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REST Report | Loan Modifications, Stopping Preventable Foreclosure and Scams

REST Report | Loan Modifications, Stopping Preventable Foreclosure and ScamsThe information and tools you need to get through the storm…

Setting aside how to fix, or rather un-thaw the credit markets that would thereby make mortgages more readily available to more people, lets talk about getting your loan modified… homeowners need to start down this path by running what is called a “REST Report”.


I’ve written about the reasons for homeowners to use the REST Report when applying to their servicer for a loan modification, but I want to be much clearer and stronger in my statements in support of homeowners and lawyers using the REST Report… because outside of a servicer, the REST platform is the only one that can credibly establish whether the investor that owns your mortgage will come out ahead by modifying you loan as compared with foreclosing on the property.   It will also show you how your servicer may view your proposal to short sale the home, should you fail to qualify for a loan modification.

The REST Report is a 12-page document generated by a highly sophisticated software platform used in various form by major banks and mortgage servicers.  It’s not a toy that some clever programmer created in order to sell something to homeowners… it’s the real thing… and there is no “other one” or close substitute.

Now, I hope you’ll forgive me for what I’m about to say, but I want to be both clearer and stronger about why homeowners should REST Reports when applying for a loan modification, and why anyone who says otherwise is at best misinformed… but at worst they are full of beans and lying to you about their own report… which is worthless in comparison to what is produced by the REST platform.

I really do understand why it’s so hard for homeowners to tell the difference between what they should believe and what they should not… and I hate that it’s the case… but it is.  So, with that in mind let me try to say this as unequivocally as possible.

If someone says that their report is somehow better… or that what I’ve said about the REST Report is in anyway less than true… I want to know… contact me… lets shine a giant light on this topic… BECAUSE THEY ARE WRONG OR LYING… period.  So,  if someone doesn’t know of the REST Report, or doesn’t know enough about it… let’s all get on the phone together and get things nailed down.

The REST Report can withstand any amount scrutiny… it can be entered into evidence during a court room proceeding, the financial analysis it provides related to a servicer’s decision to modify a given loan… is CORRECT… and no other system can duplicate what REST does.

 

How to use the REST Report with your servicer?

Once someone has run your REST Report, you send it to your servicer’s loss mitigation department, along with your application and required supporting documentation.

After that, assuming the report does show that you pass the NPV Test, you push like crazy no matter what your servicer says.  If they tell you that you failed the NPV, but your report shows that you do… tell them you’re report is correct and you want to see the inputs they used to make sure that the reason for the discrepancy in NPV Test result is nothing more than a typo… which is the case at least 90% of the time.

Then, you work with your servicer to correct their typo and rerun your information to determine whether you passed the NPV… and if they input your numbers correctly… it’ll come out matching what’s found in your REST Report.

Without the REST Report, what will you say to your servicer when they deny you for a loan modification?

Ummm… but I think I pass?  That’s not going to do much.  Servicers are only available in three flavors: Terribly annoying… Unbearably annoying… and Make-you-want-to-burn-your-home-to-the ground-annoying.  And the REST Report… although rock solid correct in terms of it financial analysis, isn’t a pill that will make servicers behave properly, so get ready to push back using the REST Report and be confident that what the report says is correct…. It’s your servicer that’s wrong.

We’ve run over 4,000 REST Reports and their effectiveness is unquestionable… I wish I could tell everyone at risk of foreclosure to order one right now because if we could at least prevent the preventable foreclosures, we’d be a heck of a lot better off.

REST Reports have been run for major servicers… some of the largest… and for large investors who want tom know how they should optimally dispose of their delinquent loans.  Like I said, REST is not a toy or a piece of software some clever techie programmed so a company could have something to sell.

So, again… if someone says they offer a report that will do the same thing REST does… NO THEY DON’T… and let’s give them a call together, shall we?

How much does it cost a homeowner to run a REST Report?

It depends on the law firm or organization, but it’s somewhere in the $700 range, give or take.  Here’s why…

Running a REST Report is not something that just anyone can do.  It’s a case of garbage in and garbage out, so you need an expert to run your report and show you how to use it.  In addition, firms that offer REST Reports say that it takes them roughly three hours to run a homeowner’s report and go over it with them so they understand what it says, how to use it, and how to read it.

As a result, some firms charge a bit more and others bundle the report with other services and as a result charge a bit less, but a hundred bucks one way or the other is really not the issue here… the REST Report is the only thing I’ve ever seen work in terms of increasing a homeowner’s chances of getting their loan permanently modified… and I’m pretty confident that I’ve seen everything by now.

If someone tells you don’t need a REST Report to apply for a loan modification, as them what you should say when your servicer turns you down for failing the NPV Test.  And if they tell you that they can “eyeball it” and tell you whether you will pass or fail… tell them I said they are wrong… or full of you-know-what.

The foreclosure crisis has been allowed to continue for too long and it’s obvious that our government is incapable of stopping it, and that are servicers simply don’t want it stopped.  Servicers make more money when they foreclose, so that’s what they try to do almost every time… but the REST Report… more often than not… ultimately changes that outcome.

And for attorneys, real estate agents involved in short sales, and other mortgage professionals involved in helping homeowners avoid foreclosure… you can become licensed to offer REST Reports to your clients… and there is no cost to become a licensed provider of the REST Report.  (Scams, you might consider, are never free.)

In my considered opinion… and I’m not kidding about this… if you don’t offer to run a REST Report for your clients who are about to apply for a loan modification, are stuck in loan mod hell already awaiting a decision, or are attempting to negotiate a short sale… it borders on, or is mal practice.

I’m sorry to come off this way… I don’t like having to “sell” anything… and I know how hard it is to separate the wheat from the chaff with fraudsters seemingly on every corner and all over the Internet claiming to have one sort of solution or another to stopping foreclosure.

But you need to know about the REST Report… and you need to know that it is not a scam or a toy… it is the only way… outside a servicer… to determine whether your loan should be modified because the investor will come out ahead as compared with foreclosure… it’s the only tool I’ve ever seen make a significant difference for homeowners, and having run 4,000 reports to-date, I think the results are clear and they are overwhelmingly positive.

Contact me… I’m here and devoting whatever time I need to this month and next to answer any questions homeowners, attorneys, real estate and mortgage professionals and others have about REST, so we can start fighting harder so more homeowners will use the report when applying for a loan modification or short sale… and we can turn the tide on the foreclosure crisis ourselves.

And once our housing markets start to stabilize as a result of preventing the preventable foreclosures, watch how fast we see private sector lending starting to gear up for an actual recovery, or at least the end of our current and continuing slide.

-Mandelman

http://mandelman.ml-implode.com/2011/04/straight-talk-about-the-rest-report-loan-modifications-stopping-preventable-foreclosure-and-scams/

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We can help you stop foreclosure with a loan modification in the following states:

If you need help understanding your option of taking advantage of the home loan modification process, the help is available to you everywhere. The process is quite tricky and it is highly recommended that you do indeed seek legal advice before signing on the dotted line, in order receive the most efficient and cost-effective modification to your mortgage payment.

Where do I get Advice
There is advice all over the web on how to receive a loan modification; some of this advice is quite helpful, while some is quite dreadful. There is also the opportunity to hire a professional service that will help you go through the paperwork and work with the lender to help you get all the benefits that you deserve, due to a hardship. Loan modification is a process that must be understood completely and thoroughly. This article can actually offer you an insight on the process of loan modification and tips that will better help you as a homeowner save your home from the risk of a foreclosure.

Loan Modification Advice
First and foremost, it is important to determine if you are eligible for a loan modification. This requires writing a letter of hardship explaining to the lender what exactly the reason is for your late payments and the fact that you are unable to pay your mortgage. Doing a loan modification on your own requires more than just advice. Becoming educated about the process is more important. This is perhaps a good reason to hire a professional loan modification company to take part in the process. They will handle everything for you, while educating you in the progression. There is a fee charged for hiring these companies, but in turn your mortgage payment can be lowered quite a bit and professionals can even find things in your original loan papers that may prove that the lender may have broken the law during your original mortgage signing.

If you do choose to take the big leap of the loan modification process on your own, you must first contact the lender and they will lead you to the correct department, normally the loss mitigation department. You may not want to directly say that you are in the process foreclosure. We do not want the lender to think your situation is not worth their time before hearing you out. Always document anything relating to the loan modification process, every phone call and any other information you may receive during the process must be documented. Always discuss every option available with your lender, so that you may come up with the best alternative for you. It is true you will save money going directly through your lender and let’s face it, you are struggling already trying to make your payments, but professional assistance can help immensely.

No matter what direction you decide to take, loan modification will be what determines the amount of time you have in your home. If you are eligible you should act as soon as possible.

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