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MBA's Courson comments on Treasury plan to purchase mortgage assets

National Mortgage Professional
Sep 21, 2008

You Walk Away announces forensic loan documentationMortgagePress.comforeclosure, housing crisis, mortgage fraud, forensic loan documentation review You Walk Away, a company that helps families facing foreclosure, has announced a new product, the Forensic Loan Documentation Review and Loan Modifications programs designed to help beleaguered homeowners during the housing crisis. The forensic review is a comprehensive investigation of the documentation of a homeowner's existing loan. The San Diego-based firm notes that well over 80 percent of the audits recently performed on ARM Loan documents revealed major TILA (Truth in Lending Act), RESPA (Real Estate Settlement Procedures Act), predatory lending practices and real estate/mortgage fraud violations. "The Forensic Loan Documentation Review and Loan Modifications programs have put a big spotlight on how the average homebuyer was abused during the mortgage craze," said principal and co-founder Chad Ruyle. "The attorneys we work with go over the loans in the program to look for violations and for APR (annual percentage rate) hikes that are often misquoted. This allows the homeowner to possibly go back to the lender for a loan modification, often saving the home and the homeowner from the foreclosure process." The high number of loan violations uncovered did not surprise the founders of You Walk Away. "Many homeowners got pressured into signing loan documents with much higher rates and fees at the closing than what was disclosed on their Good Faith Estimates," said Jon Maddux, CEO. "This program is another way for families to be able to keep their homes if they feel they were misled by predatory lending practices." Maddux went on to describe the program, "in some cases if people were simply overcharged by $30 on the final HUD-1, or if the APR was higher by just .125 percent than what was originally disclosed, this may give the lawyers leverage when negotiating with the lender to grant a beneficial loan modification and ultimately save their home." All of the attorneys used by for the forensic program have been pre-screened and pre-selected. Fees for the program are based on the loan amount. For more information, visit
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