Wednesday, October 08, 2008

Forensic Loan Audits

I read it about these for the first time here. You Walk Away is the company sighted in the article that does these though I'd imagine this is something many lawyers or accountants could accomplish. Here's a snippet from the piece:

The reviews aren't cheap. The fee could be as high as $3,000, depending on how much is owed on your mortgage. But if an error is found, it could be the 2-by-4 between the eyes you need to force the lender to move you up to the front of the long, long line of borrowers who are looking for ways to hold on to their homes.

I surely know my documents in a typical loan closing package but I don't pretend to know all the causes of actions that potentially come from loan package errors. But this should motivate us to bone up on the Truth-In-Lending requirements and the Real Estate Settlement Procedures Act to protect our clients.


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