In the last few years, outfits have popped up offering home owners "forensic loan audits." They say they'll review the homeowner's mortgage loan documents, establish whether the lender complied with federal and state laws and speed up the process of requesting a loan modification.

The truth is that even if the audit reveals errors in the loan documents, the process very rarely results in a loan modification or rescind.

Even worse, scammers often make false promises that they will secure a loan mod, principal reduction or have the loan rescinded. Then they just string homeowners along or simply disappear. Here's how to protect yourself:

  • Don't trust anyone who guarantees results.
  • Don't work with anyone who asks for an upfront fee.
  • Don't sign any contracts under time pressure and don't sign any you don't understand.
  • Don't stop paying your mortgage, even if they tell you to.
  • Don't give anyone your personal financial information, except an appropriate loan help organization.

Fortunately, free, legitimate help is available from the not-for-profit Homeownership Preservation Foundation. Call 888-995-HOPE (toll-free) or visit: The Department of Housing and Urban Development (HUD) also lists by state legitimate housing groups that help homeowners. Visit:

Brandi Rademacher Headshot
Phone: 253-224-6663
Dated: October 13th 2011
Views: 4,490
About Brandi: Brandi Rademacher with RE/MAX Realty South is the Professional Realtor who other Realtors come to fo...

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