The Best Thing to Happen to Loan Modifications Since Forever
The fact is... up until now, no one could tell you with certainty whether you qualified for a loan modification under the government's Home Affordable Modification Program, or HAMP.The only way to find out has been to apply for your modification, make trial payments for months, and then hope against hope that you get approved. If after all those months you were told you didn't qualify, you likely to found yourself losing your home, and often times with 30 days to move.
How HAMP Works...
HAMP loan modifications require homeowners to enter into a "trial modification" phase prior to a permanent modification being granted. During the trial phase, homeowners make "trial payments," but because trial payments don't stop the foreclosure clock, if you're declined for a permanent modification, the bank is free to sell the house at a trustee sale, which can occur within a matter of days.The problem with the HAMP program is that, even though you qualify according to the published guidelines, you still have to pass the NPV test, and how you do that, is not available to the public.
Thousands of homeowners, believing that they are on their way to a loan modification that will allow them to avoid foreclosure, end up being told that they failed the NPV, and that the only difference between them and someone renting a house is that the person renting has more rights and is allowed more time to move.
Now the government says that homeowners won't be allowed to enter trial modifications until their lenders or servicers have verified all supporting documentation. So, now a homeowner will be expected to spend all that time getting all of their documents together, submitting them to their bank... and then waiting for the bank to say yes or no? There has to be a better way.
How to Order & Use the REST Report
- First our trained specialists enter information about you and your mortgage into the REST loan disposition software platform. We make it easy by emailing you a checklist of what you need to have handy when you call, and your report will be emailed to you within a few hours.
- The REST Report shows whether you qualify for HAMP, and what the terms of that loan modification under HAMP will look like. But that's not all. Should you not qualify for HAMP, the REST Report will show you why you don't qualify.
- The report also qualifies homeowners for HAFA Short Sales, and shows the NPV, or Net Present Value, or other foreclosure alternatives, such as a Flex Mod, an interest only alternative, along with other options.
- With the REST Report, if you do qualify for HAMP, now you'll know for sure. But just because you don't qualify for a modification under the government's HAMP program, does not necessarily mean that you can't get your loan modified. Many lenders and servicers have in-house modification programs for which you may qualify.
- Once you receive your report, one of our trained specialists will review what the report shows, so you'll know what it says and how to use it. Once armed with the report and the knowledge of your options that comes along with it, you can start making smarter decisions right away. Why would anyone want to go through the modification process without it?
The REST Report... A Better Way to Pursue a Loan Modification
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 no one has to go trough the costly, stressful and/or time consuming process for nothing. REST runs the most up to date NPV analytics as required by the United States Department of Treasury, and is built on the same platform your lender uses to determine your eligibility.
That's why we say that the REST Report is the best thing to happen to loan modifications since, well... it's just simply the best thing to ever happen to loan modifications.
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. It's an 11-page report that uses your specific information and the most up-to-date NPV decision analytics... the same analytics that are used by the major banks and servicers to determine HAMP eligibility.
Others may claim that they can qualify you for HAMP, but no other system can duplicate what the REST Report shows, because no other system available to homeowners runs the most up-to-date NPV analytics, as required by the U.S. Treasury for the HAMP loan modification program.
With the REST Report you'll have the knowledge and information you need to make more informed decisions.
FACTS ABOUT THE REST REPORT
- 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.
- 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.
- If the report shows you don't qualify for a HAMP loan modification, you won't waste money or time chasing a modification for which you won't be approved, but that doesn't mean you won't 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.
- 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 gives a detailed Net Present Value (NPV) analysis of your situation related to a Short Sale.
- 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 state's assigned mediator.
What is a Hardship?
A viable and documentable hardship is required by your lender as justification for falling behind on your mortgage. This can include: Job loss, medical issues, death of a family member, divorce, or a reduction in pay. You must be able to prove to your bank how your hardship impacted your ability to make your payments.
A Letter to Homeowners Written by Popular Columnist and Outspoken Homeowner Advocate, Martin Andelman of Mandelman Matters...
The simple fact is that I wouldn't even consider applying for a loan modification until I knew whether or not I qualified for the government's program.
The REST Report is the ONLY way you can know with certainty whether you qualify... or why you don't. And because it's generated by a version of the same software platform used by major banks and servicers, you know it's accurate, and that is uses the most up-to-date decision analytics at all times.
I've looked at the others that claim to be able to qualify homeowners for HAMP, but the REST software platform is the only one that uses a version of the same software banks and servicers use, so it can tell you whether you passed the NPV test, as required by the U.S. Treasury, and if you didn't pass it... why you didn't.
I've never sold advertising on my site, or endorsed a product before, but after spending TEN MONTHS learning about and working with the REST platform, I could not be more serious when I tell you that I recommend that all homeowners order their own REST Report... it's is a "game changer," as they say... the real deal.
I wouldn't even consider starting the process of getting my loan modified until I had my own REST Report, and I can't imagine anyone wanting to pursue a loan modification without it.
Martin Andelman
Mandelman Matters
HAMPREPORT LATEST NEWS
HAMP will apply to all mortgages originated before January 1, 2009. No loans originated after that date will be eligible. New borrowers will be accepted until December 31, 2012. Program payments will be made for up to five years after the date of entry into the HAMP.
