Mortgage Loan Modification using the REST Report

Can Non-Owner Occupied investment property mortgages be modified?

Yes they can. The only requirement is that your primary residence mortgage be in good standing.

Can unemployed borrowers get a Mortgage Loan Modification?

Yes, in certain circumstances. Much will depend on how many weeks of unemployment benefits the mortgage holder is eligible for. Currently, HAMP is not approving mortgage modificationsfor unemployed applicants. There are in-house bank modification programs however; and many are more beneficial than HAMP anyway. The sooner the homeowner calls me, the more we can do for them.

Can Homeowners in Default do a Loan Mod?

Yes, any distressed homeowner can apply for a loan mod. HAMP requires demostration of 'Imminent Default' and the banks have been allowed to define that in their own terms. Typically however, lenders sandbag the process and are making loan modification more and more difficult. That is why the REST Report is so successful. The homeowner must know that a proven modification application does not automatically halt a foreclosure. The banks are well-known for pursuing foreclosure even as they negotiate mortgage modification. Homes have been foreclosed on in the middle of a modification application before.

Please realize that each lender can have their own requirements. Some lenders require that the homeowner be 30, 60, and even 90 days behind before they will do their own loan modification. This is becoming increasingly a rare occurence, however. It's one more aspect that frustrates today's distressed homeowners with the banking system. I need to hear from you as soon as possible.

Can you do a Forensic Mortgage Loan Analysis?

Yes, we can. We find, however, that the best approach to these lenders is to get the loan modification approved first. Forensic analysis may slow down the modification. If you, the borrower will benefit, then we will absolutely recommend pursuing a forensic analysis. Lenders are much more amenable to document adjustment after the modification is submitted. Please read more about Mortgage Loan Forensic Analysis.

What is the Default Rate of Homeowners Who have Done a Loan Mod?

The REST Report has made any publicized mortgage modification default statistics a moot point. Every distressed mortgage is unique. Banks have been accused of declining permanent mortgage modifications even after months of successful trial payments. The solution is to hold your lender accountable in court for good faith negotiations.

Why not just file Bankruptcy?

Statistics show that once, and if, a bankruptcy is discharged; 80% of homes then lapse into foreclosure anyway. Bankruptcy as an alternative almost never works. It just stalls the inevitable. You're much better off pursuing a mortgage loan modification in the first place.
Or explore a Short Sale. (Call me at 970-242-2600 for that, too.)

What Are the Typical Results of Loan Mods?

NOTHING IS GUARANTEED! This is critical to understand. Every mortgage situation is unique. The REST Report calculates an unbiased Net Present Value regardless of personal hardship. Self-employed homeowners supply a Profit & Loss statement.

Interest rate is the first mortgage term to be negotiated.
ARMs changed to 30 year fixed rate mortgages
Mortgage termextension is next
Mortgage Principal reduction as a last resort

Again, these terms CANNOT and WILL NOT be guaranteed to a homeowner before modification! Every lender is different. An affordable monthly mortgage payment is the single goal.

OK, so there are actually eight questions here, but the page started out with five and I'm too lazy to change all the titles and links. Just call me, OK?

Mortgage Loan Modification Questions