LoanSafeMods.com: New Results Video Shows How The REST Report Works

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Mar 28, 2013, 12:00 ET

SAN DIEGO, March 28, 2013 /PRNewswire-iReach/ -- LoanSafeMods recently released a video review showing the actual results of various REST Reports that were run compared to the modifications granted by the lending institutions the homeowners using the REST applied to. The accuracy of the REST results shows accuracy often within a few cents of what the final approved rates from the banks were.

The REST Report (Real Estate Services and Technology Report) is a third party analytics tool that is trusted by homeowners and investors alike. It can show a homeowner exactly what his or her options are when it comes to foreclosure alternatives, and it can show investors how it would be more profitable to grant a modification than to foreclose the property.

In the newly released video, interested homeowners can see examples of how the REST works and how it can be used to determine which modifications they can qualify for and thus decide which option to pursue. If a homeowner is unsure about how the REST works, this video should help to give a clearer picture of what they might expect if they run a REST Report on their mortgage.

The first example shows how the REST Report found the modification programs that a particular homeowner qualified for. The Report goes on to calculate the estimated difference in the loan payments once the modification will be put into place. In this first example, the REST calculated a reduction from $3,032.88 to just $1,885.67 on monthly Principal, Interest, Taxes, Insurance and Association dues.

This mortgage modification application did end up being approved by the bank. The modification adjusted the monthly payments to $1,885.88. This is just 21 cents off from the calculations provided by the REST Report. The video goes on to show a number of similar examples.

In each case the REST was able to accurately show what each home or property owner qualified for in terms of modifications or other foreclosure alternatives, and then determine how much the homeowner would stand to save once the modification was approved. This calculation nearly always came within just a few cents of the actual approved modification terms.

The video shows that this Report even works for jumbo modifications and for mortgage situations where the homeowner does not qualify for the traditional modification programs such as the HAMP. In cases where the homeowner does not qualify for certain loan workout programs, the REST report shows exactly why they did not qualify. This gives homeowners the chance to possibly change their standing before actually applying for a modification.

Thousands of people have already benefited from using the REST Report, not only to see what they qualify for, but to add weight to their loan modification applications. Since the REST is such a highly accurate tool, most banks will look more carefully at modification requests that have positive REST results. For more information on the REST Report and for access to the other tools provided by the LoanSafeMods team, please visit the website at LoanSafeMods.com.