Quite simply, the securitization audit basically provides a legal document which can be used to assist any body whether they are a private individual or business entity to accurately review the title of their mortgage loans. These powerful legal documents are particularly useful for those who are facing foreclosure. What's more, the audits findings can be submitted in court as part of ones defense against foreclosure.
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.
Truthfully though, one should really only make use of one backed by numerous years experience to avoid the documentation being rejected as evidence. When these forensic mortgage audits are done correctly, their ensuing documents become powerful tools, that might be the difference between winning a foreclosure abatement or losing everything. There are 3 main related loan areas, where clients can use these vital documents to a great effect.
Firstly, in order to get any principal loans adjusted, modified or lowered. Secondly, where people are trying to have a foreclosure dismissal, or for any person fighting to have it completely overturned. When given over to a shrewd judge, these documents will provide them with valuable insight into how one's mortgage was filed and help in their judgment.
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.
Although this practice in itself is not illegal. Not processing the loans accordingly or omitting important documentation certainly is considered to be fraudulent. Thus is any companies found to have missing documentation will face very hefty fines. As a result the lenders will be offered modified loans, reductions in their mortgage balance or postponement of any foreclosures.
Consumers must not confuse these specific audits with smaller Mortgage Audits. These loan audits will merely check for any RESPA and TILA violations in the loan agreement. Resulting in small rebates of a couple thousand dollars; but are not sufficient to halt foreclosures.
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.
Truthfully though, one should really only make use of one backed by numerous years experience to avoid the documentation being rejected as evidence. When these forensic mortgage audits are done correctly, their ensuing documents become powerful tools, that might be the difference between winning a foreclosure abatement or losing everything. There are 3 main related loan areas, where clients can use these vital documents to a great effect.
Firstly, in order to get any principal loans adjusted, modified or lowered. Secondly, where people are trying to have a foreclosure dismissal, or for any person fighting to have it completely overturned. When given over to a shrewd judge, these documents will provide them with valuable insight into how one's mortgage was filed and help in their judgment.
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.
Although this practice in itself is not illegal. Not processing the loans accordingly or omitting important documentation certainly is considered to be fraudulent. Thus is any companies found to have missing documentation will face very hefty fines. As a result the lenders will be offered modified loans, reductions in their mortgage balance or postponement of any foreclosures.
Consumers must not confuse these specific audits with smaller Mortgage Audits. These loan audits will merely check for any RESPA and TILA violations in the loan agreement. Resulting in small rebates of a couple thousand dollars; but are not sufficient to halt foreclosures.
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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