The REST Report - A Better Way to Pursue a Loan Modification
What is the REST Report
The REST REPORT is an impartial, third-party analysis tool. It takes your current loan information, property information and financial situation into account and then runs that data against various Without the REST Report what do you have? Nothing is the answer.loan disposition models, or analytics. The REST REPORT is going to show you, the homeowner what you qualify for, or if you don't qualify, it's going to tell you why. Not only does it shed light on your situation but it gives the firm you are working with a huge advantage compared to someone without the report.
The bank knows everything about you, but you know nothing about the bank and how they may in fact benefit by providing you with an alternative to foreclosure. In most cases the investor would in fact come out on top by helping rather than the alternative which is foreclosure.
- How much more income (if any) would you need to qualify for a loan modification?
- Might you qualify for a government loan modification program where you could realize a lower monthly payment?
- What if the bank would extend the term of your loan to 40 years or lower your interest rate or reduce some of the principal that you owe? Would that work for you, as well as for your bank?
- If a loan modification is unlikely, perhaps a Short Sale is a better option for you. How much would you most likely have to sell the home for? What would reasonable transaction fees be?
The REST Report will analyze multiple loan disposition options and present the results. It proposes the optimal win-win solution, striking a balance between what is most affordable to you as a borrower while still providing the lender with the highest possible return on their investment which is known as being NPV Positive.
How can I get the REST Report?
The REST REPORT is only available via Authorized REST REPORT Licensees. (RESTReport.com does not provide the report directly to consumers.) Approved attorney firms, loan modification companies and counselors as well as some servicers typically use the report as an internal decision support tool to help them know the best options for their clients.
Why should I use an Authorized REST Report Licensee?
We obviously believe that MARS compliant institutions that utilize the REST Report provide a significant advantage:
- Licensees can simply enter in your pertinent information and the system will quickly DERIVE terms that work for both you and your lender, - there's no guesswork involved. It's imperative to know early in the process what may or may not work.
- The REST REPORT doesn't just evaluate one model, - it analyzes multiple models simultaneously: Government loan modifications (such as HAMP), other proprietary loan modifications, Short Sale options and foreclosure.
- The REST REPORT will evaluate the different scenarios in ways that the financial institutions typically perform their own calculations, determining the Net Present Values (NPV) of each option and then comparing them to one another. REST Licensees have this significant information readily available whenever they communicate with a lender or servicer.
- If there is a discrepancy between the numbers that the servicer used when evaluating a potential loan modification and what was supplied to the REST REPORT for analysis, the system allows for using Investor/Servicer overrides to exactly mirror the inputs and/or reconcile any discrepancies.
- Many of the REST Licensees already have significant histories of using and submitting REST REPORTS. They also have established relationships with servicers and lenders who expect their loan modification packages to be submitted in a certain way, - including the REST REPORT.
Need help finding an Authorized REST Report Licensee?
Let us refer you to one of our compliant and licensed partners that can not only assist you in getting a REST Report but also offer a variety of additional services relating to loan modifications.
Home Owner Testimonials
We believe that we are making a significant difference in the lives of many home owners by providing impartial, accurate analytics to those parties trying to help remedy the situation. But you shouldn't just take our word for it. Here are just some of the many testimonials that we regularly receive from Licensees and from home owners.
Hi, I just wanted to share my experience with the rest report...My nightmare started in April 2010 when I paid an attorney 6K to modify 2 mortgage loans with B of A. Long story short, nothing ever got done with them and we had a foreclosure sale date scheduled for April 17,2011 on our primary residence, as our loan was 12 months past due. I had been lurking around on loansafe and had read about the rest report. We were desperate! I called and talked to Eric on the 15th and he rushed a report for us. I submitted all of my documents (again) along with the rest report to the OOP and the other contacts that he provided. I received a call from the OOP with my new negotiator information the next day. Our sale was postponed and I received trial paperwork in the mail on April 29! Our last trial payment was July 1. I almost fainted when I got the permanent docs on the 15th. We scheduled a mobile notary and signed the docs on the 20th. I checked today, and all of my info has been updated online. I purposely waited until this process was completely finished to post because I was skeptical myself. I have no doubt that the rest report saved our house! Here are our old/new terms...
- old balance 301,000
- old PITI 1984.35
- interest rate 4.625 ARM set to adjust in 2014
- new balance 317,000
- new PITI 1335.26
- interest rate 2.00
- our term did get increased by 12 years
Like many people, I was lost on the whole loan modification process. I did some reserach on how to get started and came across Rest Report. They promised a free evaluation, so I figured I'd give them a ring. I called Leonard and he was very helpful in explaining the whole process and how it's really a numbers game to the bank. It took me a while to make a decision because my situation was not a good one. I had fallen behind due to several hardships and wanted to keep the whole, but had no idea how to go about it. I tried for a modification previously and was denied because I was told my investor didn't participate in any programs. With the help of the Rest Report team I submitted my case at the beginning of May and on June 6th was given a lower modification payment! I would say there's no question anyone considering modification, even if they want to go with an attorney, should have a Rest Report in hand, if only for the piece of mind!Anita "Green Thumb" C
I cannot thank REST Report enough! After struggling with my servicer for over a year I was finally approved for a modification with assistance from the REST Report team. I can say that after countless hours pursuing a modification that it would not have happened without all the support from Angela, Dave and the Rest Report team. I learned a lot from them and suggest anyone going into the modification process at least give them a ring and see where you stand. They're some of the friendliest bunch you'll meet!Russell P.
I genuinely believe many people can truly benefit from having a REST Report ran. Aside from some of the gems we received on the 3way call with my servicer, the report also brings crystal clarity to anyone's situation by tying together all the pieces of the puzzle. The REST Report gives you an opportunity to see what a modification will look like PRIOR to submitting their file. This can save a lot of valuable time and money. I would say without a doubt if you're looking into loan modification, then look into the REST Report!Christopher K.
THANK YOU REST Report! I applied for a modification almost a year ago and was denied for excessive forbearance. They told me I was being put into review for an in-house modification, but when I called to check up on that I was told my file was closed and I was in foreclosure! I was overwhelmed and confused until I called Rest Report. I spoke to one of their associates who walked me through the process and stayed in touch constantly. The report showed I qualified for HAMP and after using the report and Rest Report advice I received a thumbs up for a loan modification from Bank of America. Without the report I would not have gotten to this point. Information is power and by asking the right questions and having the right tools you can succeed! Thanks again to everyone at REST Report.Paul M.
I can't thank the Rest Report team enough! THANK YOU, THANK YOU, THANK YOU! The bank kept trying to use my income, even though I wasn't on the loan which would mean I wouldn't be able to qualify for a loan modification! the Rest Report team told me exactly what to tell the bank and after speaking to the person handling my file they agreed to use only my husband's income. This has really been an amazing time frame for getting the modification done. I spent months just getting my file 'in review' and after a short time of having the REST Report and the support they provide I'm on track to getting my modification again!Michelle B.
Rest Report came to my rescue! A big thank you to Levi and the Rest Report team in particular. I had spent so much time arguing with GMAC over simple income issues that were clearly defined in the HAMP guidelines. I called Levi to let him know what was going on and Levi volunteered to call with me to HAMP Admin. After speaking to someone with Levi they agreed to call GMAC with me and the next thing I knew we were talking to someone in the Executive Team. They took down my concerns and the NEXT DAY I received a call from a team member AND supervisor from the GMAC Executive Team and they verified they would be correctly documenting my income! Levi went above and beyond anything I could have expected. I called him just to confirm the REST Report was using my income correctly and he went to bat for me completely out of courtesy. Without the REST Report and the Rest Report team I would have been completely lost. The only reason I feel I can fight this fight is because of the confidence I have thanks to the Rest Report team.Lisa M.
I was working with an attorney prior to obtaining the REST Report and running into quite a few difficulties. It was impossible to get anywhere with IndyMac due to lost documentation, no clear idea of who was handling my file and general incompetence. I got a REST Report more for peace of mind than anything, however I found that within TWO DAYS of sending my report to my negotiator I had a trial modification at the exact same terms! I'm proof the REST Report works!Connie M
El Cajon, CA
After losing my job in April 2010, I became in arrearages with my mortgage for several months. The lender initiated foreclosure proceedings. Matters seemed very bleak.
From the beginning of my unemployment I sought relief in the form of loan modification from my lender under the HAMP program. Months unproductively passed with no response from the lender. It was not until I obtained a REST Report that the lender even began to listen. Even prior to retaining REST, Nancy, one of their co-workers, initiated a conference call between the lender and me, obtaining important information I needed to initate the HAMP loan modification process. I believe the REST Report has been quite pivotal in obtaining the temporary and, I hope, soon to be permanent loan modification from the lender under the HAMP program. To date, the REST report, its budget and comparables has formed the basis for the relief I am obtaining.Hal C.