Replies to This Discussion

Permalink Reply by Victoria Frieberg on July 27, 2010 at 2:26am

when i worked at a hospital, a firm came in on offered 'forensic' review of all of your invoices for product purchases. The took every order from inventory control and accounting, then went back to the suppliers for every line that may have had a discrepancy. They charged about 50 cents on the dollar for every dollar they got back just fyi

Permalink Reply by Brigitte Powell on July 27, 2010 at 2:37am

I understand. :-) All the very best.

Tracy Gibson said:

Yes, Brigette, I am an agent. I am not doing this. This would be between the borrower and the organization. They have the attorney.

I posted it here because I wanted to see if anyone has heard of it. If anyone had a client who did it. If it is something worth doing or not. I am leaning heavily towards not and my client already said no.

What does it have to do with short sales? The theory is that if the loan was no RESPA compliant then the lender, being afraid of a lawsuit, would cooperate with the short sale quicker and more favorably.

The way this came up was that one of my short sales is stuck in what I have been referring to as, "HAFA limbo" and the buyer's agent is getting impatient. He told me he has someone with a way to make the process go faster. I doubted him, of course, but listened to his broker's pitch.

Believe me, I am always cautious of these types of things, however, I am also always on the look out for ways to better help the homeowners.

Brigitte Powell said:

Are you an agent? If so, why would you do that? (not being critical here) I just don't understand why they would not to to an attorney experienced in that field. What has that got to do with Short Sales? Again, not being critical, i just don't understand this whole thing

Permalink Reply by Ben Racela on August 20, 2010 at 4:35am

I have heard of that tactic a couple of years ago. It is a tactic used to help sellers with loan modifications but I can see how it may help with a short sale. The company should be lawyers that have experience with mortgage fraud and a proven history with success. If they are charging a fee up front that makes me nervous. I would ask them to verify if there is fraud in the mortgage docs first. Once they can prove there is mortgage fraud and that they feel a strongly they can get the short sale approved then consider having your clients work with them. There are companies that will audit the mortgage docs prior to asking for any fees.

Permalink Reply by Providence Reign on August 20, 2010 at 6:11am

I have not had to use this yet, but I do have a company on standby that will perform an audit if I need to use it to "persuade" the banks that it is in their benefit to accept my offer. Ultimately, it comes down to the price of the service and the company performing the audit.

The whole up-front payment thing doesn't really bother me (depending on the price) seeing how 90% of all loans done between 2003 - 2007 have some violation.

Permalink Reply by Keith Crawford on October 29, 2010 at 3:14am

I have a question. If you ask the lender to produce the promissory note per affidavit sent notary acceptor, the lender does not respond and the request is defaulted. this affidavit is then recorded publicly under Federal Rules of Evidence # 201 and #902. If done in this manner it is a claim to be used inside or outside
a federal courtroom. This is an affidavit you can use to fire the original trustee and reconvey title into your own name. There isn't one thing anyone can do about it, judge or otherwise. How is a lender going to sue you to foreclose if they've admitted per affidavit they have no claim to your property ?

Permalink Reply by Keith Crawford on October 29, 2010 at 3:32am

I'd say instead of giving these banks the benefit of the doubt you kick the tires and determine how they run their business. You ask them politely per affidavit through a notary acceptor for your promissory note. There is undoubtedly forensic fraud to be had but asking for the instrument used to buy the property gets to the root of the matter. The lender has a duty per RESPA and Federal Rules of Evidence 201 -902 to oblige you and confirm that you indeed have a bilateral contract, they used money of exchange in buying the property and in exchange they issued a mortgage to you. Anything less than that is a breach. If they created a demand account or sold your promissory note before or after the closing the lender received consideration and has no contract. They hold a lien but have no contract as they received consideration. Someone out in the investor netherworld might have the note but it doesn't effect the property as their claim is against you not the property. Bottom line if the lender will not respond to your request for the blue ink note then you have no further obligations to the lender. There isn't a judge in the world that will sign off on a foreclosure action if you have a verified affidavit notary acceptor filed under Federal Rules that states the lender defaulted any claims. If they do send them a W-9 and tell them you demand the value of the home, interest paid actual and punitive damages.

Permalink Reply by Robin M. Willis on November 1, 2010 at 6:10am

I have heard that having an attorney initiate a forensic audit is successful but have not yet used that method myself. It is not a bad idea, but it needs to be used when it is worth it to the client to pay the money to get this done. I can't say whether or not this church organization is on the up and up. It could very well be that they are truly looking out for people's best interests, yet often times scammers like to associate themselves with religious organizations (in name anyway) because it breaks down our resistance as it makes them appear more trustworthy.

I would recommend that you have your client speak to an Attorney to do something along these lines if he/she wishes to take this approach. This is a case where the real deal (forensic audits) can be useful, but other scammers take the concept and just use it to make money without producing results.

• ‹ Previous
• 1
• 2
• Next ›
• Page