The REST report is the borrower’s secret weapon when negotiating for a loan modification. It seems that neither the Treasury department nor the lenders want borrowers to know whether or not they qualify for loan modifications before they apply.
Lenders use special software to determine THEIR best course of action. Among other things, the the software determines the Net Present Value (NPV) of various actions based on a myriad of variables including likely net proceeds of foreclosure, probability of future default on a modified loan, and trends in real estate values. They will look at your loan modification application through the lens of this analysis and then either accept or deny your request.
But when they deny you, all you get is some cryptic reason such as “You don’t qualify”. And maybe you could have qualified if you knew what the criteria was going in. Maybe you’d get a cheaper car, pick up a second job, take in a roommate or make some other adjustment.
The REST report levels the laying field so when you, or your attorney, steps up to the negotiating table, you have comparable information to that of the lender.
To learn more about the REST Report, check out our free report The Underwater Borrower’s Secret Weapon: Making Loan Modification Your Lender’s Idea available in the Special Reports area of the Resource Center.
If you would like to order your own REST Report or need help with a loan modification, click here.