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.
