The Value of Forensic Loan Audit

Forensic Loan audit is one of the hottest subjects that the financial world is talking about. Now that we are currently facing difficult times, there are many people that are resorting t do desperate things. Since many of us badly need money to support our daily lives and to start new lives, a loan is a good choice especially since there are many lenders existing. But the problem is that we have to consider our safety when making deals with them. That is where the forensic loan audit comes in.

It is important that we know these things about forensic loan audit. We really need to know because it might be helpful for us especially that there are many lenders who do things that are against the law. Because they know that they can take advantage of people who are in need, they will enforce things that will not help the people who loan to them but instead will give them additional burden.

Forensic Loan Audit analyzes the terms and agreements of existing loans and they try to find any violations based on the federal laws. They will only concentrate on federal laws because there are different exiting state laws that can be stricter. They will ask for different documents and you should give them all the details in order for them to create the right case that will pin down the lender who is trying to abuse your rights as a borrower.

Here are some common issues that might happen to a borrower. The first one is negligent misrepresentation. This is the case when the mortgage professional makes mistakes, either unintentionally or intentionally, that are below the standard of professionals. The nest one is breach of the contract. This happens when the lender breaks the contract that has been set by both the lender and borrower. The third one is constructive fraud. This happens when the lender or any of his assistants or officers do not disclose some terms of the agreement, such as penalties, to the borrower before he accepts the loan. The last one is fraud and negligent misrepresentation.

All people should be aware of these things before making a loan so that they will not be abused by those lenders whose intentions are clearly not to help those who are in need but just to make money out of them and aggravate their situation. We should be aware of the possible cases that might happen to us. Knowing these will save us from situations that we do not want to get into. In case you really are already having a hard time paying your lender, and he continues to put so much pressure on you, having some knowledge about forensic loan audit may turn the tables around and become in favor to your side.