Monday, November 22, 2010

WHY Should I Audit My Mortgage Loan Documents?



The Wall Street Journal, MONEY, Forbes, Newsweek and numerous other leading publications have been warning the public for years about potential over charges in mortgage loan transactions, that are believed to affect one in every three mortgage loans in the USA. Did you know that the typical mortgage note contains built-in (mostly hidden) over charges, ranging in degree from $500 to $30,000 plus? The effects can present greater dangers, if you have an ARM (Adjustable Rate Mortgage), where potential errors made by your Lender, resulting in selection of the wrong financial benchmarking index, improper rounding up of factors and inaccurate application of extra principal payments to interest due, can really create a major sink-hole in your pocket! How about your Escrow Account, the set aside fund within your mortgage loan account for payment of your property taxes and insurance...have you ever received a letter from your Lender telling you about a "shortage" in your escrow account? I got one of those several years ago, on my fixed-rate mortgaged single family home and it was not a pleasant experience, I can assure you.

So WHAT should you do? A Forensic Mortgage Audit is designed to analyze every document and calculation within your mortgage loan agreements (from Truth-In-Lending through HUD -1); at the end, you will know with certainty whether or not your mortgage loan is in compliance with all regulatory authorities or how much money your Lender owes you, in penalty for their errors. The cost is minimal, compared to what you'll gain in both peace of mind and probably, a piece of your hard earned equity returned to your pocket.

Call Turning Point Consulting Group, LLC (Elden Cater, President/CEO @ 518-265-0063 or Mustapha A. Qadir, Vice President @518-256-9828) for more information about this timely, cost effective service that will truly help you keep the roof over your head for many years to come.