Get NPV & Loan Disposition Data
The REST Report makes NPV and loan disposition data available to homeowners that may need a loan modification. Now homeowners can know what the banks know about true value of their loans. Having this information empowers borrowers to make better decisions and get better outcomes.
Each customized REST Report is created using a version of the very same software that lenders and servicers use to evaluate HAMP eligibility. This invaluable tool produces the up-to-date NPV analytics, which are required for a HAMP modification. In addition, this comprehensive report evaluates other options so homeowners can make informed choices.
getRESTreport.com is a private company and is not affiliated with any banking or governmental agency, including the United States Treasury Department. getRESTreport.com does not guarantee results.
The REST Report and You
Are you wondering if you qualify for a HAMP loan modification? Do you need need help deciding whether to pursue a loan modification, short sale or deed-in-lieu? Do you want to know where you are headed financially?
getRESTreport.com offers the REST Report to help you decide whether to pursue a loan modification, short sale or deed-in-lieu. All you need is your loan statement and information about your income and expenses and the REST software platform handles the rest. Use it to make financial decisions that make sense! Get started today!
Obama HAMP Program Gets a Boost from the REST Report
President Obama unveiled his ambitious plan to help up to nine million American homeowners in February 2009.
Today, the REST report from getRESTreport.com brings hope to Americans by giving them access to the information they need to fight for their homes. The results of the report give people everywhere concrete answers.
HAMP’s New PRA Makes REST Report Even More Valuable
The United States Treasury Department, under President Barack Obama, is introducing a new Principal Reduction Alternative (PRA). Scheduled to become effective on October 1, 2010, the PRA may be a bit delayed as it is dependent upon version 4.0 of the HAMP NPV being implemented.
The PRA is a “deferred principal reduction program.” This program makes it possible for a borrower to earn a principal reduction over a three-year period by making all of the payments according to the modified terms of the mortgage loan.
According to Supplemental Directive 10-05, the PRA is:
“… designed to give servicers additional flexibility to offer relief to borrowers whose homes are worth significantly less than the remaining amounts owed under their first lien mortgage loans (negative equity).”
Under the terms of the PRA, servicers will be required to evaluate the value of principal reduction for every HAMP eligible loan with “high negative equity.” High negative equity is defined by the Treasury as a mark-to-market loan-to-value ratio in excess of 115%.
The directive states that servicers are:
“… encouraged to offer principal reduction whenever the net present value (NPV) result of a HAMP modification using PRA is greater than the NPV result without considering principal reduction.”
The United States Treasury is offering financial incentives to encourage participation and is introducing an “Alternative Modification Waterfall” test to be used when evaluating loans. This means that, according to the terms of the PRA, any loan evaluated for HAMP, with a mark-to-market loan-to-value ratio greater than 115%, must be evaluated using both the Standard and the Alternative waterfall test.
Sound complicated? Don’t worry … The new NPV model, Version 4.0, is still under development. Once released:
- It will reflect principal reduction incentives.
- It will compare the NPV result of modifications, with and without principal reduction, with the NPV result without modification.
- And it will be available on www.HMPadmin.com (the HAMP servicer portal).
BUT (you knew this was coming) …
According to the Supplemental Directive, the Treasury is allowing servicers to conduct other internal evaluations.
Yes … You read that right … Servicers will conduct evaluations IN ADDITION TO THE NPV 4.0 EVALUATION just to be certain that the principal reductions are in the best interest of investors.
If you’re waiting for a link to those evaluations you’re not going to find it here or anywhere else. You see, these so-called “internal evaluations” are not going to be disclosed.
What this means to you is that even though the software application for NPV 4.0 will be available, the “internal evaluations” make it all cloudy.
But there’s good news … You see, you can rest assured, that the REST Report will keep pace with these changes. The REST Report gives you the level of analysis needed to make decisions. It’s not just a shareware program that you can download from some guy’s server in Timbuktu (though I’m sure they produce some very useful applications there). The REST Report loan disposition analysis platform is the product of countless hours of programming. It’s on par with the systems used by the major banks and servicers.
AND …
It’s being updated for HAMP Version 4.0, the PRA program, and more.
REST Report Top 10
The Late Show Top Ten List was a regular segment of the television program Late Show with David Letterman. The reason for it’s popularity is that it answered the questions everyone was asking and said what needed to be said.
The REST Report Top 10 from getRESTreport.com answers the questions you have and says what needs to be said about the REST Report. And now … Without further ado … Heeeeereeee’s the Top 10 (yeah, we know, we mixed our late-night show metaphors … Call it creative license, call it nonsense, but if you are in trouble on your home loan call us):
- Servicers are contractually obligated to act in the best interest of the investors who own the loans. Without hard facts, borrowers don’t know what action that is.
- The REST Report compares the financial outcomes of a loan modification to a short sale, foreclosure, etc. for the investor.
- If you can prove that it makes dollars and sense for the investor modify the loan, you increase your chance of a successful modification significantly.
- REST Report details give you information to bring to your lender or servicer in the event they incorrectly deny your HAMP modification.
- Borrowers for whom a modification is not the best option can use this information to determine whether a short sale, deed in lieu of foreclosure or other option is viable.
- The REST Report creates a detailed Net Present Value (NPV) analysis of your situation related to a Short Sale.
- The REST Report is valid from 90 days of creation.
- If you hire an attorney, the REST Report can be a cornerstone of their case, providing irrefutable facts.
- If you live in a state offering a foreclosure mediation process the REST Report is a powerful tool when used by you or your attorney to present your case to the State’s assigned mediator.
- And finally, the REST Report empowers you, the homeowner, and levels the playing field for once and for all.
The Value of the R.E.S.T. Report
The R.E.S.T. Report is a great resource for determining if you qualify for a HAMP loan modification. To qualify for HAMP the U.S. Treasury requires that you meet certain criteria. This proprietary system generates a report based on your specific data that explains whether you meet the criteria and pass HAMP’s NPV test.
The REST platform is updated continuously and based on the software used by banks so your report contains current, accurate information. Homeowners can use this report along with supporting documentation to request consideration from their bank. Each report is valid for 90 days from the date it is created.
The REST Report: Why Should You Care?
In a recent blog posting, blogger and champion for the people, Martin Andleman (aka Mandelman of Mandelman Matters had this to say:
“The REST Report may very well make a crucial difference in the outcome of your negotiations with your lender or servicer. It’s not expensive, and it’s not a magic bullet, by any means. But, I truly cannot imagine a situation in which it is not better to have than not have.”
So why should you care about the REST Report? Well, for one thing, it puts the power back into the hands of we, the people (that’s all of us). With access to the REST Report, regular homeowners (not Wall Street rock-stars or friends-of-friends-of-movers-and-shakers) have access to the information used by the banks to evaluate the value of a loan modification, short sale, foreclosure, etc.
The ball is back in our court. Hundreds of millions of Americans who borrowed from banks, trusting that they were doing the right thing, are now in a position to know if the lenders, servicers and banks are making a decision that makes sense (that’s dollars and sense). And with knowledge comes power … The power to choose.
You don’t have to blindly place your fate in the hands of banker. You don’t have to turn to an attorney who “hopes” he can help. You can enter into battle, armed with information based on facts, not feelings or fear or circumstance.
And that, my friends, is why you should care about the REST Report.
What to do About Tax Returns
When reviewing requests from borrowers, lenders typically require copies of signed personal tax returns for the last two years. Business owners will also be required to submit copies of their signed business tax documents.
While most people retain a copy or their taxes or can obtain one from their tax preparer, lenders will also require you to sign a copy of form 4506-T so that they can request copies of your tax returns from the IRS.
To include a copy with the package you submit to your lender, download a copy of the form from the IRS: FORM 4506-T.