Homeowners Fighting Back with a Forensic Loan Audit
Summary
The firm charges $495.00 for a comprehensive mortgage document review and provides the homeowner with a 40-page written report that contains a detailed listing of their findings in an easy to read format.Consequently, Mostofi also offers a consulting service to attorneys helping them understand the remedies available to their clients in the event the lender violated the Truth in Lending Act or if it cannot prove ownership of the note.“The audit is to give homeowners more ammunition so they can stand a chance in negotiating a decent modification with lenders who have far more resources than the average borrower and often play hardball unless they are faced with the risk of a costly lawsuit” said Mostofi.The most common violation is the understatement of prepaid finance charges and in many instances a mere $35 error within the Truth in Lending disclosure statement could entitle the borrower to a refund of all finance charges, closing costs and interest payments made since the inception of the loan.Forensic Loan Reviews are also used by attorneys assisting borrowers with loan modification and foreclosure defense but according to Mostofi most lawyers who contact him don’t know much about the more creative legal tactics currently being employed by a handful of savvy foreclosure attorneys.Consequently, Mostofi also offers a consulting service to attorneys helping them understand the remedies available to their clients in the event the lender violated the Truth in Lending Act or if it cannot prove ownership of the note.