Banks and other property institutions have been regaining the houses they offer on mortgage to clients through foreclosures. Driven by the urge to be home owners most people end up signing agreements for which the terms of payment are very unfair to them. After sensing the danger of loss most people have been going ahead to conduct a securitization audit.
The audits are carried out in search of anomalies there might have been in the signed document. Every little detail since the client signed up the trust is very relevant. The auditors look for such flaws so that they can negotiate better terms for their clients.
Conducting a Securitization audit is considered to be the only move that can earn your house back after any other method that you try has failed. Always look out for the best firms there might be. They always get to work after you pay the fees and help them understand your situation well enough.
The process is a legal one because the lending institution, as per the law, should grant access to your files when you request them. All the payments you have made are usually followed up. After they complete their work you can then, from reports drawn, know whether you keep the house or not.
Please note that the reports of the audits may be presented in defense of a foreclosure but they definitely do not stand ground. The Financial Trade Commission does not also recognize them as well. They still have a long way to go before they can be acceptable in legal proceedings.
Some findings have declared securitization audit fraud. They claim the firms get thousands of dollars from clients to do the auditing only for them to realize that it was not of that much help. Should you plan to go ahead and ask for the service then you must be very careful.
Learn more here: Securitization audit
Author: Melody LyonsThis author has published 2 articles so far.