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Constructive fraud, or fraud involving material facts relating to the loan such as the terms of the loan, prepayment penalty or any other information which a borrower must know before loan is accepted.- Fraud or negligent misrepresentation – written or oral – made by the broker, loan officer, or notary which may have contradicted the terms of the loan documents in any way.
- Breach of contract
Another method of investigating a loan is a mortgage securitization audit. This is a detailed report on the chain of title of the mortgage note. This will disclose any violations of state trust laws and/or Internal Revenue Code. Most importantly, a securitization audit could provide evidence that the party that purports to own a note may not be the actual owner or holder of the note. This raises serious questions about who has the ability to foreclose on a delinquent note.
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