How to Acquire Compensation for a Defective Mortgage

Taking out a mortgage is one of the most crucial decisions made by an individual. Most borrowers rely on mortgage brokers and loan specialists for the transaction. Unfortunately, some of these professionals may take advantage of a client’s inexperience and make available a substandard product that makes the mortgage payments unmanageable for the borrower.

A borrower may make a claim for the damages against the professional presenting the mortgage. However, since there are no well-defined regulations against selling defective mortgages, the case against the professional often breaks down. The defendant (mortgage broker) can submit that the prosecution has no evidence of irregularities in the mortgage. This constitutes a no case to answer submission. It is vital to take on the services of reputable financial claim specialists for establishing if the mortgage is genuine or imperfect. Here is how you may file a successful case against the company selling the faulty mortgage.

Submit an Application

Most financial claim experts make available an online application form for making the claim. Complete the form with all the relevant details of the mortgage. The specialists will review your application to assess if the loan product has issues that could cause serious repayment problems.

Detailed Analysis

If the financial claim authority establishes that the lenders have sold you a flawed product, the professionals will discuss the mortgage with you to collect more details. They will ask you to complete more paperwork. This procedure will allow them to ask for the mortgage documents from the lender. The claim specialists will go through the documentation to decide if the merits of the case are valid enough to prepare a claim.

Preparing the Claim

The claim specialists will take on the assistance of mortgage auditors to complete a forensic audit of the mortgage. The audit is very crucial, as it will verify the claim. The claim specialists will make use of the audit report to determine how the lender or broker has violated the laws regarding mortgage selling. The specialists may then file a case against the lender selling the mortgage.

A properly constructed case could enable you to get compensation for the product. On the other hand, a poorly prepared case would enable your broker or lender to file a submission for no case to answer. A successful application could cause a decision in favor of the mortgage professional.

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