IRVINE, California (PRWEB) June 16, 2010
United Law Group nowadays announced that the law firm was granted an exclusive license to use the REST Report when helping distressed property owners. The law firm was selected based on its track record for helping home owners to function toward resolutions with their home loans, including permanent modifications, trial modifications, forbearances, and extensions on sale dates.

The REST Report produces an 11-page document based on home specifics and person monetary specifics. The details compares, from the banks perspective, the expense of foreclosure to the a variety of monetary outcomes that could outcome from modifying a mortgage. Property owners can use the report to support their specific request for a loan modification or to find out right away what their other choices could be.

The banks are in company to make cash regardless of what that indicates to property owners, stated United Law Group Managing Director Robert Buscho. The REST Report provides property owners a leg up when attempting to negotiate with their lender directly because it brings to light economic proof of why a bank should take into account the modification. This is specially beneficial in talks with servicers who have been called out for allegedly pursuing foreclosure because of the income involved.

Buscho references a report published by the National Customer Law Center, which alludes to the reality that some servicers really profit if a distressed property goes into foreclosure. This report was cited in an article on MSN titled, Why Servicers Foreclose, When They Should Modify, and Other Puzzles of Servicer Behavior. The post states that, servicers, as opposed to investors or property owners, typically don’t danger losing funds on foreclosures.

In yet another report titled Calculating the Net Present Value (NPV) of a Foreclosure vs. a Loan Modification published on CBS MoneyWatch, Ilyce Glink states that servicers enter numbers into a complex formula to choose whether the homeowner gets a loan modification or not. According to the report, home owners arent getting told that the NPV calculations are the purpose why their loan modification applications are getting rejected. Theyre basically being told You dont qualify. And, theyre left hanging for weeks and even months waiting for that opaque answer.

The REST Report provides NPV and other information to property owners and illustrates the accurate worth of the loan to the lender. Evaluating the NPV analytics to determine if the loan falls within HAMP suggestions, the REST Report helps borrowers to ascertain if they qualify for HAMP and offers them info that their lender will not.

Homeowners can use the info contained in the report to position their request properly when approaching their lender, mentioned Buscho.

States such as Indiana, Maine, Michigan, Nevada, New York, Oregon, Maryland, New Hampshire, New Jersey, Ohio, Delaware, Wisconsin, Indiana, Pennsylvania, Florida, Kentucky, Rhode Island and Illinois call for a mediated session amongst the borrower and the bank prior to foreclosure. Providing the State Appointed Mediator with the REST Report, even if it does not show a borrower qualifies for HAMP, will give the mediator much more to go on when suggesting alternatives to foreclosure, as the report gives viable function-out choices that could be offered.

Though unlikely, it is feasible that in the most intense circumstances, it could be required to turn to the courts to settle such a dispute, and the REST Report can be invaluable proof in such a proceeding. With out this report, borrowers have nothing to support their claims that they are HAMP-qualified.

One particular of the most frequent mistakes we see is property owners focusing on the hardships, mentioned Buscho. Even though this is a portion of the picture, the banks concentrate on the net impact of foreclosure vs. modification to their bottom line. Armed with the REST Report, home owners have a significantly-necessary tool to make their case.

Property owners living in states not requiring mediation and those who do not meet the requirements of HAMP also advantage from the report. The REST Report delivers loan disposition information for specific lenders so borrowers can approach their lender with realistic options.

This information can be utilized to strategy investors for non-conforming loans and illustrate why it is in their ideal interest to modify the terms of a loan, mentioned Buscho. If the lenders and servicers deny homeowners their fundamental rights, the home owners can use that data to defend their residences via legal channels.

About the REST Report
The REST Report is a report generated by the REST application platform, which is a loan disposition evaluation method that, in numerous types, is used by significant banks and mortgage servicers. Financial institutions use systems like REST to analyze the various choices offered when a loan may not be repaid as agreed by a borrower. The purpose of such evaluation is to make certain that the bank can choose the path that gives the greatest monetary outcome achievable.

About United Law Group
United Law Group represents buyers in complicated litigation regarding abusive banking practices, breaches of contract and violations of state and federal laws. United Law Group also litigates situations involving bankruptcy, IRS settlements and debt settlements in state and federal courts across the nation. Employing a group of prime-notch attorneys, United Law Group leverages top-edge technologies to handle circumstances, assistance investigative efforts and make certain accurate, frequent communication with its consumers. The firm is currently forming many class action lawsuits.

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