Is a "forensic loan audit" a mortgage scam?

Question

My husband was referred to a mortgage service company that charged an upfront fee to do a "forensic loan audit". He was charged $495 up front and $100 a month until the fee of $895 is paid. The payment showed up on our bank account as a Pay Pal transaction which I thought was weird. This company is going to "audit" the mortgage contract to determine if any errors were made which would render the loan "null and void" and then supposedly use that as bargaining power with the lender to convince them to modify the loan and reduce the payment. We live in Florida. Also on the generic letter that my husband was given, the company misspelled their own name on the letter head and there are several spelling and grammar mistakes throughout. If anyone knows if this is a scam please let me know. Thanks

Answer 1

This is almost definitely a scam doesn't sound like this one is even operating legally. Contact pay pal immediately would be my suggestion they have a pretty good record for not getting involved with fraud and trying to make the situation right. The person is likely using pay pal because they are not a real company.



Most all mortgage modification companies are a scam though some will perform modifications they charge excessive fees guarantee nothing and often give bad advice.



If you are in need of a modification first contact your lender if you get no where with them, look for a non profit in your area to assist. If you can not locate one contact the Flordia state housing agency they should be able to point you in the right direction if they don't have professionals on staff to assist.



You should also immediately obtain safe guard or some other credit protection plan if he sent all of the loan docs he likely has sent your identity. Would not be a bad idea to contact your credit card companies cancel all of your cards get new ones sent and place a verbal password so the thief can not call after the cards have been changed and gain access to your accounts.



Do not feel bad or upset at your husband even if it is a complete scam. This can be a very stressful situation where desperation sets in vultures prey on this and it could happen to anyone who truly cares.

Answer 2

I live in CA and there has been a lot of talk out here about "forensic audit" firms and how some of them are basically a scam. However, I was in the same situation as you guys were in and I found an audit firm that is totally legitimate. They are called US Loan Auditors. I don't think that they have an office in FL but that doesn't mean that they can't help you. I know that they assist people living in AZ and NV. The fact that you guys had to pay an upfront fee is a little shady. The company that I went with, US Loan Auditors, does the audit for free and only if you have a case (meaning there is enough evidence to support that you were a vcitim of predatory lending) will you then sign and make a payment for their service. I signed up with them about five months ago and the phone calls have stopped and I am now living in peace (finally!) and I didn't have to foreclose on my home. Below is the link to their website and their phone number is 888-55-AUDIT. My rep's name was Jarrod. Also, they were recently featured on our local news station and US Loan Auditors mentions what to look out for to see if you are being scammed or not. Hope this helps!



http://usloanauditors.com/



http://www.kcra.com/video/22781317/index.html

Answer 3

If there's any chance for a loan modification, with a Lender who refuses to modify your loan terms, it's with a forensic loan audit.



Your best bet to get some leverage over your lender is through an Attorney. The argument is way more powerful when you have an Attorney that knows how to use the evidence found in a report, and argue your case in court.



Learn more about forensic loan audits at



http://certifiedforensicloanauditors.com - Forensic Loan Audit Services and Training for Attorneys and professionals specializing in Mortgage Modification and Real Estate Law.

Answer 4

loan funds are math. you are able to seem up a large variety of calculators on the internet that help you exercising consultation what your entire living house price must be at any activity cost. Your modern-day price would comprise the taxes and sources vendors insurance and that ad ought to no longer. The ad would also be fo some form of adjustable cost or balloon loan. in case you intend on residing at your residence for 10 years or more desirable it will be nicely worth it to refinance. i ought to call your modern-day lender and word in the adventure that they have got some form of a streamline software that would not be so expensive. once you're at it you need to remodel the deepest loan to be shorter or to remove the PMI if the cost is there.

Answer 5

There are many mortgage scams these days.So it is safe to review completely about various lenders before seeking them. Reviews about various mortgage is available on line at http://www.mortgage-refinancing-reviews.com/

Answer 6

That's some good advice from BQ. You should go one step further and report them to the FTC. We need to participate in protecting ourselves and others from the multitude of scams that abound these days ...



https://answersrip.com/question/index?qid=20100309131549AATuUzn



good luck!

;-) karin