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With more and more homeowners falling behind on their mortgages, many are seeking help in unconventional ways.

MONEY TALKS NEWS – They are the words we dread hearing, tax audit!  But, there’s another type of audit happening more and more these days that strikes not fear but hope into the hearts of hapless homeowners.

Sylvia Alayon with Consumer Mortgage Audit Center tells Money Talks News, “A mortgage audit is a review of the documents that were presented to the consumer at closing, and it reviews for accuracy, content and also calculations”.

Auditors make sure every ‘I’ is dotted and every ‘T’ crossed. If not, your lawyer now has leverage with a lender to convince the lender to modify your mortgage.

“Typically what we will find is that the information that is required to be given to the borrower was not. So, this borrower entered into a transaction without completely understanding what they were getting into” Alayon said.

BREAKING IT DOWN:

While this industry is new, business is booming.  There are at least two reasons:

  • The number of desperate homeowners trying to push back against lenders.
  • Second because there’s no shortage of problems for these auditors to find.

“We’ve done about a thousand loans and we’ve found issues on all of them.” Alayon says with a smile.

In other words, the mortgage documents are so numerous and so complex, it’s almost impossbile not to find a problem.  Consumer Mortgage Audit Center doesn’t deal direct: they work for lawyers. How much? About $600.

BOTTOM LINE: If you need help with your mortgage, especially if you suspect you’ve been a victim of mortgage fraud or other shenanigans, and your lender isn’t listening. Talk to a lawyer.

Stacy Johnson

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