For those who aren't sure what a loan audit is, allow me to explain. It is a complete review of your mortgage loan documents to determine if the homeowner was victimized by unfair, deceptive and predatory lending practices. An audit looks for violations of all relevant consumer protection statutes. A good audit should look for fraud, misrepresentation, unfair and deceptive acts, breach of contract, unconscionability and claims under other theories of law.
In my opinion, the next wave of predators are eyeing up the housing industry. I see multiple posts for "Forensic Mortgage Audits" during my daily rounds. Don't be lured by flashy website and desperate shopping. Do the homework before paying any company. I've seen some companies charging as much as $5000 for a complete audit. Many people need to remember... if you had $5000 to fork over, you might not be in the present situation. Just be sure it's worth the risk unless you've researched the company thoroughly.
The best advice I saw on my travels was from an article written by Lane Houk called What is a “Forensic Loan Audit?” . She stated "The real litmus test is to ask the auditor where most of their business comes from? If it’s not from consumer law attorneys walk away. Ask for attorney references at all times."