REST Report May Help Homeowners Avail HAMP Mods Before Program Expires This Year

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A new video review on shows how the REST can help property owners to avail of the HAMP while it is still available. may offer homeowners the best chance to avail the HAMP before the program expires at the end of 2013. As a licensee of the REST Report, the services that provides include free consultation with a homeowner advocate and, of course, the risk-free analysis of the REST. This analysis can show homeowners what type of foreclosure alternatives they have available to them and if it shows that they qualify for a HAMP modification, the Report can help to facilitate the swift approval of a loan modification request with lenders.

The HAMP (Home Affordable Modification Program) was originally instituted in response to the housing crisis as a way to keep as many people in their homes as possible. A HAMP modification usually means a lower monthly mortgage rate and a possibility of reduced principle. This program, originally set to expire on December 31st 2012, has now been extended one year and will expire on December 31st 2013.

This extension gives homeowners that are still facing foreclosure or who are in imminent default time to avail of the program before it finishes. However, as many homeowners have found, applying for any type of mortgage modification can be quite a challenge.

Although banks are required by law to grant modifications to homeowners who qualify for them, even those who should qualify have had a difficult time getting their mortgages modified. The problem is often a sluggish modification process. Sometimes the approval gets delayed so long that the homeowner gives up and instead settles for a short sale or foreclosure when they should have been able to keep their home.

Alan White, a professor who teaches consumer law at the City University of New York, said in a recent article on Bloomberg, “While processing delays have given borrowers time to negotiate loan workouts, large lenders often lose documents and ask borrowers to resubmit them repeatedly.”

Having to constantly resubmit documents can be very frustrating for borrowers, as they feel that they are not making any progress with their loan modification and constantly have the fear of losing their homes in their minds. One homeowner who was struggling with applying for the Make Home Affordable Program is Ron, an EMT who lives in San Diego with his two children.

Ron was asked to resubmit his papers by his bank again and again. This went on for several years. Ron says in a recent video review on “Every time I would jump through one hoop they would toss up two more!”

This made for a very trying situation for Ron and his family. He says: “What scared me the most about everything was, everyday, not knowing if someone was going to come knocking at my door telling me to get my stuff out. It was just me and my kids. We had no where else to go."

Finally Ron found the REST Report through and as many others have found out, this had a great impact on the way that his bank viewed his modification request. In just a matter of months, Ron was approved for the modification that lowered his principal by more than $350,000 and reduced his monthly payments by fifty percent.

This same effect has been seen with many others who have applied for loan modifications using the REST. Because the REST analysis shows exactly what the person qualifies for in a highly accurate and concise way, it helps the lender to quickly make a decision on the application because all the data is organized properly in the order that they need to read it.

This has helped many homeowners to finally get approved for HAMP and other loan workout programs. For more information on how the REST can help facilitate quick modification approvals, click here.

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Patrick Miller
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