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Mortgage-Mod-Monster.com The Spectacular Success of the REST Report This past summer of 2010 has seen a significant increase in the do-ityourself mortgage modification application. There are two reasons for this. First, the REST Report is proving itself an airtight tool in justifying a mortgage modification to the lenders, servicers, and courts. Second, the banks have realized that no executive or legislative arm of government is going to hold them accountable to do their job. The nations lenders are free to be as stupid and neglectful as they wish. Now, when they attempt to foreclose, that changes everything. When the distressed homeowner is armed with the REST Report, the nation's judges are proving themselves prepared to put a stop to the bank's shenanigans. The owner of the REST Report software platform writes today in general terms as to the spectacular success of the REST Report this past summer. He also writes about certain unscrupulous firms that are selling REST Report fakes and warns against it. There is only one software that can accomplish what the REST Report can. Believe me, I know. I spent more than a year representing several professional firms that negotiated mortgage modifications for their distressed homeowner clients. They all closed their doors this past summer because the banks sandbagged them. Your lender may easily sandbag your mortgage modification also. The difference is you can be prepared to wait them out and prevent foreclosure as long as they want, just as long as you don't get foreclosed on. It’s undeniable that the REST Report is effective. Moreover, assuming the REST Report shows a positive NPV result, it is the only single thing ever seen to make a significant difference. For that reason alone, its track record should be more widely known by those trying to get their loan modified. While the REST Report success statistics are spectacular, they are inconsequential to the next report. Every mortgage is a snowflake.


The REST Report by itself does nothing… homeowners still have to comply with all of the other requirements and document their income, etc. etc. A new player on the loan modification front, RCS, seems to have bought the loans they now own for the sole purpose of foreclosing… they don’t even seem to like the HAMP guidelines. Homeowners who submit a REST Report to their lender or servicer do in fact get a positive outcome most, if not all of the time. And when they don’t get a positive result initially, they have a basis for appeal and escalation and from that process they emerge victorious far more often than not. Because of the very small number of non-successes so far, we suspect that either sandbagging is still going on, or documents are not submitted, or inaccurate data was input to the REST software. Modifying your predatory loan by bringing down the interest rate and extending the term in order to provide a more affordable payment still leaves far too many homeowners so far underwater that it’s probably a better option to simply walk away. (strategic default or Principal Reduction Refinance. You can ask me about that also.) Home values aren’t coming back any time soon. We have several stories of distressed homeowners who were denied mortgage modifications because they failed the NPV, or Net Present Value, test; who then purchased the REST Report, only to have their mortgage modifcation granted almost immediately. Lately, the media has been publishing accounts of class action suits aginst lenders for having falsified NPV calculations. The REST Report does seem to dramatically increase response and approval times of certain lenders. Nevertheless, the distressed homeowner must be prepared for lender neglect of their mortgage modification application. Articles are imminent about the legality of some lenders foreclosing at all. Stay tuned for that. If you have a REST Report, you have the data you need to push back and take it to the highest level of appeal… including the courts where the report has been used successfully several times over this past summer. In point of fact, even if you were to suing your lender over a breach of the HAMP contract, for example, the REST Report, according to several trial attorneys, would be a very important piece of evidence used to establish your qualification for the program to the judge.


Why does the REST Report work? Documenting everything that came in as part of the borrower’s file is critical to the servicer. Servicers are concerned about investors coming in to audit their files. It would seem that if your REST Report shows the investor would come out ahead by modifying, it would make it that much harder for the servicer to turn down such a modification, as making a decision not in the best interests of the investors would violate the Pooling and Servicing Agreement, and could therefore become the basis for a law suit against the servicer. Just something to consider… Different firms do have different prices for the REST Report, and there’s good reason for this. For one thing, some firms choose to offer the REST Report on a stand alone basis, and others offer various levels of ancillary expert support services packaged with the report. But regardless of which firm you choose, it’s not cheap… about $795, give or take, seems to be about the average advertised price for the report alone. (I currently charge $500.) For one thing, the REST platform is part of a multi-million dollar software platform, it’s not generated using something off the shelf, like Microsoft Excel. It’s a “loan disposition analysis” system that knows the thousands of variables needed to make the sophisticated calculations required to generate an accurate report that can withstand any level of scrutiny. Secondly, it doesn’t happen when someone snaps their fingers. Law firms report that it takes at least 34 man-hours to run a report and review it thoroughly with a borrower, and that time costs the firms money, in addition to the dollars spent marketing and training a staff knowledgeable enough to run REST Reports and advise homeowners on how they can be sued in various situations. So, all in all, I couldn’t be more pleased at how the REST Report has performed and more than 1300 reports have now been run. But, please understand… the REST Report is only a report that shows whether the investor who owns your loan will make more money by modifying your loan as compared with foreclosing on your property. Because if that’s not the case, there’s nothing you can do… banks and investors are only concerned with money. And nothing is going to change that. But, it’s a lot better to know what’s coming than to find out after paying trial payments for God-only-knows how many months before learning you don’t qualify. Call me at: 970-242-2600 Email at: info ‘at’ Mortgage-Mod-Monster ‘dot’ com


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Spectacular Success of the REST Report