Facts About The REST Report
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The U.S. Treasury Department's most recent HAMP NPV (Net Present Value) 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. Based on the input provided by the borrower, the terms proposed in the REST Report will fall within the allowable tolerances of the HAMP eligibility guidelines.
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If your lender or servicer should deny your HAMP Program, you will be armed with the facts that will provide a basis for appealing that decision.
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If the report shows you don't qualify for HAMP, you won't waste money or time chasing a loan workout for which you won't be approved, but that doesn't mean you won't get your loan workout. If your lender or servicer offers an in-house program, you can still use the Rest Report to apply for the program that fits your qualifications.
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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 NPV analysis of your situation related to a Short Sale.
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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.
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How to Order & Use the REST Report
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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.
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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. And will show you other alternatives to help in your decision making.
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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.
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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 workout. Many lenders and servicers have in-house modification programs for which you may qualify.
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Once you receive your report, one of our trained REST Report Specialists will review what the report shows, so you'll know what it says and how to use it. Once armed with the REST 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?
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