Real Estates Services and Technology (REST) and the American Association of Attorneys and Legal Professionals Inc. (AAA) have joined forces to deliver a new loan analysis tool, REST Connect, which gives loss mitigation professionals increased efficiency when handling their clients' Home Affordable Modification Program (HAMP) application cases.
The new tool enables loss mitigation experts to quickly determine what homeowners should qualify for when it comes to foreclosure alternatives. It also provides insight into the homeowner's situation and allows loss mitigation professionals to help clients resolve any application problems that may result in their request being denied.
The companies are also positioning the tool as a means to bolster HAMP participation, which has been lower than anticipated. When the program – which provides foreclosure alternatives to distressed homeowners – was first launched in 2009, the Obama administration predicted it would provide aid to as many as 3 million to 4 million homeowners. However, so far only about 1.1 million homeowners have taken advantage of the program.
In order to give more homeowners greater opportunity to participate in HAMP, the administration recently extended the program to run through the end of 2015.
As the firms point out in their press release, part of the reason HAMP participation has been so low is that the home loan modification process is so complex. Also, it is entirely driven by the lender, which may be less than motivated to handle a large volume of HAMP applications.
‘This has often resulted in those applying for the HAMP encountering a number of problems, such as their documents being repeatedly misplaced by the bank or loan servicer, or even rejection of the application when it should have been approved,’ the firms state in their release. ‘The joint service offering of the AAA and REST Report, which is now available, provides a proven solution for those having difficulty getting their loan terms rewritten and recourse for those who have been denied when they should have qualified for the HAMP.’
The AAA reports that it worked closely with REST to integrate the REST Report into its core foreclosure defense and attorney managed loss mitigation legal support service offerings.
‘The REST Report is an enormously powerful and sophisticated tool in the hands of any law firm who knows how to use it,’ says Charlie Rose, CEO of RESTReport.com. ‘Now that the REST Report has been combined with AAA's broad range of service offerings, firms across the country can give their clients the access to experienced, reputable, and compliant attorneys. Too many people have been hurt in this financial crisis by misinformation or the lack of proper assistance.’
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