I find it amusing that so many in the mortgage business and the loan modification business toss these terms around as if everyone knows what they are.  If you choose to attempt a loan modification on your own or with a competent professional it helps to know a little of the vocabulary that may be thrown your way.

So, let’s talk about a forensic loan audit and why you may want to consider having one done as part of your home mortgage loan modification.

If you’ll wind the clock back 4 or 5 years ago – really up until the current financial crisis began, banks, lenders, and mortgage brokers were very relaxed in their compliance with federally mandated guidelines for lenders.  If your loan was created during this time period there was almost a 100% chance that it violates one or more laws relating to RESPA, TILA or Section 32. Not just the little banks – the big boys like Wells Fargo, Litton, AHMSI, PMC, GMAC.. and many others – were very relaxed in their interpretation of their compliance to these existing laws.

As a consumer, it’s not reasonable that you would be expected to know or be aware of all of the laws that pertain to lending… you went in your for mortgage closing and your title company, or they came to you, showed you where to sign and told you life would be great after you were done.  You relied on their expertise as a professional to obey the law.

When an experienced attorney performs a forensic audit on your loan they will review all of the documents you were presented with and signed at the time your loan was created.  They examine whether or not you signed the right documents, audit the math, examine the loan terms, perform a test to see if there was anything misleading about what was presented… etc.  When the attorney has completed the forensic audit they’ll provide you with a report of their findings.

Understand this, in sever situations, mortgages can be wiped out completely because of violations and infractions of lending laws.  So banks take the results of these audits very seriously.  If you’re in a situation where you are trying to do a mortgage loan modification a forensic audit can be your best friend – especially when the bank you are working with won’t play ball.

You’ll find that prices will vary from different legal firms as to their fee for a forensic audit.  I know attorney’s that specialize in forensic audits and they cost about $900 for the service.  In our company we perform forensic audits at no extra charge for our loan modification clients when banks are being stubborn – from experience they are VERY effective in obtaining a favorable outcome for loan modifications.

If you’re trying to do a loan modification on your own this may be a great place to start.  If you need a referral please e-mail the author and I’ll put you in touch with an expert in the field.  If you’re using a professional to help with your home loan modification be sure they have the forensic audit tool in their arsenal.

If you know you need a loan modification our team would love to help – we use forensic audits regularly – to obtain the best possible outcome for our clients.  Check us out at SureFast Loan Modification.com or (800) 510-1859 for faster service.

Quicken Loans has earned its place as one of the nation’s largest mortgage lenders and the leading online lender, offering superior customer service and innovative home loans. But don’t take our word for it.

This conclusion was made based not only on the customers’ reports but as well based on the country’s top reporters and industry analyst’s ideas.

FORTUNE Magazine considered Quicken Loans as one of its “100 Best Companies to Work” for in the United States.

Forbes, PC Magazine and Money Magazine recognized Quickenloans.com as a favorite online mortgage lending site.

According to National Mortgage News, Quicken Loans is the largest virtual lender in the U.S. of 50,000 lending online companies.

The company is so popular and successful due to the expert employees. They manage to bring income and satisfy the needs of the customers. Quicken Loans professionals are often quoted in the top newspapers, on radio as well as in business television programs.

CNBC, Squawk Box quoted the Chairman of the company Dan Gilbert, “People have to really look at an adjustable rate mortgage versus a 30-year fixed because they pay a huge premium for the longer term mortgage. You wouldn’t insure your home that’s worth $200,000 with a $500,000 policy, so why lock in a rate for 30 years if you’re only going to be in that home for three or four years?”

USA Today published the analysis of the chief economist at Quicken Loans, Bob Walters. He said, “Financing a home with an equity line can be particularly useful to business owners or commissioned salespeople whose income arrives in fits and starts.”

CBS MarketWatch heard senior vice president of Quicken Loans, Stephen Piazza, say “A borrower in a secure job and unlikely to be transferred, or a family that intends to stay put for 20 years, are good candidates for fixed-rate mortgages. And some borrowers are simply unable to stomach ARM risk. You have to say, If your payment went up $200 would you be ok? Some clients aren’t and they’re not comfortable thinking that may happen.”

New York Times: Bob Walters, Chief Economist, “People say, ‘rates are rising, I need to lock in a 30-year rate.’ But the rate environment is less important than matching one’s mortgage to their situation.”

When people know what to say they definitely know what to do. Every deed begins in mind, it is born with a thought.

Hello, I’m David Beadle. Here’s what’s happening from RateAlertNow.com.

Thirty-year mortgage rates were down for the 6th trading-day-in-a-row on Monday, because investors remained nervous about the potential for debt-defaults by emerging countries.

The national-average thirty-year fixed-rate mortgage is now at four-point-five-percent with one-and-three-eighths points, down an eighth of a point from Friday, for a savings of another one-hundred-twenty-five dollars on a one-hundred thousand dollar loan.

If you’d rather pay fewer points, the four-point-eight-seven-five percent rate is now at zero points, down an eighth of a point from Friday.

Remember: one point is worth “one percent” of the loan amount. This means “one point” is one-thousand dollars on a one-hundred- thousand dollar loan…and two-thousand dollars on a two-hundred thousand dollar loan.

When it comes to a two-point loan, that represents two percent of the loan amount. This means “two points” is two-thousand dollars on a one-hundred thousand dollar loan…and four-thousand dollars on a two-hundred thousand dollar loan.

The fifteen-year fixed-rate mortgage was down an eighth of a point, with the four-percent rate at one-and-seven-eighths points. And the four-and-a-quarter percent rate also moved lower–to just half of one point.

If you want to know instantly when rates are moving higher or lower, while floating your loan, you have to follow the changes in the points. To make this possible, you will need my real-time mortgage rate alerts, throughout the business day, while you’re involved in the home-loan application process.

The Chicago purchasing managers said on Monday that their index of regional manufacturing activity rose to 56.1 in November from 54.2 a month earlier. Any reading above “50” constitutes expansion in the sector.

On Tuesday, we-will-see the +national+ manufacturing index for November. That report is expected to show a 54.7 result, down one point from October’s 55.7 mark.

That’s what’s happening. I’m David Beadle. For full details on my real-time mortgage rate alert service to help you “beat the system,” visit RateAlertNow.com and check back here on Tuesday morning for my next *free* mortgage rate update.

By:  LoanMan

It’s hard to get a small business loan with bad credit. Options are limited, and borrowing is more expensive. Don’t give up though.  Read this article and pick up some valuable pointers you may not have thought about. If you’re trying to get a loan with bad credit, do some homework before you get a loan. It’s easy to get into expensive traps, and there are a few things you can do to improve your chances.

Do you really have bad credit?

Your credit may not be as bad as you think. If you’ve been told that your credit ruined your chances of getting a loan, make sure it’s true. There may be errors on your credit report. Once those are fixed, things may look very different to lenders. Before you get too worked up, find out exactly what your credit score is. You may be surprised to learn that what you’ve heard about bad credit scores is not entirely true. Very few businesses have perfect credit scores. When you dispute charges on a vendor bill, and it goes to collection, you have some recourse to work with the creditor and have the collection taken off your record.  If your credit is truly bad, here are a few ways to try getting a bad credit small business loan.

Visit Credit Unions

Credit unions may be more willing to offer you a loan with bad credit. They’re more willing to look at you personally – as opposed to just looking at a credit score and the loan application. If you sit across the desk from a human being, you’re more likely to get a loan with bad credit.You must have a sound business plan, containing a section on how you will improve your credit. Often, the loan committee for a credit union is made up of local business people, along with credit union officers. That is much better than having your loan application shipped off to a branch office where no one knows you.

Try Peer to Peer Lending

Peer to peer lending services are a good option for getting a loan with bad credit. Instead of borrowing from banks (with rigid rules and higher overhead costs), you can borrow from individuals. These services are available on line. They may be more sympathetic, but they’re not looking to lose their money. The same rules apply to peer to peer lending. You must have a sound business plan, containing a section on how you will improve your credit. The advantage to peer to peer lending is that, often your peers are in the same type of business.  They know the market and your type of business. Be prepared to pay more interest, though, and possibly a small percentage of your company.

Tap Friends & Family

Most peer to peer lending sites allow you to borrow from strangers. However, friends and family may be your only option for finding a loan with bad credit. They know you, and may be even more willing to take a chance. If you borrow from friends and family, do it properly so everybody’s protected. Have an attorney draw up documents explaining terms of the loan, interest rate, default provisions and other items that the attorney feels are important.  Even though this is family, treat it like a business deal…and pay it back!

Use Family Collateral

If friends and family can’t lend to you, they might still be able to help. You may qualify for a loan with bad credit as long as you have a co-signer. If you’re having trouble getting a loan with bad credit, you family may need to put up collateral. By pledging something of value, your lender knows you and your family are serious and the lender has a better chance of collecting some money.

I am in the middle of exploring all avenues of income generation for one of our clients.  She is approaching 90 and is in remarkable health and her mind is still sharp as a tack.  She lives in a nice home, almost 2,000 square feet and feels comfortable and safe there even though she lives alone.  She looks into the future and sees that there is a possibility of running out of money and needs to lower her expenses.

Since  I am also a licensed real estate agent we have explored the possibility of selling her home and moving into either an independent living or assisted living facility.  Even with the soft real estate market she could come away with a nice little chunk of change that should last her.  However, she just doesn’t want to move.

So that is when I started looking at reverse mortgages and I called a colleague of mine, Heather Carr who specializes in reverse mortgages.  We set up a meeting with my client and I really learned a lot about the process.  Years ago the reverse mortgage industry was soiled by some flakes who took advantage of the seniors.  Now those mortgages are FHA loans insured by the federal government and really offer seniors another option for acquiring needed funds without selling their home.

But it seems lately that if it is a government program then it is subject to change and this one is no different.  There are going to be big changes to the program starting in January 2010 and if there are seniors out there who might be considering a reverse mortgage then now is the time to start the process.

Below is a note that Heather sent me with her contact information on it.  Give her a call and set up an appointment.

As each of you know, I had the opportunity to attend the National Reverse Mortgage Loan Association’s annual conference last week in San Diego, CA. I came away from these meetings quite concerned that several announced changes to the FHA reverse mortgage program effective Jan 1, 2010 will have a profound negative impact on Senior customers. One of the biggest changes is that appraisals on their homes are going to be ordered by the bank or done by bank appraisers instead of an independent appraiser.   I am concerned because with anticipated lower appraised values our senior clients will not receive as much money on their reverse mortgages after January 1st. The appraisal is one of the three parts of the FHA formula used to determine how much money they can receive today. I would encourage each of you to contact all senior borrowers and strongly urge them to take the necessary next steps  to protect and  maximize the total amount of money they will be eligible to receive under the FHA reverse mortgage program. Encourage all seniors contemplating an FHA reverse mortgage that they need to IMMEDIATELY: 1)       Schedule mandatory FHA reverse mortgage counseling. 2)       Complete a reverse mortgage loan application. 3)       Have us schedule an FHA appraisal of their residence                        before Jan 1, 2010 with an independent appraiser. Time is critical and it is extremely important that you communicate this information to all senior borrowers that have expressed an interest in the reverse mortgage program. Sincerely, Jerry Craig, Sr. CEO Traditional Home Mortgage, LLC

Sincerely,