“Forensic loan auditors” prey on homeowners in debt. They promise to completely wipe out loans no matter what you’re situation by investigating your mortgage loan. If they promise to find legal issues with your loan that will allow you to sue your lender which they claim will speed the process to alter you loan. The Federal Trade Commission says that there is no guarantee that this will occur even if the foreclosure audit is completed by a licensed lawyer for if mistakes are found in loan document it is not mandatory for your lender to modify your loan. If this so-called loan expert advises you to cancel your loan you may lose your home and still be required to continue to pay your lender.

How to Spot a Fraud

• ask you to pay money upfront without rendering any services
• advises you not to contact your lawyer, loan lender or credit counselor
• recommends that you lease your home so you can buy it back slowly overtime
• tells you not to make payments to your lender but rather to make them directly
• advocates transferring your property deed or title
• urges you to sign contracts you did not read or do not understand
• proposes to purchase your house for an amount that is irrational for the current real estate market

If you believe you are or have been conferring with a foreclose fraud contact the Federal Trade Commission at www.ftc.gov