19/02/2012 Financial & Legal Services
Many banks in America are in trouble over their mortgage lending practices which have led to the wrongful foreclosure of thousands upon thousands of homes around the nation. Most recently banks like Countrywide and Bank of America have been involved in numerous lawsuits aimed at establishing the rightful owners of the property.Many experts believe that there are many reasons why the property market is such a mess and mortgage fraud is one of them. When most banks and lenders were approving mortgages on new homes, they became quite greedy and created mortgage securities out of the mortgages which were sold on the stock market for a profit. While the SEC (Securities and Exchange Commission) was supposed to investigate the validity of these securities, the sheer size and volume of trade that resulted caused many government agencies to relax on their regulations. Since the banks and lenders did not provide the deed as proof of the securities, when it came time for payment, many home owners found themselves owing a lot of money to many different people which resulted in them having to either foreclose or have their mortgage loan modified.Either way, this practice has not stopped and many homeowners are continuing to feel the pinch. In essence, people who are being forced into foreclosure may actually be victims of fraud for profit which was implemented by many big lending institutions. A forensic loan audit can help establish if the mortgage is a predatory loan and if there is room for a loan modification if you are struggling to make payments on your mortgage. However if you are facing potential foreclosure, you might find yourself the victim of securitization, where your mortgage was securitized illegally. Your best bet out of the rut is to get a securitization audit to determine if the process of securitizing your mortgage was fraudulent or not. This can open the door for a loan modification or you filing a quiet title suit against your lender.The quiet title is a lawsuit that determines who the real owner of the property is and can save you from foreclosure when undertaken by a legal representative following an investigation into the predatory methods used by the lender.The combination of the results of the forensic loan audit, which indicates a predatory loan as well as the securitization audit will give you the opportunity to file a lawsuit against the bank or lender. If you find yourself a victim of a lender’s fraudulent practices and have the evidence to prove it, you should file for a quiet title suit.Although most people think it is expensive to do this, the investment as well as getting your home back is worth it in the end. Don’t settle for a wrongful foreclosure today. Tila Solutions is a company that specializes in forensic loan audits as well as securitization audits and can assist you in the process. You can contact them on (702) 508 0335. Alternatively visit their website for quiet title.