We are extremely happy to announce that the Carman Law Firm was granted one of the exclusive licenses for law firms to use the report generated by the REST software system to provide homeowners with access to the facts and figures used by the banks in determining eligibility for HAMP and other programs. The Carman Law Firm was chosen based on its track record for helping homeowners to work toward resolutions with their home loans.
"Armed with the REST Report, we now have a much-needed tool to make our case" said Florida foreclosure defense attorney Deborah Carman.
The banks are in business to make money regardless of what that means to homeowners. "The REST Report gives us a leg up when attempting to negotiate with the lender because it brings to light financial proof of why a bank should consider the modification. " stated Florida foreclosure defense attorney Deborah Carman
The REST Report provides NPV and other data illustrating the true value of the loan to the lender. Evaluating the NPV analytics to determine if the loan falls within HAMP guidelines, the REST Report helps us to ascertain that our client qualifies for HAMP giving us the information that the lender will not.
The REST Report is a report generated by the REST software platform, which is a loan disposition analysis system that, in various forms, is used by major banks and mortgage servicers. Financial institutions use systems like REST to analyze the various options available when a loan may not be repaid as agreed by a borrower. The purpose of such analysis is to make sure that the bank can choose the path that offers the best financial outcome possible.
The REST Report produces an 11-page document based on property specifics and individual financial details. The information compares, from the bank's perspective, the cost of foreclosure to the various financial outcomes that could result from modifying a mortgage. Our Firm will use this report to support the specific request for a loan modification or to find out immediately what our clients other options could be.
In States such as Florida that require mediation, providing the court appointed Mediator with the REST Report, even if it does not show a borrower qualifies for HAMP, will give the mediator more to go on when suggesting alternatives to foreclosure, as the report provides viable work-out options that may be available.
Although unlikely, it is possible that in the most extreme cases, it may be necessary to turn to the courts to settle such a dispute, and the REST Report can be invaluable evidence in such a proceeding. Without this report, we have nothing to support our claim that our client is HAMP-qualified.
One of the most common mistakes we see is homeowners focusing on the hardships. While this is a part of the picture, the banks focus on the net effect of foreclosure vs. modification as their bottom line.
We do not charge for an initial consultation, so there is no cost for you to see if we can help.
Call us today at (561) 392-7031 and schedule an appointment.