if I get a mortgage audit on private lender and there are violations, even though they claim not to do modifications, will it help me work out a new payment plan?
Real Estate Attorney
If your loan is sold the terms can not change. The note controls the terms of payment and can only be changed by consent of all parties and in writing
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3 lawyers agree
Generally speaking, a mortgage audit is a complete waste of money unless performed and utilized by an attorney in a legal proceeding (i.e. foreclosure action). Just to be clear, regardless of what violations the audit claims, 99% of the time the audit itself will not help one bit to achieve a modification.
Further, it is illegal for any company (i.e. the audit company) to charge you any fees up front for a mortgage audit, unless you were NOT delinquent on the mortgage when you ordered the audit.
You should definitely contact and/or retain an attorney with respect to this matter. Should you have any further questions, comments or concerns; feel free to follow up with my office at anytime.