Consumer Advocates Group, America's Leading Forensic Loan Audit Experts Recently Featured in Forbes, Yahoo Finance and CNBC

CHICAGO, Jan. 31, 2011 /PRNewswire/ -- Consumer Advocates Group is a firm that specializes in residential and commercial loan auditing and restructuring services. CAG has recently opened its doors to home owners, allowing the public to obtain these services directly. CAG utilizes mortgage securitization audits to apply leverage when negotiating with banks. Consumer Advocates Group has been viewed as America's premier loan auditing firm to correspondent lending institutions, federal banking associations, law firms, wholesale lenders and direct lending institutions across the country. Consumer Advocates Group now wants to expand and concentrate their efforts on helping the general public more effectively obtain loan modifications and ensure enforceable loans. This break-through company is led by a very effective and experienced management team that is sure to make a huge impact in an industry that is in anxious need of assistance.

Consumer Advocates Group is a national compliance management firm which provides professional, advisory, and consulting services to financial institutions, mortgage bankers, real estate attorneys, consumer lending entities, and homeowners. Our expertise addresses all critical areas associated with regulatory matters, compliance, and quality control. Consumer Advocates Group can assist clients in meeting the oversight of regulators, fair lending mandates, and maintaining internal lending integrity and validation practices through independent quality control audits.

Consumer Advocates Group provides their clientele with the evidence and support trusted to help you seek better modification terms, restructuring of new terms, principal or rate reduction, or continued discovery. With the greatest potential to alleviate "normal modification" setbacks and re-occurrence of default, qualified and objective evidence helps simplify negotiations and stay using the information and support provided by Consumer Advocates Group.

A 2006, FDIC Office of Inspector General Report revealed:

83% of the institutions examined were cited for "significant" compliance violations

43% of those institutions were "repeat offenders"

85% of those repeat offenders were highly rated by the FDIC for their in-place compliance process 

The other importance of the mortgage audit findings is that it may be the grounds to help move a non-judicial foreclosure action (currently in 29 states), if necessary, into jurisdiction, which can stop foreclosure in its tracks. More importantly, borrowers regardless of financial hardship and payment history now have the chance for a better position to negotiate new terms or loan settlement. Violations found in a loan audit can help place the borrower in the offense! We at Consumer Advocates Group help legal professionals navigate through the process with our learning channels, which we find critical for those legal advisors that are looking to make the audit solution part of their business practice. Information is only as good as the ones that know how best to use it.

The drop in total foreclosure filings, which include notices of default, scheduled auctions and repossessions, followed a 4% decline a month earlier. RealtyTrac CEO James Saccacio attributed the downtrend to forensic loan audits. "Forced lenders and servicers hit the pause button on many foreclosures while they scrambled to revamp their internal procedures and revise or resubmit questionable paperwork," he said. As evidence, pointed out that in judicial foreclosure states, ones where courts are involved and where banks are most vulnerable to scrutiny over their foreclosure practices, filings dropped substantially more than in states where courts do not usually participate in foreclosure actions.

There were 34% fewer auctions scheduled in judicial states, month-over-month, compared with a 7% decline in non-judicial states. Even that small drop was probably driven by an excess of caution among the banks. Already, the banks have begun to restart the foreclosure process. Bank of America announced last week that it was phasing out its moratorium.

Consumer Advocates Group is in the business of helping home owners that are trapped in their mortgages to continue living the American Dream of home ownership. We are dedicated to providing solutions to homeowners experiencing trouble with their mortgage. We negotiate with lenders to find solutions that will reduce monthly expenses and allow owners to keep their home. During the process we will keep you informed, engaged and moving toward an early resolution.

Consumer Advocates Group can be reached at www.consumer-advocates-group.com. 11901 Santa Monica Blvd., Suite 574, West Los Angeles, CA 90025

SOURCE Consumer Advocates Group