What is a forensic report Wyoming?
A forensic report state is the comprehensive review of all loan documentation including legal documents, transactional data, and other evidence pertaining to your mortgage loan that has been loaned. A forensic report substantiates unscrupulous acts performed by the lender, their broker, or other parties in obtaining interest with the mortgage. During the forensic report Wyoming audit process, skilled professionals review all documents received from your mortgage lender from the date you applied to the date you funded your loan including any envelopes, faxes and emails to ensure that your loan meets all legal requirements that were in effect at the time the loan was funded.
Why is a forensic report Wyoming so important?
Loans must be legal to remain enforceable by the lender. Loan Violations are serious offenses of Federal Consumer Protection Law and lenders may face high fines and legal consequences for breaking these laws.
Mortgage bankers, banks and loan servicers are run by business people. They understand the financial consequences of their mistakes and usually want to avoid expensive litigation or risk being charged with hefty fines. When their money is on the line, these firms can often be persuaded to more easily reach agreement with their borrowers when a forensic report is present.
If a loan was funded unlawfully, the borrower may be entitled to compensation, a refund of all interest and principal payments made for the last three years, all non-recurring closing costs, legal fees, or a renegotiation or modification of the terms of the loan. From 2000-2007, tens of thousands of loans were funded underhanded. Your loan may be unlawful, and you may be entitled to substantial damages whether or not you’re currently in default with the presence of a forensic report Wyoming.
A forensic report determines violations of the laws governing lenders. An forensic report provides a powerful tool for negotiating with your lender. Whether you need your loan modified or you need to sell your home as a “short sale” or even if you need to have your loan rescinded, your lender will be motivated to work with you when you have evidence of their illegal acts.
How does a forensic report Wyoming help a home owner?
Violations are the leverage used to present your case with your lender with the proof the forensic report holds. The more illegal acts discovered, the better your chances of obtaining a favorable settlement. The chances of a successful settlement increase with the most severe violations.
What should a proper forensic report look for?
A thorough Forensic Report should look for:
1) Violations of Federal, State or Local Laws
The act of using your home as collateral in obtaining a mortgage is covered by numerous federal, state and local laws. These laws are in place to protect your rights when you use your home as collateral in a mortgage transaction. The forensic report Wyoming professional will review your loan documents to determine if there are differences between the disclosure of information in your loan documents you received and the disclosure of information required by law.
2) Constructive Fraud
Material facts include the terms of the loan, whether there is a prepayment penalty, or any other information which a reasonable borrower would want to know before accepting the loan. Did the broker or loan officer or anyone working for the broker or loan officer fail to disclose any material facts to the borrower?
3) Fraud and Negligent Misrepresentation
Were any representations, statements, or comments, written or oral made by the loan officer, broker, escrow or anyone else which contradicted the terms of the documents? When a mortgage professional makes errors which a reasonably diligent mortgage professional would not have made, he or she may have made a negligent misrepresentation.
4) Excessive Fees
Were there any excessive fees or improper charges made by the lender or loan broker? Are there any deceptive, abusive or predatory lending practices or an excessive prepayment penalty? Is there a Net Tangible Benefit to the Borrower in the mortgage transaction? Was there a proper analysis to determine if the Borrower can afford the payments on the loan? Were the fees properly disclosed?
5) Breach of Contract
The note and its attachments are a contract. The lender must follow all the terms of the contract such as the way the interest is calculated, and the way penalties are assessed. If there were any terms in the contract which the lender failed to follow, you should obtain a forensic report Wyoming?
Disclaimer*This information regarding forensic report Wyoming is not to be taken as legal advice, and should be evaluated by your Attorney. Eichomes.com is simply providing basic information.