Forensic Audits. Good idea or not?
A community development corporation associated with a church approached me about doing forensic audits on my client loan documents. They claim there are error many times and that we can hold them over the head of the bank to pursuade them to move faster and/or approve a file on a short sale.
Of course, it costs money. Anyone have any thoughts, opinions, or experience with these.
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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Sounds like another scam to me.... especially when they charge money to do it and claim to be a community organization.
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Permalink Reply by Victoria Frieberg on
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The Church of FleecetheFlock?
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could not resist! anyway, the fiduciary responsibility alone would preclude this in my book..
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Permalink Reply by Tracy Gibson on
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Victoria,
Can you expand on what you mean regarding this and fiduciary in regards to this topic? I think all would benefit from your full view on this. Thanks.
Victoria Frieberg said:could not resist! anyway, the fiduciary responsibility alone would preclude this in my book.. -
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whose information are you going to disclose to an outside party? who wll benefit, do you have permission from ALL parties to disclose private and confidential information, loan numbers, ss numbers, any other docs associated with the loan? How do you know the company is who they say they are, who benefits in the use of this knowledge? What are the policies of this company and disclosure of the information you provide etc etc etc! Huge can of worms..
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I see what you mean and believe me, I am super skeptical when these things come up.
However, I am always on the look out for things to help the homeowners.
In this case, I would not be disclosing anything, these people would work directly with the seller.
When they approached me it was through the broker for the buyer's agent on one of my deals and I immediately had my guard up. I don't like other people messing with my short sales. I like to be in control to make sure it gets done.
Just wondering if it had any validity and could help in anyway. Figured it was another way to make money off of distressed sellers.
Victoria Frieberg said:whose information are you going to disclose to an outside party? who wll benefit, do you have permission from ALL parties to disclose private and confidential information, loan numbers, ss numbers, any other docs associated with the loan? How do you know the company is who they say they are, who benefits in the use of this knowledge? What are the policies of this company and disclosure of the information you provide etc etc etc! Huge can of worms.. -
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somewhere I remember that asking for the original note is a good tactic. Most lenders cannot provide, as it was signed and sold and possibly bundled and sold again. Have not used that myself, not sure of the methodology..but there are many wiser and more savvy people on this site then me!
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Permalink Reply by Brigitte Powell on
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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
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depends on what state you are in. In Virginia this asking them to produce the note does not work. My first reaction is stay away from that.
Victoria Frieberg said:somewhere I remember that asking for the original note is a good tactic. Most lenders cannot provide, as it was signed and sold and possibly bundled and sold again. Have not used that myself, not sure of the methodology..but there are many wiser and more savvy people on this site then me! -
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I am in Mn...have not pursued it, but have heard of it being used...have closed every short sale so far without resorting to researching that particular tactic! knock wood
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Victoria: your intuition has sent out warning signals :-) I would say heed your intuition. :-).....I was approached by "can't remember who" to "work" my Short Sales and politely declined. It just didn't "feel" right.
Victoria Frieberg said:I am in Mn...have not pursued it, but have heard of it being used...have closed every short sale so far without resorting to researching that particular tactic! knock wood -
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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 -
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