Are You The Victim Of Loan Fraud Or Mortgage Fraud?
If you are upside down on your house, meaning you owe more than the house is worth, and have refinanced your home in the past few years, chances are that you may be a victim of loan fraud or mortgage fraud. In the past few years, predatory lending practices resulted in a significant number of bad loans. These practices have only stopped recently as a result of government regulations, but mortgage fraud and loan fraud still account for a great deal of the foreclosures in this country as well as the amount of people who owe more than their house is worth.
While some people are foreclosure victims or are upside down on their mortgage because they simply purchased a home they could not afford, or the bubble burst leaving them with a house that rapidly depreciated in value, this is not the case with many individuals who were actually victims of predatory lending practices that constitute loan fraud or mortgage fraud. Many of these individuals were talked into purchasing homes that they thought they could afford with lucrative and enticing low interest rate offers. What they did not realize and were often not told is the amount of money they would have to pay when the real interest rate kicked in. In some cases, the interest rate that they were paying was much higher than the interest rate that others were paying for fixed rate mortgages. The lenders simply talked them into a loan that they did not understand, thereby engaging in mortgage fraud.
Many other people are victims of loan fraud through refinance. Lenders would contact people and tell them that they could refinance their home at a lower rate and then get money back on the equity that they had in their home. They often misrepresented the amount of the value of the home so that people were getting more money out than the home was worth. Loan fraud and mortgage fraud ran rampant for many years with many people getting caught up with mortgages and loans that they could not repay, thus resulting in foreclosure.
Mortgage fraud and loan fraud are crimes. Those who have had these crimes committed against them often do not even realize it as they do not understand their mortgage documents. By allowing someone who does understand mortgage documents to audit the documents for them, they can often get some sort of satisfaction. They can seek out legal redress or in many cases because they have been victims of mortgage fraud or loan fraud. Most people who have been victims of mortgage fraud or loan fraud usually just want to stay in their homes but are struggling with the payments. There are several options that a trained Forensic Loan Auditor can discuss with you if you feel you have been a victim of this type of predatory lending.
It is vital that anyone who feels that they were a victim of mortgage fraud or loan fraud contact a company that deals with this type of predatory lending and can go over their loan documents to find out if they are legal or not. They may have legal redress if it is found that they are the victims of unscrupulous lenders who actively practiced loan fraud or mortgage fraud. Many times lenders tried to get people into a mortgage so that they could make a bigger commission.
Resource: If you feel as though you are the victim of loan fraud or mortgage fraud, you may have the right to legal redress. You should seek out counsel from a company that will be able to look at your documents to see if you were a victim of a predatory lending practice. You can go to US Loan Auditors to find out more.