The lending business has gone through an evolution over the past few years and many changes have been implemented to improve options for the homeowners.
Even though excellent mortgages are offered today, there are now new forms of fraudulent practices surfacing as well.
This becomes a hazard to the unsuspecting homeowner who ends up with a "toxic" mortgage.
Fraudulent practices usually begin as soon as the lender or bank approves your mortgage, and you pay the initial payment.
As time goes by either your interest rate will change a higher rate than you had ever agreed on or you cannot make the payments on your house because you were approved for a loan outside of your current earning ceiling.
This is where a forensic loan audit comes into play.
If you suspect your current home loan has been modified, there are inconsistencies or violations, or some supporting documents are missing, you may have a case of predatory lending.
You would want to get in touch with a forensic loan auditing company who will perform a soft preliminary soft audit that overviews your loan situation for any signs of predatory lending.
If it is successful, you will undergo a full, in-depth forensic loan audit.
From there the process becomes a series of legal steps, but your goal outcome could be a stalled or stopped foreclosure, lower, secured interest rate or lower monthly payments.
Right now, more and more homeowners are in a tight spot with their mortgages and now homeowners now have protection from predatory lending.
If you have any reason to believe you may be a victim of predatory lending, consider starting the forensic loan audit process.