Mortgage Loan Fraud
 

Until the last decade or so, prospective homebuyers could be relatively certain that they knew what they were getting into with their mortgage loan. They could also count on the original lender continuing to be their lender. Not so anymore. Often, a loan is sold to a new servicer immediately after you close. And that may be just the first of many lenders to service your loan.

There is so much for the average prospective loan customer to be aware of that "predatory lending" has proliferated. These firms know that the average American can't possibly know all of his or her rights and they exploit that advantage. Under the Truth in Lending Act and similar federal legislation, you are entitled, as a consumer, to certain legal rights.

Particularly when your mortgage is sold, as happens frequently, your original lender must notify you at least 15 days before the transfer. You also have a 60-day grace period during which you cannot be penalized for mistakenly sending a payment to the old lender. The new loan servicer also cannot report the receipt of late payments from you to a credit bureau.

For a full consultation on the dangers of predatory lenders and for help auditing your mortgage documents for fraud, count on Premier Mortgage Auditing's Fraud Center. Our financial experts specialize in mortgage loan fraud prevention and recovery. Don't let your lack of expertise in the business hinder the biggest transaction of your life. Just call or email us at (419) 340-9407 or at diiams123@yahoo.com, simply fill out our online consultation form and one of the specialists at the Premier Mortgage Auditing's Fraud Center will contact you to help.