self employed profit/loss ?HELP!

[broke09]

Do they go by the three months of proft and loss to determine if you qualify for HAMP? I gave them Jan -March. Our very slow season and it will make the payment 700 per month in order to be below 31 %. I'm still waiting to hear back but I'm sure I'll be denied at this point. Should I wait for the denial to turn in the latest profit/loss or turn them in prior to denial since the new profit loss would qualify us? I also sent them last years tax return where we started over 100,000 but deducted down to 28,000

[Evan Bedard]

Do they go by the three months of proft and loss to determine if you qualify for HAMP? I gave them Jan -March. Our very slow season and it will make the payment 700 per month in order to be below 31 %. I'm still waiting to hear back but I'm sure I'll be denied at this point. Should I wait for the denial to turn in the latest profit/loss or turn them in prior to denial since the new profit loss would qualify us? I also sent them last years tax return where we started over 100,000 but deducted down to 28,000

They are going to base the terms of your most recent profit and loss statement and last year's tax returns.. If you made more money on this quarter than the 1st quarter of 2012 you may want to provide the new P&l statement so they do not determine you do not qualify because you do not make enough income.. You may want to include a letter along with the statement as well informing them the winter season is your slow season.

[broke09]

Thanks, I just faxed them to a number they gave me and then I called to see if they were recieved. They said to send them to another fax # and give it 48 hrs. They seem soo unorganized! My review should be done by June 9th so I hope they get the updated information so I don't get denied. The lady that's assigned to my HAMP is Theresa Williams. Does anyone know anything about her? She hasn't returned my phone calls.

[Evan Bedard]

You may want to send the letter certified mail return receipt requested CMRRR) as well to ensure it is received. Also I would try contacting your negotiator via email if she is not returning your calls. BTW who is your servicer? Most reps have the same format email address so it is usually not hard to get that info..

[broke09]

You may want to send the letter certified mail return receipt requested CMRRR) as well to ensure it is received. Also I would try contacting your negotiator via email if she is not returning your calls. BTW who is your servicer? Most reps have the same format email address so it is usually not hard to get that info..

My servicer is AHMSI. They just changed their name to Homeward Residential.

[Evan Bedard]

My servicer is AHMSI. They just changed their name to Homeward Residential.

If they have not changed their email addresses already her email may be either Theresa.williams@ahmsi.com or Theresa.williams@ahmsi3.com

[broke09]

It's now been over 60 days since my application was accepted by certified mail by AHMSI. How long do they have to make a decision? I keep calling and leaving messages but no response and customer service just keeps saying that it's being reviewed.

[broke09]

These both came back as invailid.

[angeloup]

We are also with AHMSI (now Homeward). It took us well over a year to get our HAMP modification through them (including the first 2 times that they 'lost' our documents and also about half way through when they told us we didn't qualify, then told us the next month that was a "mistake in calculation") but it was finally approved and now going fine. Don't give up.

[FedUpInMa]

We are also with AHMSI (now Homeward). It took us well over a year to get our HAMP modification through them (including the first 2 times that they 'lost' our documents and also about half way through when they told us we didn't qualify, then told us the next month that was a "mistake in calculation") but it was finally approved and now going fine. Don't give up.

OMG does this sound so farmilar!!! Took 15 months here, lost docs multi times, denied for not sending docs back (that were), trial approved based on WRONG income (which resulted in a HIGHER payment) because idiots cant read a SIMPLIFIED profit and loss statement (sent two outrageous payments), then finally calc'd correctly, so 3 more trial payments, and drumroll, signed mod 5/29 and just made our first official payment, which they screwed us out of another $17 because a rep had to take the payment over the phone because a.) I didnt get an invoice, so didnt know where to send it, b.) the website wanted the old pre-mod payment, and c.) western union couldnt find our account... Oh, and it was MY FAULT that I didnt call them to TELL THEM to generate an invoice, so they wouldnt wave the $17 fee....

[Evan Bedard]

It's now been over 60 days since my application was accepted by certified mail by AHMSI. How long do they have to make a decision? I keep calling and leaving messages but no response and customer service just keeps saying that it's being reviewed.

Unfortunately there is no set time they have to complete the process. The amount of time for them to make a decision will usually vary for everyone and it could be as little as 60-90 days, and up to 6 months or more before a decision is made. Having a knowledgeable and due diligent rep assigned to your case can make all the difference. You also want to make sure you follow up at least 1-2 times per week for updates on your account..

[broke09]

I'm going on five months now since I applied for the modification. They keep changing the rep that handles my case. My application is still under review. My monthly late fees are starting to add up but we haven't been over 30 days late yet.

[Evan Bedard]

I'm sorry to hear they continue to change the rep assigned to your account. This can definitely make things more difficult and drag out the process an unnecessary amount of time. Here try contacting Jim Davis office and request that either your account is assigned to someone in their department, or request that they stop transferring your account to different reps to review your case..

Jim Davis (executive AHMSI)
1-904-996-9696

[broke09]

I sent in bank statements that Homeward Residential requested for the mod. 2 months ago. I just called to check on my case and was told it was sent out for approval. Does anyone know how long this takes? Also I'm assuming I can still get denied right?

[Evan Bedard]

Unfortunately, nothing is guaranteed until you receive the approval in writing. Right now I would say it will probably be about 2-4 weeks before a final decision is made. Just make sure you continue to follow up at least one to two times a week for updates on your account.

Good luck!

[broke09]

I just got approved for a three month trial. Does this mean the payment has to made by the first of each month or do I get a grace period. I would hope there is a grace period since I havent made Nov. mortgage payment yet.

1st payment: $1,345.06 by 12/01/12
2nd payment: $1,345.06 by 01/01/13
3rd payment: $1,345.06 by 02/01/13
After all trial period payments are timely made and you have submitted all the required documents, your mortgage
will be permanently modified. (Your existing loan and loan requirements remain in effect and unchanged during
the trial period.)
If each payment is not received by Homeward Residential, Inc. in the month in which
it is due, this offer will end and your loan will not be modified under the terms described in this offer.

[Cat Damiano]

I just got approved for a three month trial. Does this mean the payment has to made by the first of each month or do I get a grace period. I would hope there is a grace period since I havent made Nov. mortgage payment yet.

1st payment: $1,345.06 by 12/01/12
2nd payment: $1,345.06 by 01/01/13
3rd payment: $1,345.06 by 02/01/13
After all trial period payments are timely made and you have submitted all the required documents, your mortgage
will be permanently modified. (Your existing loan and loan requirements remain in effect and unchanged during
the trial period.)
If each payment is not received by Homeward Residential, Inc. in the month in which
it is due, this offer will end and your loan will not be modified under the terms described in this offer.

Your first payment isn't due in November, it is due for Dec. 1st. so you would be on time accepting the trial and making the first payment at the end of this month.

[broke09]

I know the mod doesnt start until Dec 1st. but I'm wondering if I have a grace period. I will be paying the bill that was due Nov. 1st by the 30th since I'm late. I don't think I can make my 1911.00 dollar payment plus start the mod the next day.

[Cat Damiano]

I know the mod doesnt start until Dec 1st. but I'm wondering if I have a grace period. I will be paying the bill that was due Nov. 1st by the 30th since I'm late. I don't think I can make my 1911.00 dollar payment plus start the mod the next day.

Since you received the trial plan with a start date of Dec. 1st, there would not be a November payment due. If this is a HAMP modification, then the following applies;


A borrower’s trial period starts on the TPP Effective Date, as indicated in the TPP Notice. If the
servicer transmits the TPP Notice to the borrower on or before the 15th day of a calendar month,
then the servicer should establish the first day of the next month as the TPP Effective Date. If the
servicer transmits the TPP Notice to the borrower after the 15th day of a calendar month, the
servicer may use either (i) the first day of the month after the next month as the TPP Effective
Date; or (ii) the first day of the next month so long as the borrower consents to commencing the
TPP earlier. The date that the first trial period payment is due under the terms of the TPP Notice
must be the same date as the TPP Effective Date.

For example, if the servicer completes the TPP Notice and transmits it to the borrower on June
2nd, the servicer should use July 1st as the TPP Notice Effective Date. If the servicer completes
the TPP Notice and transmits it to the borrower on June 27th, the servicer has the option of using
July 1st or August 1st as the TPP Effective Date.

The servicer’s receipt of the first payment due under the TPP Notice on or before the last day of
the month in which the first payment is due (TPP Offer Deadline) is evidence of the borrower’s
acceptance of the TPP Notice and its terms and conditions.


Since you received the Trial Plan, if you make the full payment now;

If the borrower makes a payment that is greater than his or her trial period payment (e.g., the
existing contractual monthly payment rather than the trial period payment), the servicer must
review investor guidelines to determine if the borrower remains eligible for HAMP and, if making
the contractual payment could jeopardize eligibility, notify the borrower in writing that making
payments in excess of the trial period payment may jeopardize the borrower’s eligibility for a
HAMP modification.

[broke09]

This means I don't have to make a November payment? I'd be skipping Novembers bill? This seems too good to be true!

[Cat Damiano]

This means I don't have to make a November payment? I'd be skipping Novembers bill? This seems too good to be true!

Yes that is what it means and you can confirm it by calling the number on the trial payment letter for confirmation. Any payments you make now over the next three months are going to be held in a suspense account under the trial plan until they equal one full monthly payment. This will all adjust and any arrears will be included in the final permanent modification.

[broke09]

Thanks for the information. This is such a financial stress relief!!

[Cat Damiano]

Thanks for the information. This is such a financial stress relief!!

Just be sure to call the number or confirm with your RM. As long as the modification is a HAMP modification, those guidelines will apply.

[broke09]

It's a HAMP. I spoke with the reps that answer the phone and they confirmed that the mod. trial takes over any existing payment that was due.

[Cat Damiano]

It's a HAMP. I spoke with the reps that answer the phone and they confirmed that the mod. trial takes over any existing payment that was due.

I knew this, but wanted you to confirm it with the lender Happy Holidays!

[broke09]

My trial plan says 1st payment by 12/01/12 and then under that it says if the payment is not recieved in the month in which its due the offer will end. Does this mean I have the whole month to pay it or does it have to be paid in the first? The word by is making me qustion when it's due.

[Cat Damiano]

My trial plan says 1st payment by 12/01/12 and then under that it says if the payment is not recieved in the month in which its due the offer will end. Does this mean I have the whole month to pay it or does it have to be paid in the first? The word by is making me qustion when it's due.

You should be fine, that verbiage is in the guidelines as well, however, given the length of time and stress you must have been under getting to this point, you may want to try to get it in as soon as possible so as not to give any reasons for the lender to play their games, imo.

The servicer’s receipt of the first payment due under the TPP Notice on or before the last day of
the month in which the first payment is due (TPP Offer Deadline) is evidence of the borrower’s
acceptance of the TPP Notice and its terms and conditions. If the first trial period payment is not
received on or near the first payment due date, servicers should contact the borrower and
encourage submission of the first payment prior to the TPP Offer Deadline. Servicers may not
impose any stricter standard for payments due under HAMP than are applied in the servicer’s
other loss mitigation programs.

Borrowers who do not make current trial period payments are considered to have failed the trial
period for that loan. For TPPs with effective dates on or after June 1, 2010, “current” is defined
as the borrower having made each trial period payment by the last day of the month in which it is
due.

[broke09]

Thanks! So it means I have the entire month to pay but it's safer to pay on the 1st so I don't have any issues right? I just paid it through the western union speed pay through their automted system. Today being Saturday the 1st it accepted it to post for today. Hopefully it does since it's the weekend. Also I completed my HUD counseling in May after applying in April. Is this the only counseling required? Also money management sent me a form to prove that I had counseling but the form looks strange. It says Homeownership Counseling Form and under that it says Pre forclosure sale procedure. I'm not in a preforclosure sale. I tried calling money management but I just get a machine and they dont call me back.

[Cat Damiano]

Thanks! So it means I have the entire month to pay but it's safer to pay on the 1st so I don't have any issues right? I just paid it through the western union speed pay through their automted system. Today being Saturday the 1st it accepted it to post for today. Hopefully it does since it's the weekend. Also I completed my HUD counseling in May after applying in April. Is this the only counseling required? Also money management sent me a form to prove that I had counseling but the form looks strange. It says Homeownership Counseling Form and under that it says Pre forclosure sale procedure. I'm not in a preforclosure sale. I tried calling money management but I just get a machine and they dont call me back.

If the lender recommends counseling then you would only need to go through it once prior to permanent modification as your letter should have stated in detail. Since you already went through the counseling and have the letter, you have met that condition of the modification.