Our Process



Once a homeowner engages New South Financial, there are a series of steps that must be taken to successfully meet the needs and desires of the homeowner:



Step 1- FREE OF CHARGE


Consultation and Loan Review: Our experienced staff will review the homeowner's provided documentation and gather information from the homeowner regarding their mortgage and its current status. Once the initial review is completed, a determination can be made as to whether a Securitization Audit is warranted.



Step 2- Gathering of Documents


If the homeowner chooses to proceed, New South Financial will gather all documentation relevant to the homeowner's mortgage loan including closing and loan origination documents, recorded documents at the Register of DEEDS, and New South will contact your lender on your behalf with a formal Qualified Written Request (QWR). Per the DODD/FRANK Act, Lenders are required to respond and provide all original documentation within ten days of a certified request by the homeowner or they can face a fine of up to $1000 payable to the homeowner.



Step 3- Audit and Review


Once all the documents have been gathered and reviewed, a Securitization Audit is ordered. This audit is used as a negotiating tool with the lender and is admissible in court.



Step 4- The Audit


The Securitization Audit is an extremely detailed report comprised of:

  • Forensic Mortgage Audit – Potential TILA Violations, Potential HOEPA Violations, Potential RESPA Violations, Predatory Lending Violations

  • Securitization Audit – To find the TRUE path of Mortgage/Promissory Note and Mortgage/Deed of Trust

  • HAMP/HARP Review – To determine if homeowner qualifies for government backed modification programs

  • Net Present Value (NPV)Test – A calculation to prove mortgage can be restructured

  • Causes of Action- Potential actions Homeowner has against the lender/foreclosing party

  • Case Law- Current case law and legal precedence corroborating homeowner's rights


    • Step 5- Homeowner's Options


    Once the Audit is complete, the homeowner is provided a copy and a consultant will review the findings with them. It is important for the homeowner to know we are not attorneys, and they will need to seek the advice of an attorney to determine the next step should negotiation directly with the lender be unsuccessful. We will provide a list of our preferred attorneys located in the client's state. However, clients are not required to work with any of our recommended attorneys. Our preferred attorneys understand our audits and have set up special pricing for our clients allowing for small monthly payments for their retainers. If an attorney is retained by the homeowner, we will provide as litigation support should it be necessary.



    IMPORTANT NOTE:
    We are not attorneys and we are not a loan modification company. WE are experts in auditing loans and providing homeowners with the ammunition needed so they can take the offensive with their lenders. We always recommend that you consult with an attorney if you are facing foreclosure.