Give Your Mortgage Lender a Mortgage Modification or
Short Sale They Can’t Refuse
I'm going to show you how to dictate to your mortgage
servicer and mortgage investor a mortgage modification
or short sale offer they can't refuse. How? By using the
bank's own software to calculate a beneficial mortgage
modification or short sale for you and your mortgage
It’s called the REST Report. This is a $2.8 million program.
It is not simple Excel or any other penny calculator
program that other mortgage modification or real estate
attorneys have. It’s the program the bank’s use.
Mortgage modification or short sale are the only two
options beneficial to you and your mortgage investor. Only
your mortgage servicer benefits from foreclosure or Deed-
in-Lieu, and I'll show you how to take them out of the
The bigger your mortgage servicer, the more they know
the futility of contesting their own calculations in
foreclosure court. They’ve tried – and had their head
handed to them on a platter by the foreclosure judges.
Since you will have submitted the REST Report to your
servicer as a legal document, you'll know what the mutual
recommendation is already.
Mortgage modifications and short sales are calculated
along a pre-determined, proprietary set of guidelines. This
applies to both HAMP-eligible loans as well as
conventional mortgage financing. A mortgage modification
calculation starts with assuming a modified mortgage
payment that is 31 percent of your new, stable income.
A series of calculations follows instantly that accounts for
Debt-to-Income ratio, Automated Value Model, Net
Present Value, and the new HAMP Principal Reduction
Alternative if necessary. The REST Report calculates all
this automatically. Again, it's the program your mortgage
servicer uses, but won't share with you. The REST Report
prevents your mortgage servicer from calculating new
mortgage payments they decide in their infinite wisdom
that you can afford.
And how are you going to get your mortgage servicer's
undivided attention? You mail your offer certified mail,
return receipt requested so that you can prove they
received your offer and all supporting documents. There
will be no treachery when it comes to proving the
application was received. A bank officer must sign for
receipt of your application. Your file becomes a legal
document admissable in a foreclosure court of law, should
that become necessary. With a little due diligence that I'll
show you, you prevent any 'accidental foreclosure' while
your mortgage investor considers your offer.
Also understand that there is no justification for your
mortgage servicer to ask you again for supporting
documentation. Once is enough. You file, you wait
patiently for their considered response. No games.
No Faxes! Your mortgage servicer will lose them. Trust
me. Faxes are not legal documents.
You may have to call your local county trustee or
foreclosure court to make sure your mortgage servicer
isn't foreclosing behind your back. Those pesky Notice of
Default letters seem to get lost in the mail, don't they?
Small diligence to pay to prevent 'accidental foreclosure.'
The REST Report renders all those other mortgage
modification programs obsolete. They don't have the
bank's software, so their calculations have no bearing on
the bank anyway. The REST Report eliminates all begging,
cajoling, whining, - all the frustration you may ever have
heard or experienced with your treacherous mortgage
There is no reason to pay a third party mortgage
negotiator who can't get any more good faith
consideration from your mortgage servicer than you can.
The magic is in the fact that this is your bank's own
software. The Federal Trade Commission new MARS Rule
has ensured that it is virtually impossible for any third
party mortgage negotiator to make a profit. There may be
other issues in resolving mortgage servicer treachery than
calculating mortgage modification or short sale that may
require attorney assistance; but it's too early for that just
yet. Everything in it's time. Let your mortgage servicer
shoot themselves in their own foot first. It's funnier that
It's not necessary to be behind on mortgage payments to
demonstrate hardship or imminent default, regardless of
what your lender's call center may tell you, but the earlier
you mail your application, the fewer late fees and penalty
interest your servicer can pile on. The sooner the better.
I have assisted homeowners in preparing their mortgage
modification and short sale applications for two years. I
have the best hardship letter template available
anywhere. It is proven to melt the heart of the most cold-
blooded mortgage underwriter.
Resources: So you can see that I didn’t fall off the turnip
Please fill out and submit the form at the bottom of my
blog, or call me at 970-242-2600 and we'll get started
dictating your mortgage modification or short sale to your