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 September 17, 2009

Review Mortgage Documents when Facing Foreclosure
A real estate consulting company based in Florida which specializes in the forensic research of mortgages has offered up some important warnings to those home owners who are either in danger of or are in the process of foreclosure. The company warns that legal violations in complex mortgages are on the rise. Distressed home owners are urged to carefully review their mortgage documents.
The Consumer Mortgage Audit Center works with attorneys across the country to assist them in the review of complex mortgage documents and find either violations or evidence of predatory lending practices which could offer options to distressed borrowers and possibly save them from foreclosure. Many members of the Consumer Mortgage Audit Center are also members of the American College of Forensic Examiners Institute.

The CMAC makes the following suggestions to home owners faced with foreclosure:

- Buyers receive an HUD-1 document at settlement which outlines most costs. Compare this document with the good-faith estimate from the lending institution. If there is a discrepancy between the two documents, this could signal a problem.

- If it is found that further investigation is needed. Consult with an attorney who specializes in foreclosure defense cases. Initial consultations with an attorney are usually free of charge.