Situation

Real estate has been considered a safe investment for many decades.  It was part of the American Dream to aspire to own your own home.  It is safe to say that most families have aimed to own their own homes.

In an effort to stimulate the economy after 9/11, the Federal Reserve lowered interest rates and, along with previous acts of Congress, relaxed lending standards. Exotic loans that ramped up after a teaser rate period were introduced and many of these loans were sold to families that desired a home for their children, a place to grow old, an investment, a place to retire.

After these ‘teaser’ periods started to expire, many new homeowners found that they could not keep up the payments. Suddenly, the American Dream turned into a nightmare, with most families doing anything, borrowing from credit cards, family and friends desperately trying to hold on.

The real estate market experienced undue, excessive inflation, fueled by speculators, banks/lenders, Wall St. traders, real estate brokers and agents.  Loan underwriters obviously lost their objectivity during this period because how else would they approve loans sure to default and fail?  It became a mad buying and selling frenzy just like a gold rush.  All were seeking a fast and easy income at the expense of the consumer.   Fast money with little work, the American work spirit became very ill.  Laziness to perform the paperwork correctly during this frenzy almost became the norm.  Probably everybody involved fumbled to a greater or lesser degree.

Many of these same "professionals" became addicted to the ill American work spirit.  Enjoying lazy work habits recently refined they saw a new gold rush and became loan modification salespeople.

The hypocrisy peaked when a few of these people brought their ill American work spirit complete with laziness to the forensic loan audit industry.  The reputation of a completely proud and legitimate industry became smeared by a few of these bad apples who were hunting for excessive profits.  Some over-charged greatly.  Apparently a few became criminal and either did very little and/or completely poor audits, or just took the money and provided absolutely nothing in return! 

When the news media and the politicians heard of these bad apples, they didn't do enough research to find out that the forensic loan audit industry was a proud and legitimate occupation before these bad apples crawled in and made it look illegitimate before the national audience!  Finally when the news media and the politicians found out the truth they were rightfully embarrassed and mad about it.  Thorough, manually performed forensic loan audits in the hands of aggressive and very skilled attorneys, used in court, are exactly what exposed all of the violations, errors, irregularities and malefactions of the lending industry!  This is why they called for investigations of the big lenders and moratoriums on foreclosures.  This is exactly why you need a skilled and experienced real estate attorney who is familiar with and knowledgeable about the law.  And such an attorney will normally advise you to obtain a very thorough forensic loan audit.

Are loan audits a scam?  Obviously not.  Are there scammers in this field?  There are scammers in probably every field, and that certainly includes the lending industry!

Now, the housing market is in a free fall with values down on average 30% plus possibly 20-45% more to drop. In some areas homes are only worth 20% of their market peaks. Most homeowners with a mortgage do not have equity in their homes; even borrowers who put down 20% are finding that their equity has evaporated in the housing crash.  Being underwater, upside down or having negative equity is when you owe more than your home is worth.  Far too many homeowners are now in this category.

It isn’t over. Our economy is far from stable and the bottom is still a long way down. The housing crash has proven to be a devastating ‘domino tipper’, triggering derivative calls, a pension crisis from stocks falling, municipal defaults, earlier Social Security retirees due to lack of and inability to find work – the list goes on and on.

One thing is certain – our future is uncertain. Stability and solvency should be the goal of every homeowner and getting your biggest investment, your home, under control is one of the most important steps you can take in protecting your family and their future.

A forensic loan audit performed by LoanAuditsPro.com, in addition to having a skilled real estate attorney that knows how to use the findings of our audit, can become a tremendous step in the right direction.  Don’t be too surprised if that step is larger in your favor than you previously imagined!