Received permanent Hamp loan mod with AHMSI. It had a large balloon and I called asking why the balloon was so high ($452,000)! I was told to fax in all inquiries which I did not do. NACALA was in town so I went to them for an explanation showing them my loan mod papers and the AHMSI rep said they could do better and I filled out their paperwork. My husband and I are self employed and NACA counted business expenses as personal expenses. NACA told us we should not send in the loan mod paperwork as we were about to do. We decided to go ahead and send it in although it was now late (I called AHMSI as instructed on the paperwork to advise them it was late). We sent a cashier's check with the notarized paperwork.
A week later I get a letter from AHMSI stating that we were denied the Hamp mod due to "excessive forebearance". The next day I receive a letter saying we were denied due to excessive debt!
When I called AHMSI I was told that I was denied the Hamp mod because I called questioning the balloon payment and the file was pulled. The denial for excessive debt was in response to the paperwork NACA submitted which was in error.
Upon reviewing Evan Bedard's comments it appears that the balloon cannot exceed 30% of the balance. My loan balance is $672,900? Was mod rescinded because it was wrong or because of NACA and what do I do now?