RESTreport is helping SAVE Homes from Foreclosure.
by Todd Alexander Thursday, April 28, 2011
When a borrower applies for a loan modification, and is declined, the servicer is required to provide the reason for the decline. Quite often that reason is "failed NPV," and in such cases, the servicer is supposed to provide the "inputs" that were used in the calculation.
So, when Treasury says that the NPV calculation can be obtained at no cost, it is true... but, only in the event a borrower is declined for a loan modification, and even then, only a 'yes' or 'no' answer is provided by the Servicer, in contrast with the detail provided by the report.
One key purposes of the REST Report is to inform the borrower as to whether they pass or do not pass the NPV test BEFORE they have gone through the process of applying for the modification. This allows us to modify the submission package to allow for programs the borrower will qualify for if not HAMP.
Outside of a servicer, accessing the REST platform is the only way a borrower can determine with any certainty as to whether they do or don't pass the HAMP NPV test. REST also provides a variety loan disposition data analysis services to financial institutions and investors. While there are components of the Treasury's NPV calculation that have not been made available to the public, the REST platform uses parameters that fall within the HAMP NPV version 3.1 guidelines.
The REST Report shows much more than the NPV related to the HAMP program's modifications, it also shows a servicer a comparison of the NPV when modifying using different loan workout scenarios than what is offered under HAMP. This analysis can be exceptionally valuable to the attorney or borrower attempting to modify a loan, because the ratio of loans modified by servicers using their own in-house loan workout programs, to HAMP modifications, is roughly 4:1.
It has now been documented that Servicers often improperly decline applications for loan modifications and by having a REST Report, the lawyer or borrower, when not represented by counsel, can ask to compare the detailed inputs used in the calculation. On numerous occasions mistakes made by the servicer are uncovered and a previously declined modification is approved.
Additionally, the REST Report has been used successfully in the judicial foreclosure states to present evidence of the borrower's qualification for the HAMP program. In those instances, the servicer has been offered the opportunity to present evidence that the report presented by the borrower was incorrect in some way, but to-date, no such evidence has been presented and the loans in question have been modified.
Order your REST Report today and it will empower you to SAVE YOUR HOME from foreclosure. Your REST Report will show you within 24 hours if you are eligible for a U.S. Government Mortgage Relief Program. KNOWLEDGE IS POWER. GET YOURS TODAY! Please visit http://restreport.com/ or call 1-888-543-4340 for a free foreclosure prevention consultation.
Company Name: REST Report “Real Estate Services and Technology”
Contact Name: Todd Alexander
Address: 25212 Marguerite Parkway
Mission Viejo, CA 92692-2927
Phone Number: 1-888-543-4340
The R.E.S.T. Report is a version of the same software used by major banks and servicers to determine if you qualify for a foreclosure prevention government assistance plan. REST Report.com is a powerful tool now available to homeowners to assist in the process of obtaining a successful loan modification, and other debt related issues.
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