CHECKLIST
HOMEOWNER CHECKLIST
What you need to have handy in order to have us run you REST report:
Before we can run your REST Report, you need to gather the following documents so you are prepared to provide us with the information needed by the REST software platform.
But, if you have any questions, or need help getting any of the required information, please don’t hesitate to call us for help at 877-499-4435, and we’ll help you get the answers you need from your lender or servicer.
- Your Mortgage Note, or Promissory Note (The HUD-1 form from your loan documents.)
- Current Mortgage Payment Statement
- Any notices you have received from your lender, if applicable, such as Notice of Default, Foreclosure or Pending Sale Date.
- Property Tax Bill
- Property Insurance Bill (May be your Homeowners Insurance bill.)
- Proof of All Income (Current pay stubs covering 30-day payroll period, 1099s if applicable, Year-to-Date Profit & Loss statement, if self-employed)
- Rental Agreements (Property/Room Rental if applicable.)
- Borrowers’ current FICO Score
Go to www.myfico.com to get your scores, and provide middle score. - Knowledge of your total monthly bills (auto, food, utilities, medical, phone etc.)
PLEASE ANSWER THE FOLLOWING QUESTIONS:
| LOAN NUMBER: | ||
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| Lender: | Date Loan Originated: | Borrower’s FICO Score: |
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| Amount Delinquent: $ | Current Loan Balance: $ | Months Delinquent: |
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| Reason for Default: | Mortgage Type: | Investor Name: |
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| LTV at time of Origination: | Original Interest Rate % | Current Interest Rate: % |
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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
