SAN DIEGO, March 27, 2013 /PRNewswire-iReach/ -- The REST Report is a third party analytics tool that can show homeowners exactly what type of foreclosure alternatives they have available to them and can also be used to show banks and lending institutions why it would be a more sensible option to approve a mortgage modification than to foreclose a property.
The REST (Real Estate Services and Technology Report) can be found on LoanSafeMods.com, a licensee of the REST Report. This website also features many other useful tools for homeowners, including live online and phone support, a free property analysis and no up front payment until the results from the REST report come back.
One feature of the LoanSafeMods website is an area where visitors can see real results from others who have used the REST in their mortgage modification applications and have had their requests approved. One example is from a mortgage held by Bank of America.
REST results from this application showed that the property owner stood to reduce their monthly Principal, Interest, Taxes, Insurance and Association dues from $3,031.88 to approximately $1,855.67. The actual modification approved by Bank of America when the application was finally processed was only 21 cents off from that calculation, at a monthly cost of $1,855.88.
Now this homeowner saves $1,176 every month. Through the course of a year, they will save $14,112 and through the course of paying back the mortgage, they will save $554,664. This is all thanks to the REST showing both the homeowner and the bank exactly what modifications were available to save the home from foreclosure.
Another Bank of America mortgage was granted a modification thanks to the findings of the REST Report. The Report showed that the homeowner did, indeed, qualify for a modification and that under the adjusted terms, the homeowner could expect to have their monthly fees reduced from $2,808.72 to around $1,547.00.
The actual monthly payment approved by the bank turned out to be just 20 cents off from what was predicted at $1,547.20. This homeowner now enjoys savings of $1,259 every month, $15,108 each year and a total of $604,320 overall.
Another example shows the results from a mortgage modification request from a homeowner with a loan from JPMorgan Chase & Co. This homeowner was previously making payments of $3,830.03 on monthly Principal, Interest, Taxes, Insurance and Association dues. However, results from the REST Report showed that the loan qualified for a modification that would decrease this amount by at least $1,539.33.
The projected new payment, according to the REST, was about $2,290.70 per month. The bank approved the modification at an even lower amount; just $2,215.48. Now this property owner saves $1,614 each month, $19,369 each year, and will enjoy a total savings of $752,193 over the course of paying back the mortgage.
These are only a few examples of people who benefited by utilizing the REST Report in their modification applications. There are many more success stories, some of which can be found as video reviews on the LoanSafeMods.com YouTube channel, and countless more that have not been told or that are waiting to be told.
For more information on how the REST Report can help struggling homeowners, please visit LoanSafeMods.com