MBA's Courson comments on Treasury plan to purchase mortgage assets – NMP Skip to main content

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 YouWalkAway.com 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 www.youwalkaway.com.
Published
Sep 21, 2008
Atlanta Real Estate Agent Sentenced For Running Multi-Year Mortgage Fraud Scheme

So far, up to 11 people have plead guilty in Federal Court to the multi-year mortgage fraud scheme, which netted more than $21 million in fraudulent mortgage loans.

Industry News
Jan 24, 2022
Crypto-Craze In The Mortgage Industry

'It’s time to tell the Emperor he has no clothes.'

Industry News
Jan 24, 2022
What Millennials Want from the Homebuying Process

Research backs the need for education and technology in creating the kind of efficient, customer-focused homebuying experience younger consumers expect.

Analysis and Data
Jan 24, 2022
Ross Mortgage Makes Three Leadership Promotions

Ross Mortgage Corporation's president, Tim Pascarella, announced three leadership promotions within the company.

Community
Jan 24, 2022
Rising Mortgage Rates Could Propel Buyers To Purchase Homes Sooner

First American Financial Corporation published its Nov. 2021 First American Real Estate House Price Index, which found that rising mortgage rates may have a strong effect on prospective buyers.

Analysis and Data
Jan 24, 2022
PenFed CU Sees Record Annual Mortgage Lending Volume

PenFed Credit Union announced it's financial highlights from 2021 which includes record annual mortgage lending volume.

Industry News
Jan 21, 2022