What is the REST Report Matters Toolkit?
The REST Report is a multi page Report that’s generated using specific information about you, your property and your mortgage. It runs proprietary algorithms and NPV analytics to determine whether it is in the best financial interest of your investor to modify your loan.
How can I use my REST Report?
Homeowners can send a copy of their REST Report to their lenders or servicers, along with the required supporting documentation, when they apply for a loan modification.
What do I do if my lender denies my HAMP modification, though my Report shows I’m qualified?
What if my REST Report shows I don’t qualify for HAMP?
Does the REST Report guarantee that I will be approved for a HAMP loan modification by my lender or servicer?
I’ve already applied for a HAMP loan modification and am still waiting to hear whether I’ve been approved for a permanent modification. Should I still consider ordering the REST Report? How will it help me?
What is the “NPV Test,” as related to HAMP loan modifications?
How do I know my bank will pay attention to the REST Report, as far as my being qualified for HAMP is concerned?
How do I use the REST Report in a mediation proceeding with my lender?
Are the modified payment terms of the HAMP modification shown in my Report accurate?
Yes they are. The modified payment terms that are shown in your REST Report are at least very close to the terms that will be offered by a permanent HAMP modification. Sometimes they are literally pennies away.
What are the eligibility requirements for the HAMP program?
For a comprehensive presentation and discussion of the HAMP eligibility requirements, please click on the “Eligibility” tab that appears in the dark blue horizontal navigation bar near the top of the home page.
Does everyone applying for a HAMP loan modification have to enter a “trial modification phase,” before being approved for a permanent modification?
Yes. There’s simply no way around it: if you apply for a HAMP loan modification, you’ll enter the trial modification phase for at least three months before finding out for sure whether you qualify for HAMP’s permanent loan modification.
Do I have to hire a lawyer or other third party to help me get my loan modified?
No, you do not have to hire anyone to help you get your loan modified. Of course, that being said… it’s really up to you. Not everyone has the time, is as comfortable or is equally equipped to negotiate with a major financial institution over their mortgage when they are at risk of losing a home.
Is it true that the government is now requiring banks to grant principal reductions as part of the HAMP loan modification program?
The government recently announced that lenders and servicers that participate in HAMP will now be “encouraged” to consider principal reductions, but it is too early to know how effective that encouragement will be. Principal reductions, while not unheard of, remain rare, with the government reporting that they make up approximately 10% of all HAMP modifications.
I recently heard that HAMP will now be offering some new assistance for unemployed borrowers. Is that true?
Yes, the government has recently announced that unemployed applicants to the HAMP loan modification program will be offered some additional help in the way of forbearances of payments for 90 day periods, in the hopes that they will find work in the time provided, but again, it is too early to know how this change to HAMP guidelines will manifest itself.
What is included in my monthly gross income?
A borrower’s Monthly Gross Income (MGI) is the amount before any payroll deductions and includes wages and salaries, overtime pay, commissions, fees, tips, bonuses, housing allowances, other compensation for personal services, Social Security payments, including Social Security received by adults on behalf of minors or by minors intended for their own support, annuities, insurance policies, retirement funds, pensions, disability or death benefits, unemployment benefits, rental income and any other income.
Will I need to verify my income before being granted a trial or permanent loan modification?
What if I don’t want to accept the modified payment terms offered to me by the HAMP loan modification?
My credit score has gone down significantly in the last couple of years. Does that mean I won’t get approved for a loan modification under HAMP?
No. Although the NPV formula does require your credit score, a low score by itself does not make you ineligible for HAMP.
What if I’ve filed bankruptcy or am in the process of filing bankruptcy? How does bankruptcy affect my obtaining for a HAMP loan modification?
If you are in default on your loan and thinking about filing a bankruptcy, be sure to consult an attorney about whether it is better to go forward with one or other first. Normally lenders will not consider a modification while a bankruptcy proceeding is pending, but that does not mean you are disqualified from getting a modification after you are discharged from bankruptcy. The problem is that while a bankruptcy is pending, the bank may continue foreclosure proceedings. You must take expert advice before taking, or not taking, any course of action.
My home is seriously “under water”. Can I still qualify for a HAMP loan modification?
Yes. Owing more than your home’s current appraised value, referred to as being “under water,” does not disqualify you for a HAMP loan modification.