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Loading ...Stephen Dibert was a former originator of loans that has become a detective for scams. After helping out some friends with questionable mortgages and loan papers, he realized this may be turned into a serious business that may help a lot of people to avoid foreclosure.
Having been in the mortgage industry for almost a decade, he has learned the proceedings and know-how’s of the business. He then opened Mortgage Fraud Investigations in Miami which basically checked rip-offs when it comes to loans. Now he has expanded MFI to Massachusetts.
According to Dibert, Boston would be an ideal area for MFI where there is a high rate of foreclosure. He believed people are being underserved especially in the area of Eastern Seaboard.
As a mortgage auditor, reviewing loan papers for signs of forgery, inappropriate or tricky valuing of homes and other signs of illegal acts is meticulously done. It is also the job of a mortgage auditor to review all paper works on loan securitization.
Usually, a struggling homeowner at risk of losing their homes to foreclosures seek for loan modifications. Banks may agree to such agreement providing change in terms and or interest rates to extend the time until foreclosure.
Another step homeowners would take to avoid foreclosure is to willingly have their lenders approve of short sales. With short sales, they are able to sell their homes in the market, only for a lower price than the remaining balances of home mortgage.
Big time investors would usually buy-and-sell mortgage bonds allowing loans to be passed from one firm to another. However, if a firm wishes to foreclose on a mortgage, it should first be able to prove that he is the rightful owner of the mortgage with sufficient paper to track it. Otherwise, foreclosure may be dismissed.
These are the things Dibert has to look into, as a mortgage auditor to be able to provide the service of preventing unnecessary foreclosures.
