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Saturday, 19-Nov-2011 05:53 Email | Share | | Bookmark
Forensic Document Reviews Expose Predatory Lenders

A large number of Americans, without even knowing it, are trapped in a predatory loan. Many banks have approved loans that they know there is no way the borrower could manage to keep up with the monthly payments. Higher than normal interest rates and hidden fees have plagued homeowners that have been victims of these predatory lending practices.

Many people think that there is nothing they can do about it, that they are simply victims of a predatory loan with no options unless they sell their home or are foreclosed upon. What people don’t realize is that a large majority of banks that have participated in these predatory lending practices have also caused a number of violations at the state and federal levels that give homeowners a way to fight back. Forensic document reviews are the best way to find out if there have been any violations that would prove your home loan is a predatory loan.

Nearly 80% of all mortgage loans have multiple violations at both the state and federal levels. Forensic document reviews will examine your loan documents and search for violations such as high interest rates and excessive fees, as well as violations such as incomplete loan applications and incorrect dates listed on the documents. If a forensic document review discovers these violations, this can give you leverage to help you qualify for a loan modification that can be very helpful in escaping from a predatory loan. In some cases, if you have been paying excessive interest rates, the evidence discovered in forensic document reviews can result in the interest being refunded as well as giving you a lower mortgage payment. In some rare cases where very serious violations are discovered as part of predatory lending practices, the loan could even be rescinded, which would require the lender to pay back all closing costs and finance charges.

Forensic document reviews make sure that your loan complies with all state and federal predatory lending laws, RESPA, HDMA, FHA, TILA, and ECOA regulations. In this day and age, when banks are selling mortgages left and right to the point that nobody has any idea of who actually owns the loan, making sure you are protected from these predatory lending practices matters more than ever. Lost documents, improper notices, incorrect appraisals and other increasingly commonplace violations mean that there are a large number of mortgage loans that are legally unenforceable. Having forensic document reviews performed on your loan could potentially help you get noticed by your lender and move you to the front of the line when it comes to renegotiating the terms of your loan.

Tila Solutions looks out for the homeowner. A Tila Solutions Consultant is available for people by telephone at (702) 508-0335. Or you can visit the Tila Solutions website at predatory lending. They will help. They are not funded by the governments or the lenders. They are on the homeowners’ side.


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