Fraudulent residence foreclosure “rescue” professionals use half-truths and outright lies to sell services that promise relief to property owners in distress. According to the Fraudulent Trade Commission (FTC), the nation’s consumer protection agency, the latest residence foreclosure rescue scam to exploit financially strapped property owners pitches forensic mortgage loan audits.
In exchange for an upfront fee of several $100, so-called forensic loan auditors, mortgage loan auditors, or Forensic Loan Audit backed by forensic attorneys offer to review your mortgage loan documents to determine whether your lender complied with state and federal mortgage loan lending laws. The “auditors” say you can use the audit report to prevent residence foreclosure, accelerate the mortgage loan loan modification process, reduce your loan principal, or even cancel your loan.
Nothing could be further from the truth. According to the FTC and its law enforcement partners:
- there is no proof that forensic loan audits will help you get a home loan modification or any other property foreclosure relief, even if they are performed by a certified, genuine and certified auditor, home loan professional or lawyer.
- some federal rules allow you to sue your mortgage lender based on mistakes in your loan records. But even if you sue and win, your mortgage lender is not required to alter your loan simply to payment your loan more affordable.
- if you quit your loan, you will have to come coming back the obtained money, which may outcome in you having your house gotten back.
If you are in conventional on your home loan or residing on the road, you may be targeted by a residence property foreclosure protect scams. The FTC wants you to know how to recognize the determining signs and evaluation them. If you have to deal with residence property foreclosure, the FTC says authentic options are available to help you protect your home.