The fact of the matter is, neither the Treasury department or your lender wants you to know the details of whether you do or do not qualify for the federal HAMP modification program. For reasons undisclosed, the U.S. Treasury has only released part of the Net Present Value formula to the public. Despite this, CDA Law Center has acquired a license to a version of this lender and servicer loan disposition platform to determine HAMP eligibility, as well as other work-out options that may be available to consumers trying to save their home.
If you have been denied by your lender for a modification, it may be for reasons your lender never explained such as “Net Present Value” or “Excessive Forbearance” or a myriad of other reasons that lack transparency. We have taken on many Clients who were denied for a modification by their lender, yet we were able to acquire a modification for them with help from this report. Further, many borrowers enter long and expensive trial modifications, only to be denied a permanent modification and face a subsequent foreclosure, because neither the borrower nor the lender knew in advance if you qualified for HAMP. Now we can determine if you do prior to engaging your lender. If you do not qualify, the report suggests other alternatives and you will know in advance to avoid a costly trial modification, only to later be denied with all that money wasted.
HOW HAMP WORKS:
HAMP loan modifications require homeowners to enter into a "trial modification" phase prior to a permanent modification being granted. During the trial phase, homeowners make "trial payments," but because trial payments don't stop the foreclosure clock, if you're declined for a permanent modification, the bank is free to sell the house at a trustee sale, which can occur within a matter of days.
The problem with the HAMP program is that, even though you qualify according to the published guidelines, you still have to pass the NPV test, and how you do that, is not available to the public.
Thousands of homeowners, believing that they are on their way to a loan modification that will allow them to avoid foreclosure, end up being told that they failed the NPV, and that the only difference between them and someone renting a house is that the person renting has more rights and is allowed more time to move.
Now the government says that homeowners won't be allowed to enter trial modifications until their lenders or servicers have verified all supporting documentation. So, now a homeowner will be expected to spend all that time getting all of their documents together, submitting them to their bank... and then waiting for the bank to say yes or no? There has to be a better way, and that way would be to order a HAMP Report, and then determine your next steps in the process which may include hiring the experts at CDA Law Center to negotiate with your lender to achieve the outcome you desire.
The REST Report is the ONLY way you can know with any degree of certainty whether or not qualify for the Federal HAMP modification program. It uses the most up-to-date NPV and property valuation analytics.
MEDIATION STATES:
If you live in a state that offers foreclosure mediation with your lender prior to the foreclosure date, the REST Report is a sure fired way to bring your best case to the mediation hearing. Mediators struggle to find a way to help borrowers facing foreclosure, as without this documentation there is very little to mediate. You say “lower my payment so I can keep the house”, and your lender says “You do not meet the guidelines”, so the Mediator has no choice but to accept the lender’s decision as what evidence other than paychecks can you really bring to prove your case? With the REST Report, you will know exactly whether you qualify for HAMP, and the report may suggest up to three (3) other workout options available to you, as well as demonstrate the actual dollar value of your loan to the investor in both a modified state or as a foreclosure (Net Present Value or NPV). This NPV Test compares the Net Present Value of the cash flows expected from a modification to the net present value of cash flows expected in the absence of a modification. This report will provide your mediator something to sink his teeth into when trying to come to terms with your foreclosure. It’s the best thing you can bring to mediation!
Mediation states include:
- Indiana
- Maine
- Michigan
- Nevada
- New York
- Oregon
- Maryland
- New Hampshire
- State Court mandated
- New Jersey
- Ohio
- Delaware
- Wisconsin
Mandated Locally by Court/Local Governing Body:
- Pennsylvania
- Florida
- Kentucky
- Rhode Island
- Illinois
To learn more, visit our website www.hampreport.com