FAQ | forensic mortgage audit

What can AllStarDebtBuster do for me on My Loan Modification, Forensic Mortgage Audit and Credit Restoration?

There are many ways that we can help you save your home and stop the foreclosure process, including negotiating a loan modification / restructuring, repayment plan, or short sale. During your free consultation and upon analysis of your finances and goals we will let you know what options you qualify for and the benefits of each option. Contact us for your free consultation.

What is the main goal of AllStarDebtBuster?

AllStarDebtBuster will negotiate a permanent loan modification with your lender that will stop the foreclosure process, give you an affordable payment, and allow you to save your home and your credit. If you don’t want to stay in your home and need a fresh start we will negotiate a short sale with your lender, this will allow you to sell your home and avoid a costly foreclosure.

What is a Loan Modification?

A Loan Modification is a permanent change in one or more of the terms of your loan, giving you a fresh start that results in a payment that you can afford. This can involve a reduction in the interest rate, modifying an adjustable rate to a fixed rate, forgiveness of past due payments, reduction in principal, extension of the term, or any combination of these. Loan modifications can be structured in many different ways depending on each individuals circumstance. Contact us for your free consultation.

What is a Short Sale?

A short sale occurs when a homeowner wishes to sell their home to avoid foreclosure, but the home has declined in value to the point where the amount owed on the mortgage is more than the sales price or value. We negotiate with the lender to get them to accept less than the full amount owed, and you move on with a fresh start, debt free, and most importantly avoid a damaging foreclosure.

Who is qualified for the AllStarDebtBuster program?

Our program is mainly for people facing any financial hardship although we are often able to also help people without any financial hardship at all. If you have a financial hardship and are unable to stay current on your payments and can prove your ability to stay current on a modified payment, give us a call now so we can evaluate your situation.

Other companies have contacted me, what makes AllStarDebtBuster different?

AllStarDebtBuster uses a special formula to calculate your modification that others don’t. We also negotiate on your behalf for every possible concession from your lender as opposed to stopping once we have a single concession as most other companies do. We have built our reputation as gentle Bulldogs who fight for their clients within the lenders mod structure. This allows us the advantage other companies don’t have since they don’t have a clue exactly what the lender will accept. We know that going in and we get it for you.

I have contacted my lender and they will not work with me, can you still help?

Yes, we hear this all the time. Because we work with lenders every day, we have developed the credibility with key contacts at most lenders and they are more receptive to us and our clients. Our staff knows how to present your situation to your lender so you receive the most favorable solution. Let our experts assist you now.

Why do I have to act immediately?

When you are behind on your mortgage payments, time is working against you. Each day that passes by makes it that much more difficult to negotiate with your lender. Many homeowners fail to face the reality that they may lose their house and be forced to move out. The sooner we start working with your lender the better chance we have at saving your home. Putting this off is not different than putting anything else off, it ends up never getting done. This is your most important family assets, don’t play games with it, secure it for the future and let us help you now, not next week.

My credit is already bad, what happens if I do nothing?

Doing nothing is the worst thing you can do. You can lose everything including your home and your credit, which usually results in loosing your family. Having a foreclosure on your credit report is far worse than any derogatory items that you might already have. It will take years before you rebuild your credit and worst of all you may face lawsuits and judgments from lenders if they are forced to foreclose. Let us provide you with a fresh start, find out what your options are now.

What happens if you are not successful with my Loan Modification?

We have never been unsuccessful in our efforts to help our clients modify their mortgage. If we accept your contract, we will succeed and our track record proves it. However, in the very unlikely event that we cannot successfully modify your loan, and put you in a better situation, we have other options available, plus a 100% money back guarantee.

What is a Forensic Mortgage Audit

A Forensic Mortgage Audit is a concise examination of loan documents that were compiled for an approval and servicing of a mortgage. How concise they are, depends on the firm doing them. I can’t speak for them but I can speak for myself. I examine as much I can get my hands on. I examine the initial application, appraisal, lender file, final title company file and whatever the client has in their possession.

Once I have these documents, I look for things that violate TILA, RESPA, HOEPA, HMDA, ECOA and other federal regulations. We also look for items that violate state law as well and we look to see if the Loan Officer and/or Broker are properly licensed. We even look to see if they have any felony convictions that may be relevant.

How Important Is a Forensic Mortgage Audit For A Loan Modification

A Forensic Mortgage Audit quite often is the single most important aspect of any Loan Modification. A Forensic Mortgage Audit provide leverage and spells out penalties and violations your lender might have done in originating your loan. If you intend to sue your Lender, then a Forensic Mortgage Audit can help tremendously in negotiating with your lender. So much so, it is most likely your lender would be will to settle out of court.

1. TILA Violations (Truth and Lending)

Right of Rescission – The rescission right is absolute for 3 days, but it is extended for up to 3 years if certain material TILA disclosures were not provided correctly at the time of the original credit transaction or a proper notice of the right to cancel was not given. The creditor must give each consumer 2 copies of a notice of the right to rescind. If you were never notified of your Right To Cancel, certain TILA disclosures were not accurate, or if your tried to Cancel and were not allowed to, you maybe eligible to have your loan canceled if you refinanced less than 3 years ago.

APR and Finance Charge Violations – Incorrect disclosure of these numbers could allow you to cancel!

TILA violations can have very severe consequences for the lender up to and including having the homeowner receive the property FREE and CLEAR!

2. Mortgage Was Improperly Sold

Because the people who acquired your mortgage and made it into a security changed the mortgage agreement without your permission and made the mortgage unusable. They don’t have a right to enforce the mortgage agreement you granted. You made a deal, if you don’t pay the mortgage, a SPECIFIC party can take your house away from you. You didn’t say ANYONE could take your house away from you.

Despite the fact the creditor is owed the money, the creditor does have the right to foreclose. Our Program is designed to let everyone know the creditor does not have the right to foreclose and compel the creditor to workout an alternative payment arrangement.

When you create a mortgage, you create 2 documents. The note and mortgage. The note is the IOU and the Mortgage is the legal agreement that gives the right to take your house away if you don’t pay. When you failed to pay, the party that purchased the Note tried to use the mortgage to foreclose. However, when the party “securitized” the mortgage, the added new conditions and new parties that you unaware and didn’t agree making the mortgage agreement unenforce-able. So, although you still owe the money to the other party, they cannot use foreclosure to take your home.

3. Predatory Practices (i.e., Non-Repayable Loan, Fraudulent Appraisals, etc.)

Certain homeowners received loans that they were never able to repay, had inflated appraisals, or other potentially fraudulent activity. Our program runs tests on your mortgage documents to see if your loan meets these criteria.