ABOUT
HAMPREPORT.COM AND THE REST REPORT…
HampReport.com is an organization dedicated to providing homeowners with tools and knowledge that assist in the process of obtaining a successful loan modification, and other debt related issues.
However, should you decide that you want to be represented by a licensed and qualified attorney, we can provide a referral to a vetted and qualified attorney with experience in working with lenders and servicers modifying loans. Our qualified staff has worked with consumer and has successfully negotiated more than a thousand loan modifications over the last with two years with national lenders. As a result, our agents are extraordinarily qualified to educate and arm homeowners so that, even when not represented by an attorney, their efforts to modify their loans have a higher chance of success.
Along with the REST Report, you will also get access to our knowledge base, including our step-by-step guide on how to prepare a complete package for submission to your lender, and what you need to know about the negotiation process related to obtaining the modification on your own. Once you purchase your report, you will be provided a login and password that will give you access to a second menu bar at the top of the page, that will provide resources, training, and relevant materials so you can work on a modification yourself if you are so inclined. There will also be access to an attorney referral form, for attorneys who work in your area.
Some borrowers pay attorneys thousands of dollars to help them get their loans modified. They enter trial modification periods and make months of trial payments. But without the REST Report, neither you, nor your attorney can be sure that you qualify for a HAMP loan modification.
And if you don’t qualify, no attorney can talk a lender or servicer into granting a HAMP modification.
WHAT IF YOU DON’T QUALIFY FOR HAMP…
Just because you don’t qualify for HAMP, doesn’t necessarily mean that you won’t be able to get your loan modified. Many lenders and servicers offer in-house modification programs, and the REST Report will also show the Net Present Value (“NPV”) of other modification alternatives, which is helpful when applying for such in-house programs.
The Government pressures lenders and servicers to qualify homeowners for a HAMP modification, but that requires you to make months of trial modification payments before you know whether you qualify for a permanent modification under HAMP.
Why would anyone want to waste the time and money involved, to say nothing of the stress caused by not knowing, if you can know up front that you do or don’t qualify for HAMP?
The answer is that no one would. And now the REST Report will tell you and/or your attorney… with certainty… whether or not you qualify for HAMP… as long as the information you provide to the trained specialists at Consumer Debt Advocate is accurate and can be documented, of course.
As many who have negotiated loan modifications have discovered, dealing with lenders and servicers can be at best tedious and time consuming, and at worst infuriating. Their processors often appear to delay and obstruct and otherwise be uncooperative, but the reality is that most borrowers don’t know how to prepare a successful loan modification submission package, and have no idea whether they qualify or not.
From what we’ve seen, many times applicants get denied because they are not properly prepared and do not submit a complete package. Moreover, lenders have different practices and procedures, different forms, and different modification programs, so it’s no easy task no matter who attempts it.
The key to any successful loan modification is to establish that it is in the lender’s best interest to modify your loan. Whether or not you qualify for HAMP, the REST Report can help you do just that by providing an analysis of the lender’s Net Present Value of foreclosing along with several alternatives.
There’s Only One REST Report…
Don’t be taken in by imitators who claim to be able to tell you if you qualify for a HAMP loan modification. The REST loan disposition system runs proprietary algorithms, accesses numerous property valuation databases, and was developed in concert with the U.S. Treasury Department’s guidelines for use by lenders and Servicers when determining HAMP loan modification eligibility.
The U.S. Treasury Department’s most recent HAMP NPV Model (V 3.1) is currently only available to participating HAMP servicers. For this reason the model used by the REST Report, has certain variations. Although the REST Report is a proprietary model, based on the input provided by the borrower, the loan modification terms proposed in the REST Report, will fall within the allowable tolerances of the HAMP eligibility guidelines.
Once 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 you’ll be able to make more informed making decisions going forward.
There's Only One R.E.S.T. Report
The R.E.S.T. Report is the only source for finding out for sure whether you qualify for a HAMP loan modification or not… before you apply. Using your information, the system generates a report you can rely on to tell you if you pass HAMP’s NPV test, as required by the U.S. Treasury.
The REST platform is a version of the same software used by major banks and servicers to determine HAMP eligibility, so its accurate and up-to-date at all times. Homeowners use the report by sending it to their bank, along with supporting documentation required when applying for a loan modification per the HAMP guidelines. The report is valid for 90 days from the date its generated, which should be enough time to receive approval from your lender or servicer.
What is a Hardship?
Lenders and servicers require a verifiable hardship before you will be eligible for a loan modification. Acceptable hardships include: job loss, reduction in pay, medical issues, death of family member, divorce, or interest rate reset. The important point is that you must be able to demonstrate to the lender how your hardship has impacted your ability to make your loan payments.
Signed Tax Returns
Lenders also require signed tax returns for the last two years, both personal and business, if applicable. Make sure the copies of returns you submit are signed and include all schedules. You will also have to sign a 4506-T form so that your lender may request copies of your tax returns from the IRS. You can find the form here: FORM 4506-T
