Los Angeles Attorney General warns about Forensic Loan Audits

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[Best Syndication News] A warning was issued by Los Angeles Attorney General Edmund G. Brown Jr. along with the California Department of Real Estate (DRE) along with the State Bar of California for individuals to stay away from forensic loan audits. The Loan Modification industry has been hit with “phony foreclosure relief service” which is called forensic loan audits.

Consultants are hired to perform a forensic loan audits which takes cash from homeowners that are desperate to fixed their mortgage payments.

"Forensic loan audits are yet another phony foreclosure-relief service hawked by loan-modification consultants trying to cash in on the desperation of homeowners facing foreclosure," Brown said. "The foreclosure-relief industry continues to be long on promises, but short on results."

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The consultant asks the mortgage loan customer to pay up-front fees to have them provide service that do not provide any foreclosure relief. The homeowner can pay for an up front audit of their mortgage loan file and see if the lender was in compliance with the lending laws pertaining to the state that they live in. The loan audit consultant sells the customer on an easier faster way to go through the loan modification process.

The attorney general said that in actuality, there is no proof or data that supports the loan audit claims even if it is performed by a someone that is licensed, legitimate and trained auditor, mortgage professional or lawyer.

According to the law in California, any individual or business that is offering a mortgage-foreclosure consulting, loan-modification and foreclosure assistance must register with Brown's Attorney Generals office and in addition must post a $100,000 bond. Brown also said that it is illegal to charge up-front fees for services provided by loan-modification consultants and businesses.

You can receive free help with the US Department of Housing and Urban Development with counselors in your area by calling 1-800-569-4287.

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