Anybody used the REST-REPORT for mortgage modification?

So I got caught up in some financial problems and knew that I will start having trouble paying my mortgage, so contacted my mortgage company and told them my situation. They told me that because I was still current with my payments I do not qualify for a loan modification. So I asked what should I do, and they said stop paying for three months and call them back.

I thought maybe this person I talked to is just an idiot, or too lazy to find some program that I would qualify for, or he was having a bad day or something like that. So called back the next day hoping that some other agent would be able to help.

I was right, there was a program that I qualified for and it's called "mortgage loan forbearance plan". He explained to me that under this program I don't have to make payment for three months and then I can apply for a modification. He said that because I contacted them before I actually missed payments, they will not report to the credit rating agencies, and they wouldn't try to call me at home or at work....

Well because I'm an idiot and believed that I would be able to modify my mortgage, since I am making payments on time for five years and I do have financial hardship due to spouse loosing her job, and I tried to be proactive and deal with it responsibly, So three months later I applied. I was wrong!

They kept loosing my paperwork and requesting new paperwork for the next six months. I tried making payments but I just couldn't make a full payment. First they were accepted partial payments until they denied my application due to incomplete documentation.

Next month I was told that I have to pay the past due amount or they will move to foreclosure. I can't afford to pay this amount but they were nice enough to take a look at my application again. Two weeks past since I sent them all the paperwork. I received certified mail conformation card, and called to check status. And guess what? They lost it.

Anyway, I would like to know if people had success using the REST Report?

For those who don't know what is a REST-Report, there are multiple websites. Here's one.

The REST Report is a 12-page document generated by a highly sophisticated software platform used in various form by major banks and mortgage servicers. It’s not a toy that some clever programmer created in order to sell something to homeowners… it’s the real thing… and there is no “other one” or close substitute.

The REST Report can withstand any amount scrutiny… it can be entered into evidence during a court room proceeding, the financial analysis it provides related to a servicer’s decision to modify a given loan… is CORRECT… and no other system can duplicate what REST does.

Once someone has run your REST Report, you send it to your servicer’s loss mitigation department, along with your application and required supporting documentation.

After that, assuming the report does show that you pass the NPV Test, you push like crazy no matter what your servicer says. If they tell you that you failed the NPV, but your report shows that you do… tell them you’re report is correct and you want to see the inputs they used to make sure that the reason for the discrepancy in NPV Test result is nothing more than a typo… which is the case at least 90% of the time. Then, you work with your servicer to correct their typo and rerun your information to determine whether you passed the NPV… and if they input your numbers correctly… it’ll come out matching what’s found in your REST Report.

When doing all this, keep in phone contact. Get names, write them down. Phone numbers and their extensions. FAX the paperwork, and get fax confirmation pages. Call the person you faxed the paperwork to, and verify they received it, and that all the documents are there and in order.

Originally posted by tinker9917
When doing all this, keep in phone contact. Get names, write them down. Phone numbers and their extensions. FAX the paperwork, and get fax confirmation pages. Call the person you faxed the paperwork to, and verify they received it, and that all the documents are there and in order.

Did all that the first time around. Problem is that it takes them 48 hours to see it in the system, and then days or weeks for the paperwork to go to whoever is supposed to review it. By that time I get a new paycheck/bank statement, and they request it again. This roller-caster goes on and on. Very frustrating.

Any input on the REST Report would be appreciated. Also I'm thinking about getting professional help with this madness. But don't know who to get. I can't afford to get scammed and this report costs around $900,

Doesn't HUD housing help with these things? Give them a call, it's worth a try.

By the way, I hope you get a better deal than I did. When I got my loan modification, they reduced my mortgage by a whole $40 per month

Originally posted by tinker9917


By the way, I hope you get a better deal than I did. When I got my loan modification, they reduced my mortgage by a whole $40 per month

edit on 13-6-2013 by tinker9917 because: (no reason given)

As far as I know they calculate your payment to be no more than 31% of your net monthly income. I'm at 38% now, so I'm looking at a reduction by couple hundred dollars... That's if I get the modification of course.

Thanks for your advise.