Loan Modifications and Mortgage Audits Why Don’t They Help

Homeowners are so desperate to find solutions to their mortgage problems they will try anything. Some lawyers and consultants have encouraged homeowners to carry out mortgage audits to assess if any irregularities were committed. In this blog we have previously pointed out how over 90% of mortgages have some kind of irregularities that could make them void.

Although it is possible to sue your bank for an illegal mortgage it is not as easy to be successful as some might want you to believe. Lawyers and loan modification agents have often included a mortgage audit in their loan modification process as a way of intimidating the lender, often through an aggressive letter sent to the servicer or lender of the mortgage. However consultants and lawyers are reporting that these letters are not having the results hoped for. Put bluntly banks are more often than not ignoring them.

Another factor that must be taken into account is the cost of litigation. Even if you have a valid case, the question is if you can afford to see it through. If you are trying to get a loan modification, the chances are you do not have money to throw around. And if there is something litigation is, is expensive. It pays to calculate the cost before you enter a David and Goliath battle with a large corporation that has dozens of lawyers at their beck and call.

Lawsuits are long and expensive endeavors that are often won by the party with more resources. Loan modification companies and private homeowners do carry out this strategy but are advised to do so only when it makes sense, they have a solid case and have the assets to see it through.

We must be careful when contracting the services of a so called expert. Many lawyers and real estate agents are simply going to a weekend seminars and calling themselves experts in foreclosures or mortgage audits. This is a very sensitive area of expertise where your home and financial security are at stake. It pays to make sure you are dealing with professionals with a proven record of success.

A good way of knowing if you are dealing with a real professional is by the kind of advice they provide and the promises they make. We must be careful when dealing with any lawyer or Loan Modification Company that makes lofty promises and 100% success guarantees. The truth is that nobody, no matter how good they are can provide these ironclad guarantees. They are often used to reel in naïve and desperate customers and steal them from their dwindling resources.

In conclusion, although mortgage audits and loan modifications can be useful tools when trying to find a way out from a mortgage foreclosure, they are paths that must be taken carefully. Litigation is costly, takes a long time to complete and is not fun. It is important to do our research and make sure we only hire experts with real experience in the field. Unfortunately the foreclosure crisis that is hitting the U.S has no quick fix and in some cases no fix at all.

Loan Modifications and Mortgage Audits Why Don’t They Help