SAN DIEGO, March 15, 2013 /PRNewswire-iReach/ -- According to data from HOPE NOW, an alliance of mortgage servicers and real estate investors, the popularity of forclosure assisstence programs is on the rise. In January alone about 78,400 modifications were completed bringing the total number since 2009 to 7.3 million. Third-party analytical tools like the Real Estate Services And Technology Report (REST Report) have given property owners the ability to accurately predict the outcome of a modification application. This report is one of the major reasons why the number of successful modifications is increasing at such an amazing rate.
Some states have foreclosure mediation programs aimed at helping the homeowners. These programs can be very beneficial for a person. However it is very important to present the case to the state's assigned mediator in the best possible light. This is where the REST system comes in. It can be used to prove the fact that loan modification is in fact a better idea than foreclosure. The statistics provided in this report are enough to tip the balance in favor of the property owner. According to real estate experts, the role of state-run meditation programs will likely become more significant in the upcoming years.
It is a common misconception among homeowners that HAMP is the only loan modification program out there. In reality there are several different options. Of the modifications in January, just 14,860 were through the government's Home Affordable Modification Program (HAMP). Almost 63,540 modification were completed outside of HAMP. JUMBO and traditional "flex mods" are both good solutions. Although they don't get as much media attention, they have helped thousands of home owners in the past few years. In addition, many lenders have in-house modification programs designed to help people who are on the lookout for foreclosure assistance. Real Estate Services and Technology Report was designed to work with all the popular options in the industry. This is another reason why so many property owners are using this tool nowadays. It educates the homeowner about all the possible options thus increasing his chances of getting a mortgage modification. It has also made mortgage modification a simpler process than before.
One of the most frustrating things about the traditional loan modification process is that the lender never provides any specific details as to why an application was turned down. Thanks to the REST report, this issue has been resolved. It is great for analyzing rejected applications. It points out even the most insignificant looking errors and provides useful suggestions to the applicant. Thanks to this tool one can now increase one's likelihood of success without having to hire an attorney.
While applying for mortgage modification many people hire lawyers and financial advisers. These professionals charge thousands of dollars for their legal counsel. In comparison, the REST report is quite affordable and promises much better results. It is also interesting to note that many financial firms and professional advisers are using REST to cater to the needs of their clients. A homeowner can save a large amount of money by cutting out the middle man and working directly with a REST licensee.
Armed with the REST report, a homeowner can avoid foreclosure and save their home. LoanSafeMods is well-established company that has empowered hundreds of property owners with the help of the REST system. To find out more click here.
Media Contact: Patrick Miller LoanSafeMods.com, 1-800-519-1887, email@example.com
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