrets that banks don’t want you to know,” said Smith.

“Number one is the FDIC Loss Share Program. Because of an amazing deal that the FDIC has made with over 30 banks, lenders can profit by foreclosing, so why would they work with homeowners?”

“The second big secret is the Net Present Value Test (NPV). The FDIC and FannieMae have set guidelines to determine what course of action will benefit them the most. The NPV tool is software used to ensure the loan modification will provide a positive economic scenario for the investor. Otherwise, the investor is better off foreclosing.”

“The third big secret is most Americans are unaware that lenders have insurance on many mortgages to protect them against loss, so why should they help homeowners when they can simply file a claim?”

As Dave Smith explained, the bottom line is that banks are not helping homeowners because it is easier for them to collect the insurance money. The problem with this is the homeowner in default now owes the insurance company. Most state laws allow “deficiency rights” which means the lender or insurance company can pursue the homeowner for their loss.

The good news is that David Smith offers a solution. A forensic mortgage loan audit is a comprehensive examination of a mortgage loan file to identify lender violations of Federal and State Laws. “These are essentially crimes the lender has committed against the borrower,” said Smith. “According to the FDIC, over 80% of mortgages have one or more violations of Federal or Sate Laws.”

When lenders are faced with penalties due to violations revealed in a forensic loan audit, they are compelled to work with homeowners and grant a loan modification. “Relatively few people or organizations are qualified to audit these complex documents,” said Smith. “I have added this weapon to my arsenal to help homeowners fight back and stay in their homes.

David Smith is the President of Mortgage Loan Audit Advantage, a company based in Plymouth, Michigan. His seasoned team of mortgage, legal, real estate, bankruptcy and credit restoration professionals has helped hundreds of families find the best solution to their mortgage and real estate problems. Visit http://www.mlaudits.com to learn more.

Contact:

David Smith
Mortgage Loan Audit Advantage
400 Ann Arbor Rd; #185
Plymouth, MI 48170
734-756-6050
umoinfo@umoveon.com



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

Contact Information:
Mortgage Loan Audit Advantage
David Smith
Tel: 734-756-6050
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