Auditing firm warns against illegal foreclosures

December 22, 2008 05:41PM

Steve Dibert, CEO of MFI-Miami, a national mortgage auditing and
fraud investigation firm, said lenders who are initiating foreclosure
actions may not actually have the legal standing to do so. Homeowners
with subprime loans are most at risk because subprime lenders did not
service the loans they originated. Dibert said that of close to 100
foreclosure clients he has seen, nearly 85 percent of lenders cannot
prove they have the legal power to enforce the mortgage terms. 

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