One key purposes of the REST Report is to inform the borrower as to whether they pass or do not pass the NPV test BEFORE they have gone through the process of applying for the modification.
Online PR News – 28-April-2011 – – Why every homeowner, who’s experiencing a hardship, needs a REST Report? To begin with, the NPV (Net Present Value) test, that homeowners are required to pass in order to qualify for a loan modification under the Home Affordable Modification Program, or HAMP, is a complex algorithm that simply put, is intended to compare the investor's financial outcome if the loan were to be modified using the HAMP formula, incorporating the probability of the loan re-defaulting, with the outcome that would result from doing nothing and assuming foreclosure. Do you know your NPV? The REST Report software can show you your personal NPV and help you get the loan modification you need to save your home from foreclosure.
When a borrower applies for a loan modification, and is declined, the servicer is required to provide the reason for the decline. Quite often that reason is "failed NPV," and in such cases, the servicer is supposed to provide the "inputs" that were used in the calculation.
So, when Treasury says that the NPV calculation can be obtained at no cost, it is true... but, only in the event a borrower is declined for a loan modification, and even then, only a 'yes' or 'no' answer is provided by the Servicer, in contrast with the detail provided by the report.
One key purposes of the REST Report is to inform the borrower as to whether they pass or do not pass the NPV test BEFORE they have gone through the process of applying for the modification. This allows us to modify the submission package to allow for programs the borrower will qualify for if not HAMP.
Outside of a servicer, accessing the REST platform is the only way a borrower can determine with any certainty as to whether they do or don't pass the HAMP NPV test. REST also provides a variety loan disposition data analysis services to financial institutions and investors. While there are components of the Treasury's NPV calculation that have not been made available to the public, the REST platform uses parameters that fall within the HAMP NPV version 3.1 guidelines.
The REST Report shows much more than the NPV related to the HAMP program's modifications, it also shows a servicer a comparison of the NPV when modifying using different loan workout scenarios than what is offered under HAMP. This analysis can be exceptionally valuable to the attorney or borrower attempting to modify a loan, because the ratio of loans modified by servicers using their own in-house loan workout programs, to HAMP modifications, is roughly 4:1.
It has now been documented that Servicers often improperly decline applications for loan modifications and by having a REST Report, the lawyer or borrower, when not represented by counsel, can ask to compare the detailed inputs used in the calculation. On numerous occasions mistakes made by the servicer are uncovered and a previously declined modification is approved.
Additionally, the REST Report has been used successfully in the judicial foreclosure states to present evidence of the borrower's qualification for the HAMP program. In those instances, the servicer has been offered the opportunity to present evidence that the report presented by the borrower was incorrect in some way, but to-date, no such evidence has been presented and the loans in question have been modified.
Order your REST Report today and it will empower you to SAVE YOUR HOME from foreclosure. Your REST Report will show you within 24 hours if you are eligible for a U.S. Government Mortgage Relief Program. KNOWLEDGE IS POWER. GET YOURS TODAY! Please visit http://restreport.com/ or call 1-888-543-4340 for a free foreclosure prevention consultation.