Hamp Extension 2015: Major Relief For Homeowners & Professionals

SAN DIEGO, Aug. 12, 2013 /PRNewswire-iReach/ -- A recently announced joint venture from Real Estates Services and Technology (REST Report) and the American Association of Attorneys and Legal Professionals, Inc. (AAA) is expected to increase the efficiency of loss mitigation companies when finding solutions to forestall or stop foreclosure. The recent HAMP extension 2015 also ensures that those who are fighting foreclosure proceedings, or who are in danger of foreclosure due to being unable to keep up with high monthly mortgage payments, will still have as many options available to them when it comes to foreclosure alternatives.

The HAMP, (Home Affordable Modification Program) which was unveiled in 2009 at the height of the economic crisis, was designed to offer relief for homeowners who had fallen behind in mortgage payments and were facing foreclosure. The program is funded through the U.S. Treasury's bailout fund and has been modified since its inception to provide relief to a wider audience of homeowners. HAMP provides incentives for lenders and loan servicing companies who agree to rewrite loan terms to help borrowers avoid foreclosure. Although the Obama administration predicted HAMP would provide aid to as many as 3 million to 4 million homeowners, so far only about 1.1 million homeowners have taken advantage of the program. In order to give more homeowners an opportunity to participate in the program, the program has been extended and is now set to expire at the end of 2015.

Part of the reason for the lack of participation, however, is the fact that home loan modification can be a complex process driven primarily by the lender. 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 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.

Loss mitigation professionals availing of this new offering, the REST Connect, will be able to increase their efficiency when handling their clients' HAMP application cases. The REST Report, an independent loan analysis tool, is an accurate and trusted way to 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 their clients resolve any problems with their applications which may result in their request being denied.

The AAA's legal teams have defended distressed homeowners in 47 states. They stop or delay foreclosure using judicial and non-judicial methods, including answering complaints, raising legal challenges, and appearing in court as required. AAA has worked closely with REST to integrate the REST Report into its core Foreclosure Defense and Attorney Managed Loss Mitigation legal support service offerings. All clients of AAA affiliated law firms and attorneys now have instant access to the REST Report and its powerful NPV analytics. These same REST-enabled AAA legal service offerings are now available to all qualifying REST Report licensees and their clients.

"The REST Report is an enormously powerful and sophisticated tool in the hands of any law firm who knows how to use it," said 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."

The joint service offerings of the REST Report and AAA are now available to all affiliates of AAA and licensees of the REST Report. Interested firms and distressed homeowners may find more information on REST Connect by visiting http://RESTReport.com

Media Contact:James Bailey, RESTReport.com, (877) 610-7378, jamesbaileyrr@gmail.com

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SOURCE RESTReport.com