HAMP Guidelines Update For 2013 Reflected In REST Report's Newest Loan Disposition Calculations
Homeowners and Loss Mitigation Professionals Can Make Data-Driven Decisions
SAN DIEGO, Aug. 22, 2013 /PRNewswire-iReach/ -- The REST Report (Real Estate Services And Technology Report) has recently been updated to handle the new HAMP guidelines that coincided with the extension of the Home Affordable Modification Program through the end of 2015. The REST Report, which is an impartial analytics tool that helps homeowner assistance businesses to find the best foreclosure alternatives for their clients, is continuously updated in order to accommodate both proprietary loan workout programs and government programs such as the HAMP. The tool provides a fast loan disposition analysis that will help the loss mitigation specialists to determine which foreclosure alternatives are available for their clients and these options, if any, can be compared to the short sale or foreclosure options.
The recent extension and expansion of the HAMP program means that many more underwater homeowners should be able to benefit from the government's program which provides home saving loan term rewrites which can reduce monthly payments and even the loan's principal. HAMP provides incentives for lenders and loan servicing companies who agree to rewrite loan terms to help borrowers avoid foreclosure. Although the Obama administration predicted HAMP would provide aid to as many as 3 million to 4 million homeowners, so far only about 1.1 million homeowners have taken advantage of the program. The fact that many who should have qualified for a HAMP rewrite still have not taken advantage of the program may be due to the fact that qualification guidelines were originally quite stringent and the application process was a very stressful ordeal.
Recent changes to these guidelines ensure that homeowners need not be scared off by the process, however since loan modification is a process that is driven by the banks or loan servicers it can still be difficult for homeowners to navigate the requirements and the risk of being unfairly denied a loan rewrite can be high. This is where the REST comes into play. As a trusted third party analysis tool, the REST Report can be used by loss mitigation professionals & homeowner advocates to determine the NPV (Net Present Value) of their clients' mortgages. This value is what is used to determine whether or not the loan qualifies for a HAMP or any other modification option. What is more important is that this disposition can be run before the client's application is even submitted to the loan servicer. This means that they will be able to work out any errors in their application that might result in a denial, before they actually send it in to their bank.
This can save time and a lot of stress. Since the client knows more or less what they should be qualifying for, they can submit their application with confidence and not be worried throughout the whole processing time, which can sometimes take up to a year. Submitting an application with the REST can even speed up the processing times in most cases since the information will be organized in the order that the loan servicer needs to read it in order to make a decision to grant or deny the loan rewrite.
The REST can also be very useful if the homeowner needs to contest the bank's decision to deny their modification request, as it can be used as evidence in a court of law, and the REST Connect, which is a joint offering from the American Association of Attorneys and Legal Professionals, Inc. (AAA) and the REST, is a proven foreclosure defense team up that can help homeowners who are going up against their loan servicers in court. REST licensees and any members of the AAA can utilize this offering on behalf of their clients.
With the new HAMP guidelines in place, more families and individuals should be able to benefit from mortgage term rewrites that will allow them to stay in their homes. The REST Report ensures that these people have all the information and evidence that they need to enjoy a seamless, fast and hassle free application process and get the modifications that they deserve.
The REST Connect platform driven by the REST Report and AAA are now available to all affiliates of AAA and licensees of the REST Report. Interested firms and distressed homeowners may find more information on REST Connect by visiting http://RESTReport.com
Media Contact: James Bailey, RESTReport.com, (877) 610-7378, firstname.lastname@example.org
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