Forensic loan audits on mortgages called potential scams

beware forensic loan reviews
beware forensic loan reviews

Inquiries and complaints about so-called forensic loan audits, aimed at getting mortgage modifications, are soaring -- leading consumer groups to warn that many of them are scams. Consumers need to know what they are getting before hiring a business that offers forensic mortgage loan audits because mistakes could literally cost the house.

During a forensic loan audit, an investigator examines all mortgage documents to see if the lender made mistakes or broke the law -- like inaccurately stating finance charges. Such mistakes could be used as leverage to change or reduce the home loan. The BBB has alerted consumers to the issue because it has gotten inquiries into the issue, said Jody Thomas, vice president of communications for the Better Business Bureau of Greater Maryland.