A last-ditch loan-mod effort

Borrowers place hopes on forensic loan reviews

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Judging from the number of companies that now advertise on the Web as doing forensic loan reviews on behalf of homeowners, one would think we have finally achieved the Holy Grail to forestalling foreclosures.

Well, we haven’t. The forensic loan review is expensive (pricing is usually $2,000 to $5,000) and even if it is successful in discovering problems in your underlying mortgage documents, that’s usually not enough to make a difference with your bank.

The forensic loan review is only successful if you, as a consumer, go the next step, which is to bring a lawsuit against your lender.