A North Carolina homeowner recently found himself in the middle of a nationwide epidemic when GMAC Mortgage attempted to foreclose on his home. He used a little known tool called a securitization audit to have the case dismissed in court.
Raleigh, NC -- (SBWIRE) -- 08/01/2012 -- To many Americans who receive their Notice of Default after falling behind on their mortgage payments, their future as homeowners may seem bleak. A majority of families simply concede to the foreclosure process and move out, suffering tremendous financial losses and emotional distress. However, a little known tool called a securitization audit, turned one homeowner’s foreclosure nightmare into a dream come true.
In North Carolina, Andrew Carlton was summoned to court for foreclosure proceedings on his $1.5 million refinance of his residence. Using a secret weapon called a “securitization audit”, provided by Paladin Securitization Auditors, Carlton’s attorney was able to use the audit to show that, “GMAC Mortgage acted in breach of Good Faith, caused undo duress, inflicted emotional distress, failed to negotiate fairly and acted with incompetence.”
GMAC, the purported current Note holder, originally had the homeowners apply for a HAMP loan modification. This is a government funded program which provides assistance to homeowners seeking mortgage refinancing. However, eligibility for this program can be found on the website and limits the loan amount to $729,750. The representatives at GMAC should certainly know that a 1.5 million dollar loan would not qualify for a HAMP modification. The securitization audit stated:
“GMAC subjected the borrowers to unnecessary duress by having them apply for a program they could not be approved for. I have no idea how much time and grief this caused the Carlton’s, but it was shear incompetence to tell the borrowers to jump through hoops submit paperwork for months to cure a 1.5 million dollar mortgage with a program that doesn’t do 1.5 million dollar modifications.”
More importantly, the securitization audit also illustrated that GMAC failed to show standing with respect to ownership of the debt, and may have attempted to deceive the homeowner by not disclosing the true owner of the debt. Paladin Securitization Auditor’s audit provided evidence so significant that GMAC’s foreclosure attorney voluntarily dismissed the foreclosure proceedings on April 20, 2012. Click here for the Notice of Voluntary Dismissal.
The company that provided the audit, Paladin Securitization Auditors, has a history of providing trial-ready audits, which is fairly uncommon in the industry. After some research, Paladin was found to be one of the only companies in the nation that can offer securitization audits that will actually hold up in a foreclosure defense case. The reason is that their auditors typically have over 20 years of experience in the banking industry handling securities. They also provide expert witness testimony which has never been challenged by the opposition. See video here: http://youtube/8i6xMPqcL1c
If only more foreclosure defense attorneys followed the road that Andrew Carlton’s has paved, perhaps the mass amounts American families who are currently facing foreclosure would stand a fighting chance. Are securitization audits the solution to the foreclosure crisis? Perhaps they are, and perhaps not. Either way, Andrew Carlton is thanking his attorney and Paladin Securitization Auditors for lifting the foreclosure burden off of his shoulders.
Paladin Securitization Auditors offers wholesale, trial-ready securitization audits to attorneys. They also offer unchallenged expert witness testimony.