With many homeowners facing foreclosure and looking for help across America, many worthless services have cropped up with such promises as “mortgage elimination” or other foreclosure tactics that in some cases are patently illegal. One commonly advertised service is a Securitization Audit.
A number of companies have been pushing “forensic loan audits,” aka TILA/RESPA audits. Since knowledgeable attorneys and homeowners recognize these “audits” are basically useless, the "wolves in sheep's clothing” are now peddling, securitization audits.
Mortgage Fraud Examiners Founder Storm Bradford explains: “The supposed reason given for a ‘securitization audit’ is to determine the true owner of a promissory note. Allegedly, with this information, the homeowner can show a court that the party actually foreclosing on a mortgage is not the actual note owner.
However, securitization arguments like, ‘show me the note,’ ‘assignment,’ ‘MERS,’ ‘robo-signing,’ and so on, generally amo
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