The REST (Real Estate Services & Technology) Report is the same report that your mortgage company uses to see which programs you would qualify for. This is literally a 42 page appraisal on your mortgage and financial situation.
The REST Report is considered the most influential legal document that can be used when negotiating a loan modification or short sale and can hold up to any scrutiny, even as far as the court system.
This report runs your mortgage and financial variables and comes up with eligibility & qualifications of all loan modifications options, which include:
- Hamp Tier 1 (Home Affordable Modification Program) - mortgage payment is 31% of gross income
- Hamp Tier 1 PRA (Principle Reduction Alternative) - mortgage payment is 31% of gross income and also can lower the amount you owe to the mortgage company.
- Hamp Tier 2 - New program came out in the beginning of 2013 - mortgage payment can be anywhere from 10% to 25% of gross income
- Hamp Tier 2 PRA - New program came out in the beginning of 2013 - mortgage payment can be anywhere from 10% to 25% of gross income and also can lower the amount you owe to the mortgage company.
- 2 different flex traditional loan modifications - these are the programs that the lender has in place (Not a governement program)
Secondly, shows you what you need to change to become qualified for one of the programs, which pulls the guessing games out of the ordeal with the lender.
On average, homeowners are being strung around for 9 to 15 months, waiting on an answer from the servicing company. The REST Report answers all your questions within 72 hours.
To see a REST Sample Report you can click the "more info" green button on the right of the page. Page 11 of the Sample Report shows you all the results.