Mortgage Fraud Examiners, the investigative firm who warned the public about the “criminal loan modification trap, useless “forensic loan audits,” the “administrative process” scam, and “pretender defenders” is now warning homeowners and the public of the latest worthless service—Securitization Audits.
Washington, DC -- (ReleaseWire) -- 04/20/2016 --With many homeowners facing foreclosure and looking for help across America, many worthless services have cropped up with such promises as "mortgage elimination" or other foreclosure tactics that in some cases are patently illegal. One commonly advertised service is a Securitization Audit.
A number of companies have been pushing "forensic loan audits," aka TILA/RESPA audits. Since knowledgeable attorneys and homeowners recognize these "audits" are basically useless, the "wolves in sheep's clothing" are now peddling, securitization audits.
Mortgage Fraud Examiners Founder Storm Bradford explains: "The supposed reason given for a 'securitization audit' is to determine the true owner of a promissory note. Allegedly, with this information, the homeowner can show a court that the party actually foreclosing on a mortgage is not the actual note owner.
However, if homeowners and their legal counsel really had doubts about who had the legal right to foreclose they'd file what's known as a interpleader action listing everyone who might have a claim, deposit their mortgage payment with the Court, and let the lenders and assignees fight it out. However, you never see that, since defaulting homeowners and their counsel really don't care who has the right to foreclose, so long as it's not THE bank foreclosing now. It's just about stalling, and lining the pockets of 'pretender defenders.' These "hucksters" are charging fees for information that's free to anyone for the asking, and knowing who owns the note won't save anyone's home." There's absolutely no need to pay for a securitization audit, but the peddlers of this scheme count on the fact that the average homeowner doesn't know that." Nonetheless, as a courtesy to homeowners they can call us and we'd be more than happy to show them how to acquire information about the owner of their note for FREE."
Informed attorneys will tell you that these "audits" are mostly useless, while several federal judges have warned that these "audits" are in essence scams. As one federal judge put it, these "audits are more than likely the product of 'charlatans' who prey upon people in economically dire situation;" while another judge discussing various "audits" noted that such documents "confirm the empty gimmickry of these types of claims." And a bankruptcy judge bluntly declared: "[the Court] is quite confident there is no such thing as a 'Certified Forensic Loan Audit' or a 'certified forensic auditor. In fact, the Federal Trade Commission has issued a 'Consumer Alert' regarding such 'Forensic Loan Audits." Regrettably, the resulting damage from these worthless audits usually is the loss of the homeowners money and then their homes.
Gregory Bryl, an attorney practicing in Virginia and Florida, and employs the services of Mortgage Fraud Examiners explained: "most 'securitization audits' that I have reviewed are inadmissible in a court of law; they contain a mere opinion of a layman without personal knowledge (direct experience) as to what happened with a particular mortgage note after closing.
Thomas K. Plofchan, Jr., an attorney in Sterling, Virginia, who employs the services of Mortgage Fraud Examiners, adds: "Ultimately, the only real issue is whether a proper lien has been created with the house as collateral. It is astonishing just how many legal errors, contract breaches, frauds and setoffs can be exposed by a meticulous examination of the mortgage transaction." Matter of fact, in two recent cases we were able to identify and establish evidence to show the deeds of trust were void. The end result for the homeowners was receiving their respective homes free and clear. So, it's quite clear, a thorough examination of the mortgage contract is the ONLY proven method to uncover evidence that could affect the validity of the lien."
Attorneys Bryl and Plofchan, like many attorneys are exposing securitization audits for what they are--basically worthless.
Bradford concludes: "Undeniably, the only established procedure for a homeowner to obtain financial compensation or their home free & clear is through an in-depth analysis of the mortgage transaction, to identify legal errors, contract breaches, tortious conduct, to include appraisal fraud; and then attacking the loan based on those findings. Regrettably, everything else is just wishful thinking or a scam. – Quicken Loans on losing end of $3 million predatory lending verdict