A securitization audit is in simple terms a specific legal document that is used to aid any person whether a private individual or commercial entity to review their mortgage loans. These powerful documents are especially useful for any one facing foreclosure. What's more the findings of the audits are fully admissible in any court as valid evidence.
Normally, any person that suspects that their foreclosure is negligent or wrongly implemented by their mortgage loan trustee, can hire professional to carry out this specialized review of their loan. However, it must be stressed that these audits are only allowed to be admitted into a court proceeding if they were carried out by an expert auditor. Any mortgage auditors needs to obtain a certification as a forensic loan auditor before being permitted to conduct mortgage audits.
But when it comes to these auditors, for the best recognizable results, lenders must only hire firms backed by several years of experience in the industry. When forensic mortgage auditing is done precisely, the ensuing documentation become very powerful tools, that will be the deciding factor between foreclosure of winning the appeal to have it overturned. Three loan dilemmas will call for the use of these experts and the documentation of their findings.
Firstly, those who are looking to get their principal loans modified or simply reduced can request these audits. Secondly, most clients who are wanting to have their foreclosures dismissed; and finally, those individuals who want to fight to have the foreclosure overturned. What these documents aim to do is provide the judge with invaluable information to help in making their final rulings.
But one first needs to understand how the whole process actually works; and therefore needs to know how securitized home loans work. Basically, the entire process involves a grouping of large amounts of mortgage loans into a bundle or a "security". These bundles or securities are then offered for sale on Wall Street. Doing this, basically removes the capital risk from financial institutions directly and the consumers mortgage provide constant cash flows which are used to fund markets.
This "reuse" of funds is not illegal. However, when the loans are not processed in accordance to strict regulations, then it can be considered to be fraud. Thus, companies found with incomplete or missing documents may be faced with huge fines and will look to settle out of court, by offering various loan reductions or halting of foreclosure procedures.
Consumers are warned not to confuse this process with Mortgage Audits. These audits merely check to see if any RESPA or TILA violations occurred. These will result in a couple of thousand dollars rebate, but will not stop any foreclosure. These audits are not as in-depth.
So, for any person who is faced with loosing their home or business property, it is would be prudent to rather choose to have a securitization audit carried out. Finding out if ones mortgage is unsecured, can be done free of charge. The only rule is to use firms with at least 20 years experience to ensure that the process is done correctly.
Normally, any person that suspects that their foreclosure is negligent or wrongly implemented by their mortgage loan trustee, can hire professional to carry out this specialized review of their loan. However, it must be stressed that these audits are only allowed to be admitted into a court proceeding if they were carried out by an expert auditor. Any mortgage auditors needs to obtain a certification as a forensic loan auditor before being permitted to conduct mortgage audits.
But when it comes to these auditors, for the best recognizable results, lenders must only hire firms backed by several years of experience in the industry. When forensic mortgage auditing is done precisely, the ensuing documentation become very powerful tools, that will be the deciding factor between foreclosure of winning the appeal to have it overturned. Three loan dilemmas will call for the use of these experts and the documentation of their findings.
Firstly, those who are looking to get their principal loans modified or simply reduced can request these audits. Secondly, most clients who are wanting to have their foreclosures dismissed; and finally, those individuals who want to fight to have the foreclosure overturned. What these documents aim to do is provide the judge with invaluable information to help in making their final rulings.
But one first needs to understand how the whole process actually works; and therefore needs to know how securitized home loans work. Basically, the entire process involves a grouping of large amounts of mortgage loans into a bundle or a "security". These bundles or securities are then offered for sale on Wall Street. Doing this, basically removes the capital risk from financial institutions directly and the consumers mortgage provide constant cash flows which are used to fund markets.
This "reuse" of funds is not illegal. However, when the loans are not processed in accordance to strict regulations, then it can be considered to be fraud. Thus, companies found with incomplete or missing documents may be faced with huge fines and will look to settle out of court, by offering various loan reductions or halting of foreclosure procedures.
Consumers are warned not to confuse this process with Mortgage Audits. These audits merely check to see if any RESPA or TILA violations occurred. These will result in a couple of thousand dollars rebate, but will not stop any foreclosure. These audits are not as in-depth.
So, for any person who is faced with loosing their home or business property, it is would be prudent to rather choose to have a securitization audit carried out. Finding out if ones mortgage is unsecured, can be done free of charge. The only rule is to use firms with at least 20 years experience to ensure that the process is done correctly.
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