There are many people trying to take advantage of people losing their homes to foreclosure. There has been lots of negative press for forensic loan audit companies recently. These companies try to find errors or mistakes in your loan documents and advertise to sue on your behalf. Is the company US Loan Auditors a scam, just one of the thieves? At least they have the balls to confront the issue and even went on KCRA 3 news about their company. It is hard to imagine a shady company being this open but like all things we recommend doing your research first.

US Loan Auditors Applauds California Attorney General Jerry Brown’s Crack Down on Phony Loan Audit Scammers

Scam Artists Request Upfront Fees, Property Title Transfers and Escrowed Mortgage Payments

SACRAMENTO – February 25, 2010 – US Loan Auditors announced today that they are endorsing California Attorney General Jerry Brown’s crack down on “phony loan audits” and “loan modification” scam artists by warning California families that scammers are out to steal their hard earned homes and money.

“It is a shame that people would setup a storefront and call themselves a foreclosure relief agency just to steal from local families,” said Shane Barker, one of the founders of US Loan Auditors. “It is absolutely critical that consumers do their research into the company they are working with and extensively check references before assuming a firm has experts. We have never done, and will never do loan modifications. Our audits are specially designed for attorneys to take right into court.”

US Loan Auditors is not a loan modification firm, but instead is specialized in using the science of forensic loan auditing to help victims of predatory lending, and their legal counsel, uncover violations during the loan documentation or loan origination process. Customers can rest assured that the principals of the firm have extensive mortgage industry experience and the company backs up its expertise by offering a free upfront consultation for their forensic audit services.

“Our audits are not performed with a loan modification in mind,” Barker said. “We do the forensic loan audit to help give homeowners the leverage they need in court, not for a loan modification. Beware of companies promising big results after illegally collecting a large upfront fee.”

Along with a large upfront fee, scam artists may request the transfer of the title of the house to the “rescue” firm; making the mortgage payments to the scammer instead of the lender; and even prey on people that sign paperwork without carefully reading the documents or having an attorney review them.

“Unfortunately, some people are becoming victims twice,” Barker said. “Please be aware of the warning signs of a scam artist and take steps to protect yourself, your home and your family from further risk.”

An estimated 80 percent of the homeowners with one or more of the following; adjustable loans, pick a payment or option ARMs, non speaking or limited English speaking, or stated loan transactions, may have been victims of predatory lending.

For more information about US Loan Auditors, visit them online at www.usloanauditors.com.