A recent commenter on this site pointed out in a comment on this article that disbarred California Attorney, Brian Colombana, formerlly associated with Liberty Law, is back in the troubled mortgage business. This time he is selling reports to help people know if they meet the federal guidelines for the HAMP program.
The NPV Report domain, npvreport.com is owned by Brian Colombana and was registered on May 6, 2010.
The site sells something called a REST Report for $795. The report is described on the site as, “The REST Report allows you to know, before you apply, whether it is in best financial interest of the investor [who owns your loan] to modify your loan. You may or may not qualify for HAMP, an in house program, or none at all.” – Source. The site even provides a sample report.
After looking at the site I’m a bit confused about the value of this report. The site says that it is used to for the investor to make a decision if they want to modify your loan and the loan may not be modified. But by contacting either the lender directly or a HUD Housing Counselor you may be able to obtain qualification information for free. It seems that if an investor will modify a mortgage is determined by internal specifications and not by the production of an outside report.
There are some other statements on the site that seem to really qualify the effectiveness of the report as well.
The site says:
- If the REST Report shows that you do qualify for a HAMP loan modification, you can be assured that you will qualify, assuming your lender follows the HAMP guidelines for servicers. [Lenders don't need to follow HAMP guidelines or modifiy loans at all if they don't want to.]
- If the report shows you don’t qualify for a HAMP loan modification, you won’t waste money or time chasing a modification for which you won’t be approved, but that doesn’t mean you won’t get your loan modified. If your lender or servicer offers an in-house modification program, you can still use the Rest Report to apply for that modification program. [But wouldn't applying with the lender directly tell you the same thing and save you $795?]
- And, when you have a REST Report, you have what you need to push back should your bank still refuse to modify your loan. [If the bank is refusing to modify your loan because it does not meet their qualifications then what is there to "push back" for?] – Source
The government provides a site specifically for people looking for a loan modification. You can find it at MakingHomeAffordable.gov
On that site it provides guidance for consumers paying for any sort of loan modification assistance, which it seems the REST Report would be included. The government site says right on the front page:
Beware of Foreclosure Rescue Scams – Help Is Free!
- Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
- Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.
- Assistance from a HUD-approved housing counselor is FREE. – Source
They also created the video below to help educate consumers.
title="NPV Report. Brian Colombana is Back in the Mortgage Modification Business. This Time With a Report."
description="A recent commenter on this site pointed out in a comment on this article that disbarred California Attorney, Brian Colombana, formerlly associated with Liberty Law, is back in the troubled mortgage business."
I want to be clear here, I am not calling NPV Report a scam, I am saying that it may not be necessary to pay for services like this when there are ways to obtain information on modification eligibility for free.
I am concerned that consumers that pay for a product or service like this may be disappointed and upset when their lender does not modify their loan regardless of what some external report prepared by an entity outside the bank says.NPV Report. Brian Colombana is Back in the Mortgage Modification Business. This Time With a Report. by Steve Rhode