Forensic Mortgage Loan Audit Checklist
Things are getting nastier, that’s for sure. It’s getting harder to get “out-of-line” and move to the front of the line for a decent loan modification. Over 10,000 homeowners are sumitting loan mod applications each day…and fewer than 10% are getting good modifications. You must be in default and you must flex the muscle of “informed suspicion” of predatory lending practices in order to be successful now.
Use this checklist to help you gather your thoughts about whether/not you were a victim of predatory lending. Watch this site and participate in our telecons, etc. to learn about how to conduct your own audit of your loan to identify violations.
60 Minute Loan Modification……………..Legal Loan Mod Checklist
- Is the loan a Adjustable-rate, Neg-Amortizing, Interest-only, Pick-a-Pay…or does the loan have a balloon payment? Explain.
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Did you get the loan as an original purchase or as a refinance…and, is it a 1st , 2nd or HELOC?
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Is the home your primary residence?
- How much is the current interest rate? What was the original rate?
- What was your FICO score at the time of the loan?
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Did you get the loan through a broker or directly from the bank?
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Did you get the loan between 1/1/2003 and 1/1/2007? What was the exact date of the loan?
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How much was your down payment?
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Were Points charged? How many?
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Are you over 65, disabled or a vet?
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How much was the original loan amount?
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Were there any prepayment penalties?
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Do you recall anything about getting the loan that made you feel intimidated, unsure or uneasy about any part of the deal?
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Is the original loan originator still in business? How about the original lender?
- Was/is this a sub-prime loan (is the rate more than 3% points higher than the best)?
Email help to anonymous
Hi Mike,
I have just received your program. I would like to ask you a question about my moving forward on the loan modification while I am in the process of a bankruptcy. I need to keep this house, but I did purchase it with an adjustable rate 1st and 2nd. I need to move forward on the bankruptcy within the next 30-60 days.
My question is, do I try to negotiate the loan modification now and disclose that I am filing bankruptcy and all my debt will be cleared in a chapter 7, or do I wait until my bankruptcy is over then move on the loan modification?
Thank you for your time
XXX XXXXXX
Dear XXXXXX –
Great to hear from you. Sounds like you are thinking clearly.
You will not get a loan mod while in BK. They may not start it if you are about to file.
However, it is possible to file for BK and exclude the home (while you get the mod). You can then include the house later, if you wish.
BK may be able to get rid of 2nd (non-secured) mortgage on the house. So obviously that would be better than any loan mod!
Does this help?
Mike
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Legal Action: Is it Worth it? Loan Mod Teleconference
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Fix Your DTI, Loan Modification, Earn More Income
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Get Your Loan Mod Done!!
Learn more about our services: LOAN MODIFICATION PROGRAM
Private coaching call with Mike available for next week:
Loan Modification Coaching Call
We also have a ‘DONE FOR YOU’ program:
Loan Modification “Get it Done” Application Service
Loan Mod Teleconference: Getting Honest with Yourself
Thanks for joining me… live!
Get Your Loan Mod Done!!
Learn more about our services: LOAN MODIFICATION PROGRAM
Private coaching call with Mike available for next week:
Loan Modification Coaching Call
We also have a ‘DONE FOR YOU’ program:
Loan Modification “Get it Done” Application Service
DTI vs. HTI Loan Mod Teleconference – with Mike Rockwood
Thanks for joining me… live!
Get Your Loan Mod Done!!
Learn more about our services: LOAN MODIFICATION PROGRAM
Private coaching call with Mike available for next week:
Loan Modification Coaching Call
We also have a ‘DONE FOR YOU’ program:
Loan Modification “Get it Done” Application Service