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Investigative firm ""Mortgage Fraud Examiners"":http://www.mortgagefraudexaminers.com/ (MFE) issued a release Thursday warning about a new foreclosure rescue scam.
[IMAGE]The scammers dupe distressed homeowners by promising to help reveal the actual owner of a promissory note through a ""securitization audit."" MFE warned that the perpetrators of these scams are charging fees for information that can be found for free.
""The questionable outfits are targeting desperate families, giving them the impression they can make their mortgages disappear if they just pay for a securitization audit,"" said MFE founder Storm Bradford. ""The idea is that the securitization audit will reveal the true owner of the mortgage, and that information can show the court that the foreclosing lender has no claim to the property. But here's the thing: Anyone can find out who owns their note with just a little digging. There's absolutely no need to pay a company for a securitization audit, but the peddlers of this scheme count on the fact that the average homeowner doesn't know that.""
In addition to being a poor use of money, securitization audits are typically inadmissible in a court of law. Attorney Gregory Bryl, who practice in Florida and Virginia, said that most securitization audits are just the opinions of their writers, who usually have no way to know what happened with a mortgage after it originally closed. Thomas K. Plofchan, Jr., a Virginia attorney, added that the only proven method for securing evidence a homeowner would need against a lender is a thorough examination of the mortgage contract.
""Every homeowner facing foreclosure has fantasized about getting his home free and clear because his lender screwed up,"" said Bradford. "" It's only natural, but the fact is the only homeowners getting a home free and clear, and/or been granted other compensation have succeeded after a thorough analysis of their mortgage transactions revealing tortious conduct or other weaknesses in the contracts they could use to attack their loans. A securitization audit can't provide that level of scrutiny.""
Mortgage Fraud Examiners is a project of Lex Consulting, LLC. As a public service, MFE encourages homeowners to reach out to the group to learn how to find the true owners of their notes for free.
