BiggerPockets

Homeowners, how would you like to reduce, possibly even eliminate your mortgage payment?
How about if I told you there have even been documented cases of clients receiving punitive damages from their Lender or even in some cases getting their house free and clear?


THIS IS NOT A MORTGAGE MODIFICATION PROGRAM!!!
YOU DO NOT HAVE TO BE IN FORECLOSURE TO DO THIS!
IT EVEN APPLIES TO INVESTMENT PROPERTIES, INCLUDING COMMERCIAL!

You can use this to stop foreclosures dead in their tracks!
Better still, there have been cases where clients have actually
gotten their homes back after foreclosure.


For over 30 years, this firm has provided litigation support to attorneys, helping them break into new areas of practice, or providing specialized advice for complex cases requiring novel approaches to the law. Due to the recent housing crisis, they have created a team of specially trained attorneys to provide lawyers with comprehensive assistance to help them keep their clients in their homes. Now you, Joe and Suzy Homeowner, can utilize this team as well.

I'm not kidding folks, this is 100% FOR REAL!

Before you read further, have a look at this video.
This is what the banks do not want "regular folks" to know:

http://americannewsproject.com/videos/road-ruin-mortgage-fraud-scandal-brewing

Again, this is NOT some "fly by night" mortgage modification company that charges you exorbitant fees and does nothing to help you. This is a group of attorneys that SPECIALIZE in contract law and you may not realize this but your mortgage is a contract.
This group will provide you with a complete, thorough mortgage AND appraisal audit.
A true "loan audit" examines homeowners' appraisal, mortgage and supporting documents, in the context of the dealings surrounding the creation of those documents; so legal experts can discover legal defenses a homeowner can use to avoid foreclosure. Or to use the law offensively to obtain favorable refinancing on the borrower's terms, rescind the mortgage and get all of their money back, possible punitive damages, or even in some cases get their house free and clear.

How much will this cost you? A one time fee of $1,295.
Much less than most useless mortgage modifications
and for many, it is less than one house payment.

You may be able to find companies that do loan audits for less than $1,295 but you need to ask a couple of questions first. For starters are they trained in a specific and unique legal knowledge necessary to do a loan audit? Do they do the audits "by hand" or are they relying upon cheap software? Homeowners need to be careful. You even have attorneys using software instead of doing what they are paid to do-that's looking for contract defenses.

Think about it, the threat of foreclosure is a legal problem, and you start by treating it like any other legal problem. This is YOUR HOME and you are about to lose it! Who would you rather have working for you? The guy down the street that paid $65 bucks for some software or a group of attorneys that specialize in this field?

If you would like more information email me
Kimberly Jones
[EMAIL REMOVED]

Hi Joshua!

Yes sir, it does. Let me clear about why.

This is NOT a Mortgage Modification. You are not being asked for upfront fees in the hopes that someone will make a few phone calls and talk your lender into lowering your payment.

This is a LEGAL Firm. You are paying for the Mortgage AND Appraisal Audit.
You are paying an attorney who specializes in this area of law to comb through your mortgage documents AND appraisal and give you a written report, in technical terms a "legal brief" as to the infractions that are (or in some cases, are not) found.

They cannot guarantee that your lender made any mistakes, you may be one of the small percentage that had a lender who was paying attention and following the rules. They DO guarantee that if you get the audit and no infractions are found, they will do the mortgage modification for free.

In a nutshell, would you rather pay an attorney $1,295 for an actual service wherein you may be able to turn to you lender in a more offesensive stance or would you rather pay a mortgage modification company usually several thousand dollars to go begging to the lender to work something out?

Here is my latest writeup on the audits.....I strongly suggest people watch the video in order to get a clear understanding of certain "goings on."

Do you know that APPRAISAL AND MORTGAGE FRAUD CAUSE AN ESTIMATED 83% OF ALL MORTGAGES TO BE LEGALLY PROBLEMATIC?

This is due to the overappraising of homeowners' properties and the mortgage industry's pervasive carelessness, haste, and downright fraud in recent years. You already know from the news that during the refinancing craze and the real estate boom over the last decade, lenders were shoveling mortgages out the door as fast as they could. Mortgages are routinely sold multiple times, often too quickly and without proper documentation, leading to a greater legal mess. Appraisers have been complicit too. Many appraisers artificially inflate property values to help lenders justify predatory loans and receive repeat business.

Discrepancies are found in the majority of mortgages audited. An audit will expose serious non-disclosure violations, accounting "errors," fraud and other schemes of dishonesty. With proof in your hands, you can choose to move forward and turn the tables on your predatory lender. Obtaining a Forensic Appraisal and Mortgage Audit is elemental to every Loan Modification, Short Sale, and Deed in Lieu of Foreclosure. The findings of our Audit can significantly improve the opportunity for a positive resolution to the homeowner.

This video will give you an idea of how lenders have had very little regard for the homeowners. http://americannewsproject.com/videos/road-ruin-mortgage-fraud-scandal-brewing

A loan audit can help you! The legal experts of Mortgage Fraud Examiners can review your appraisal and mortgage documents, looking for fraud, other tortious conduct, and common violations of federal and state statutes. Armed with this information, you can force your predatory lender to negotiate with you on your terms, rather than theirs, or you can sue them to get the remedies to which you are entitled.

Thanks!!
Kim

This could get a little bit lengthy so please forgive.

I can give you a list of reasons why. Let me begin by addressing the question I believe you are really trying to ask.

Why can't a person in foreclosure go to an attorney and ask him to work on a contingency basis?

In order for an attorney to work on a contingency basis he has to be highly certain that there is a way for him to get paid.
If you get into a car accident, your car is damaged and you have physical injuries, the attorney knows he is going to sue the insurance company of the person at fault. The attorney knows that he is (if he is worth his weight in salt) going to get you money for your damages and injuries and likely pain and suffering. The attorney also knows that he is going to get at least 1/3 of that.

If you go to an attorney and say "I am in foreclosure and I need your help," where is there money coming from, even if he wins?

Bear in mind that a Forensic Loan and Appraisal Audit, provided there are infractions found, can get the lender to
A) Stop the foreclosure proceedings
B) Work a satisfactory agreement with you to lower your payments in a number of ways
C) In SOME cases, have your mortgage rescinded
D) In SOME cases get you punitive damages

Now, if the lender works out a satisfactory deal with the homeowner to lower their payments, where does the attorney get paid?
If the lender rescinds the mortgage, where is the money for the attorney to get paid?
In the occasional cases where there are punitive damages THEN the attorney can take his cut.
How many attorneys do you know that will take a case on a contingency basis on such a slim chance that there will be money for him at the end?
I invite anyone to pick up the phone and start calling attorneys. Tell them you are in foreclosure and you need help, can they take the case on a contingency basis? You will always get your initial consultation for free. From there, I guarantee the vast majority of the time you will get nothing else without first writing a check.

The next answer to your question is that this firm is different from any other law firm that focuses in real estate and lending because they SPECIALIZE in this specific area. Closing attorneys (for instance) know all about closing loans. They know how to write the documents pertaining to closings, they know how to follow the guidelines that the lender sets forth. They are there for who? They are there for the lenders protection.

This firm specializes in and keeps abreast of constantly changing regulations in TILA (Truth in lending) RESPA (Real estate settlement and procedures act) HOEPA (Home ownership and equity protection act) RICO (Racketeering and corrupt organizations act) ECOA (Equal credit opportunity act) UDAP (Unfair and deceptive practices) and this is just to name a few but I think you get the idea.

This firm is the #1 choice of attorneys nationally. In other words, these are the boys that your attorney goes to.

Last, but by far not least...they not only audit the mortgage, they also audit the appraisal. In 4 out of 5 cases, the appraisal has "issues."
(I always feel the need to put a little sidenote here for the appraisers. It is the LENDERS job to do appraisal reviews AND it is the LENDERS that have pressured the appraisers to bring the values in as needed)

You have the floor Sir Joshua :D

Hi Jon, the floor is open to all, most assuredly.

As far as an initial review...my best answer to that one is this:
There are cases in which we will tell a potential client that we do not think we can do anything for them. The problem with doing an initial review per se' is in the fact that these infractions do not really lie on the surface. It takes careful examination by a trained eye.
I can tell you that there are instances in which we will guarantee a client a full refund if we do not find any infractions.
We also guarantee that if we find no infractions, we will do the loan modification for free.

I cannot answer your "numbers question," as far as the percentages pertaining to the outcomes because we only do the audits.

Again, the audit is a tool. We advise the clients to take the audit to an attorney of their choice. Essentially the grunt work has already been done and all you need from this point is for the attorney to make a call/write a letter to the lender to alert them that "the shoe is on the other foot" so to speak. In cases of serious infractions this would be where a client COULD get an attorney to take the case on a contingency basis. I say this because it is one thing for an attorney to alert the lender that infractions have been found and strongly suggest a timely and satisfactory modification be reached (about an hour of the attorneys time) yet it is another to take on a case wherein court battles are likely to ensue and punitive damages be awarded.
Short version, the steps the client takes depend upon the findings of the audit.

Let me say here that it is a fact that mortgage modifications are not working very well. These lenders, as you likely know as an investor, would much rather work a short sale and be done with the entire mess. Now, that is fine for the lender (they will recoup their losses in various ways) and it is great for the investor who buys, but what does it do for the homeowner?
I have clients who call me every single day telling me how they went to a modification company and either gotten nothing or were offered a modification that seemed like a deal, but their payments only went down $40 a month and they still cannot afford the payments.
Bear in mind the modification companies are often charging $3k and up and not so often getting the homeowners satisfactory relief.

As far as audits just creating road blocks and simply delaying the foreclosure. I can, off the top of my head, offer a few instances where they have done much more than that.
Here is an article:
http://www.bizjournals.com/baltimore/stories/2008/08/11/story8.html?b=1218427200%5E1681713

You can find belini v. wamu online

There was a lady here in Florida by the name of Diane Mosby that also got here home free and clear, you can likely find that online as well.

It doesn't happen every day but it does happen. With the help of loan audits it is going to happen a lot more in the future.

[I'm confident there are in fact loans where required documents have been lost or at least misplaced. And forcing the lender to reproduce those documents can delay foreclosure] I have to say here, they cannot REPRODUCE documents and there are SO many cases of the documents not only being lost but never existing in the first place.

Look, I am not saying a loan audit is a magic wand, but it can be the best defense a borrower has if they want to keep their home.

WOW, they need you on that TV show "Numbers!" You might actually make it interesting :wink:

I confess, I am not the mathematical whiz that you are (I like to blame it on the male/female, right side/left side theory)

The percentages vary according to the type of loan (purchase, refi, owner occ, investment, etc) They also vary by timeframe (3 years ago, 5 years ago, 10 years ago).
We find that refinances done within the last 3 years have the highest rate of legally arguable infractions. This is not necessarily because the worst loans were done in the last 3 years, it is because of the statute of limitations on TILA violations. The consensus is that infractions will be found between 75% and 85% of the time on these loans.
These are also the ones with the best chance of success when going for more than simply persuading the lender to work something out to avoid the foreclosure.

After that, you are totally correct, it is a crap shoot. Different lenders had different underwriting guidelines. Some lenders were totally above board, some were the slime of the earth. Beyond that, people are human and they make mistakes. Brokers make mistakes, appraisers make mistakes, hell, even closing attorneys make mistakes. Underwriters made mistakes as well.

While we will point out any and all infractions in the interest of helping the borrower, I have to say here that it is the slime of the earth lenders who should get what they have coming to them. The lenders who had no regard for the "simple man." The lenders who climbed to the tops of the financial mountains on the backs of regular folks. The lenders who seemed hellbent on refinancing some people until there was nothing left to be squeezed out of the property OR the borrowers paychecks!
Oops, I was walking up the steps to my soapbox for a moment there, need to stay on topic, sorry.

I wish I could akin the financial benefits of audits to the calculations that investors do, but it just cannot be done. Investors twist a deal every way possible, hold it up in the light and grab a magnifying glass.
People in foreclosure are so distraught that they rarely think clearly enough to even remedy the situation. Here's a number for you...industry says that 93% of people in foreclosure do NOTHING to stop it. Why? Same reason a deer gets caught in headlights. They freeze.

All numbers and percentages aside, if I was about to lose my home, I would be like Dirty Mary and Crazy Larry. I would pull out all the stops despite the odds. I would rather shoot until I run out of bullets than to not shoot at all.

BTW, Thank you Jon, for the conversation. It is delightful.

Kim