Tennessee Bank Foreclosure And Forensic Loan Audits


Tennessee is seeing a huge rise in foreclosures. There is also a huge rise in scams involving the subject matter. There are people who are trying to wrongfully cash in on the foreclosure situation by promising people who are facing foreclosure that by getting a very expensive loan audit and hiring an out of state attorney to file a lawsuit in Tennessee Federal Court you will get a free house. This is simply untrue. It is true that some banks that are trying to foreclose on homes may not have the right to be doing so. Many of the foreclosures in Tennessee that are being brought by banks are done without the real legal authority to do so. It is true that they may not have the right to take your home.  But, there is also a rise in Tennessee of people, many of whom are not lawyers that are claiming that they provide “loan audits” that will reveal the banks fraud, or give you other legal advice. These predators are not attorneys but are giving advice based on some their limited understanding about the Tennessee bank foreclosure problem. There are a lot of rumors floating around out there. There are people coming out of the shadows who are not legally licensed to give advice advising about loan modifications, short sales, or making half informed claims that if there is securitization in your home loan, that your home loan will be completely forgiven. IT IS A CRIME FOR ANYONE WHO IS NOT LICENSED TO PRACTICE LAW IN TENNESSEE TO GIVE LEGAL ADVICE. PERIOD. These “non-lawyers” are trying to profit on your misfortune by charging huge sums of money for a loan audit, and promising that with the results of the loan audit, they will get you a lawyer from out of the State of Tennessee to file a lawsuit in Tennessee Federal Court to stop the bank from foreclosing on your home in Tennessee.  Oftentimes, these “loan auditors” are “friends” and have no qualifications to conduct loan audits. Just because someone worked for a bank or a mortgage company does not mean that they are an experienced qualified or certified forensic loan auditor.

Sadly, promises are being made to homeowners that are desperate to stop their home from being foreclosed on that the only answer is paying for an expensive loan audit and hiring a lawyer from another state that is going to file a lawsuit and get the loan erased. Be careful when you encounter this type of transaction. Anyone that is not a licensed Attorney with the Tennessee State Bar who is telling you where or how you need to move forward in a Tennessee foreclosure lawsuit is breaking the law. Anyone who is giving you advice as to what to do with a loan audit is giving legal advice, and practicing law without a license. Anyone who has encountered anyone involved in this practice needs to contact the Tennessee State Attorney General so that they may be prosecuted for practicing law without a license. Be especially careful when choosing a loan auditor. There are many scams out there. Make sure you know someone who has used the loan auditor or you can see a sample of the finished audit.  Anyone that promises a guaranteed outcome with some special out of state special lawyer is not being honest. If you are facing foreclosure, don’t let anyone who is not licensed to practice law, play off of your fears, hopes, and make promises that your loan audit will reveal that your loan was “securitized” thus entitling you to a free home. It is not that simple, and don’t let anyone trick you into thinking that it is. I have extensive experience in bank foreclosure cases involving securitization. Yes, it is true that a forensic loan audit could reveal that there are problems with the banks claim that they own your loan, or have a right to foreclose on your home. A true certified forensic loan audit can be a very useful tool to understand whether the deed of trust and the note are intact, and give the bank the legal right to foreclose on your home.  Remember though,only a licensed Tennessee Attorney can give you legal advice on a Tennessee Foreclosure Lawsuit.

There are very few Attorneys in the State of Tennessee that have experience with complex Tennessee Bank mortgage securitization issues. Don’t be talked in to doing a short sale by an Attorney who is recommending that because they don’t have a real understanding of the complex issues that Tennessee Bank Foreclosure cases present. Short sale may be an option, but you certainly need to look at all options before you consider a short sale on your house. Remember, the Tennessee bank foreclosure fraud that has been rampant in other states is relatively new to Tennessee. There are no clear cases to look at in Tennessee yet. Hopefully this will all change very soon. If you have any questions about your Tennessee Mortgage, your bank, a forensic loan audit, or want to discuss if filing a lawsuit is your best option to stop your home from being foreclosed on, please email me or call and I will be happy to confidentially discuss your specific situation. Beware of anyone making promises, holding themselves out as a loan auditor, or giving you any bank foreclosure advice, especially if they are not licensed to do so.

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