The Forensic Audit Scam
Posted By Chris Forrest on Mar 1, 2011 2:20pm PST
Homeowners in distress are easy prey to unscrupulous companies who aggressively market a wide range of foreclosure rescue and mortgage modification services. many of these companies also claim to be affiliated with or supported by attorneys. This is often completely false.
Some companies claim that nearly all of their "clients" receive loan modifications and even offer a money-back guarantee. Others falsely claim that they are affiliated with a government agency or have some "inside track" or special relationship with lenders that can facilitate a loan modification or reduction of the amount you owe. Don't fall for these types of scams!
The Forrest Law Firm is committed to reporting these types of companies to the Florida Attorney General and the Federal Trade Commission to help ensure that Florida homeowners are not taken advantage of by these scams artists. The Federal Trade Commission (FTC) has also recently enacted new rules that prohibit many types of loan modification and foreclosure rescue schemes that target unwary homeowners.
One such scheme that has proliferated on the internet is the "forensic loan audit" scheme. In exchange for an up-front fee, supposed "forensic loan auditors" offer to review your mortgage documents to uncover violations of federal and state laws. These audit companies claim that such audits can help you avoid foreclosure, speed up the loan modification process, reduce what you owe, and even cancel your loan.
In reality, the FTC has stated that there is no evidence that forensic loan audits are of any use whatsoever in obtaining a loan modification or obtaining any type of mortgage relief. I have personally reviewed many of these "foresnic loan audits" and have found them to be completely useless and an utter waste of money. Worse, many of the audits I have reviewed contained information that was wrong, misleading, and did not accurately reflect the federal and state laws they supposedly addressed.
Don't fall for any scam that includes a "forensic loan audit" or promises to help you cancel or rescind a mortgage. Consult with an experienced Florida attorney on any issues relating to mortgage law to avoid falling victim to these predatory companies.