Report Benefits
  1. The REST Report allows homeowners to know with certainty whether they qualify for a HAMP loan modification, and what the terms of that modification would be, BEFORE they apply, so they can avoid the otherwise costly, stressful and/or time consuming process.
  2. With the REST Report, youíll KNOW for sure and in a matter of hours whether you qualify for HAMP, or why you donítÖ before you apply, or even after youíve applied.
  3. Homeowners can use the REST Report by sending it to their lenders or servicers, along with their supporting documentation when they apply for a loan modification.
  4. If the REST Report shows that you do qualify for a HAMP loan modification, you can be assured that you will qualify, assuming your lender follows the HAMP guidelines for servicers.
  5. If your lender or servicer should deny your HAMP modification, you will be armed with the facts that will provide a basis for appealing that decision.
  6. If the report shows you donít qualify for a HAMP loan modification, you wonít waste money or time chasing a modification for which you wonít be approved, but that doesnít mean you wonít get your loan modified. If your lender or servicer offers an in-house modification program, you can still use the Rest Report to apply for that modification program.
  7. In some cases, borrowers have decided that a modification is not the best option, and have decided to short sell, or sign a deed in lieu of foreclosure. The REST Report can provide a detailed Net Present Value (NPV) analysis of your situation related to a Short Sale.
  8. If your state offers a foreclosure mediation process, the REST Report is a powerful tool when used by you or your attorney to present your case to the stateís assigned mediator.
The Report Results Are Delivered Quickly
Once you purchase a REST Report, the results are usually available the same day so you can act quickly. When you have your REST Report in hand, you will know exactly where you stand with regard to a HAMP modification, and will also have the benefit of knowing the Net Present Value of the loan as compared with other foreclosure options, so youíll be able to make more informed making decisions going forward.
By being armed with your REST Report today, youíll know very soon whether or not you qualify for a HAMP loan modification, and the modified payment terms of that modification.
Also, if for some reason you donít qualify for HAMP, the REST Report will show you WHY you donít qualify, and provide the Net Present Value to your lender of other alternatives to foreclosure that may be available to you.
With the REST Report, you are essentially armed.
The REST Report arms you with the knowledge and guidance you need to better handle whatever you current loan situation happens to be.
Homeowners who want to pursue a loan modification can know in advance whether they qualify for HAMP or not. The report results can save the time and money by directing you down the proper path. If you qualify for a HAMP modification, you can know in advance what your new payment, rate and terms will be, and you can approach your bank with that information. And, by submitting a REST Report showing you that you qualify for HAMP, along with your supporting documents, when applying for a loan modification improves your chances of being approved under HAMP, because the REST platform is a version of the same software platform used my major banks and servicers to determine HAMP eligibility.
And, when you have a REST Report, you have what you need to push back should your bank still refuse to modify your loan. Without it, itís worth pointing out, you are essentially unarmed.If you donít qualify, you can avoid taking a long path towards something that would be unattainable in the long-run.
ButÖ
Homeowners already in a trial modification, but still waiting to hear if they have in fact been approved for a permanent modification under HAMP, benefit from running their REST Report because with their report, theyíll know where they stand before hearing that they have been declined for some undisclosed reason.
Once a bank denies you for a loan modification they can move to sell your house quickly, and sometimes that means a matter of days. By knowing that you donít qualify earlier in the process allows you to either talk with your bank about alternatives to the HAMP program for which you may be eligible.
Should no modification program be available to you for whatever reason, the REST platform also qualifies you for a HAFA short sale, the governmentís latest short sale incentive program for lenders and servicers.