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 individuals suspecting incorrect foreclosure may have been instituted by any mortgage loan trustees, have the legal right to hire these expert auditors to conduct specialist reviews of the entire loan agreement filings. However, it cannot be overstressed that only documentation provided by experienced experts in this area will be submittable in most court proceedings. To practice as a mortgage auditor, specialists have to get a certification allowing them to practice as forensic loan auditors.
But in truth, the only person one should use to ensure that the documentation can be submitted into a court hearing, is an auditor that has several years experience in the industry. When done correctly, this document becomes a powerful tool, that may change the entire validity of one's foreclosure. There are three main areas related to loans where these documents are used and being more familiar with them, could not hurt.
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 to understand the auditing process, one needs to understand what securitized home loans actually are. Basically, hundreds or thousands of different mortgages are bundled into a basic "security". These security bundles are sold to Wall Street markets. Doing this, removes the financial institutions capital risks; while lenders cash funds the 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 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, when faced with potentially losing their any fixed property, get one of these experts to conduct a legal securitization audit. If unsure if ones mortgage is secured or not, can be checked for free by these firms. Hire auditors who have two or more decades of experience in the industry.
Normally, any individuals suspecting incorrect foreclosure may have been instituted by any mortgage loan trustees, have the legal right to hire these expert auditors to conduct specialist reviews of the entire loan agreement filings. However, it cannot be overstressed that only documentation provided by experienced experts in this area will be submittable in most court proceedings. To practice as a mortgage auditor, specialists have to get a certification allowing them to practice as forensic loan auditors.
But in truth, the only person one should use to ensure that the documentation can be submitted into a court hearing, is an auditor that has several years experience in the industry. When done correctly, this document becomes a powerful tool, that may change the entire validity of one's foreclosure. There are three main areas related to loans where these documents are used and being more familiar with them, could not hurt.
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 to understand the auditing process, one needs to understand what securitized home loans actually are. Basically, hundreds or thousands of different mortgages are bundled into a basic "security". These security bundles are sold to Wall Street markets. Doing this, removes the financial institutions capital risks; while lenders cash funds the 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 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, when faced with potentially losing their any fixed property, get one of these experts to conduct a legal securitization audit. If unsure if ones mortgage is secured or not, can be checked for free by these firms. Hire auditors who have two or more decades of experience in the industry.
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