AmTrust not responding. - Loan Modification Forum

HopingtoFind · 12-19-2008, 12:47 PM

We own a duplex (rental property) in CA.

First is with AmTrust, principal amount $230,000, 6.25% (interest + principal).

Second is Heloc with BofA, amount $90,000.
Hard to say how much the property is worth right now, it might be around what we owe on the 1st, maybe less, but because of the Heloc we are upside down...

We have initially submitted our hardship letter and income/expenses end of October and have been told that it would take 30 to 45 days...well every time I call they say that it is in review, nothing else. I don't even know if someone is actually looking at it. At this point it has been more then 45 days, and I still am getting the same answer.

This is the number I call 1(800) 476-0022, their loss mitigation dept.
Is there anyway I can escalate this with AmTrust? Is there an executive team that I could contact to get some type of response.

Moe Bedard · 12-19-2008, 12:50 PM

Look on your statement to see if the coporate office is listed or try googling it..........

HopingtoFind · 12-19-2008, 02:48 PM

Thanks ***, I'll try that..

HopingtoFind · 12-19-2008, 04:04 PM

Just called Loss Mit, and they said that they have submitted package to Fannie Mae last week... I asked them if they have recommended anything and they have only they wouldn't tell me.

HopingtoFind · 12-30-2008, 01:29 PM

I am steaming!! Called their loss mitigation department today and they are telling me that there is no record of anything submitted to Fannie Mae. This rep, Mathew at Amtrust basically lied to me. All they are saying again after two months is that it is in review. One big lie.

What next? Office of the president?

Moe Bedard · 12-30-2008, 01:31 PM

google the corporate office...........this would be the location of the CEO

HopingtoFind · 12-30-2008, 04:04 PM

This is what I found:

CEO: Robert Goldberg.
Address: Office of the President, Ste 200,

HopingtoFind · 12-30-2008, 04:06 PM

Sorry... didn't finish typing.

Address: Office of the President, Ste 200
1801 E. 9th st
Cleveland OH, 44114.

Will be sending off a letter today or tomorrow.

Moe Bedard · 12-30-2008, 04:37 PM

If you can send it certified mail return receipt requested then you will also have documentation.....

HopingtoFind · 12-30-2008, 05:28 PM

Thanks. That is what I am going to do.

HopingtoFind · 01-12-2009, 03:52 PM

Update! Finally heard from the rep that was assigned to us... two and a half months after submitting original documents... She said I have received a complaint... Hopefully will start moving this forward.

KT in CA · 01-13-2009, 09:10 AM

Can I ask you if you actually are late with AmTrust and how they handled it?

You are the only person I have seen on this forum that has the same lender as we do. We have a first and a second with them, and we will miss our first payment this month. I just wondered how they have been to deal with as far as phone calls. We are not going to attempt a mod at all.

Thanks,
KT in CA

HopingtoFind · 01-13-2009, 09:52 AM

Hi KT,

We are current at this point so no issues on that front.

As far as getting a mod, it went nowhere since October, they have been telling me that it is in review but nothing has been done, until I contacted the office of the CEO. Yesterday we were finally contacted by the rep assigned to our case, so I'll keep you posted.

HopingtoFind · 01-13-2009, 10:00 AM

KT... forgot to mention.... that we were short by $10 one month by mistake and they did count it as late payment... but there were no phone calls, just a few letters.
if you start having problems with collection calls, let me know I have the name and contact of the top level manager in collections. I believe a phone call to him would resolve it.

KT in CA · 01-13-2009, 10:01 AM

Great. Thanks soooo much for the info. I know that bank is in trouble and they have had restrictions placed on their lending. It will be interesting to see how it turns out for you. I wish you the best of luck.

Karen

HopingtoFind · 01-13-2009, 11:20 AM

You're very welcome, I am glad my experience might help someone so I will post any updates as they happen...I know this is hard times for everyone, and I wish the best to you as well.

HopingtoFind · 01-14-2009, 03:00 PM

Update! The rep came back today and said that she spoke with investor, who is Fannie Mae and what they can offer me at this point if forebearance for 4 months no permanent fix at this point. I asked her why is Fannie Mae not willing to do a modification at this point and basically what she told me is they want to see what we can do with the other lenders... How very smart of them.. They basically want to sit back and let others take a hit...

I know it must have to do with this particular serviser/Fannie Mae rep combination...
***...Is there a direct contact to Fannie Mae?

Moe Bedard · 01-14-2009, 03:45 PM

The servicers are going by the eligibility requirements for modifications that were sent by FannieMae......and they have not been modifying rental properties at this time......that may change in the future......but all of their modification efforts have been focused on owner occupied residences...............for a forbearance they do not need the approval of the investor because it is not restructuring the loan so that may be why they are offering that.........

Eligibility

Highlights of the SMP's eligibility requirements communicated to servicers include:

Conforming conventional and jumbo conforming mortgage loans originated on or before January 1, 2008;
Borrowers who are at least three or more payments past due and are not currently in bankruptcy;
Only one-unit, owner-occupied, primary residences; and
Current mark-to-market loan-to-value ratio of 90 percent or more.

FannieMae
Corporate Headquarters
3900 Wisconsin Avenue, NW
Washington, DC 20016-2892
(202) 752-7000

headquarters@fanniemae.com

HopingtoFind · 01-14-2009, 06:50 PM

Yes, I have seen those requirements... but the reason that AmTrust analyst gave me had nothing to do with the fact that it is a rental... according to her FannieMae just wanted to see what we do with the other loans..

Thanks...I'll try and call FannieMae tomorrow and see if they can do anything.

HopingtoFind · 01-21-2009, 12:21 PM

Spoke to corporate office and they have received a letter from one of the managers assigned to my case... I guess the only option I have is to go through this forbearance and then get an approval from Fannie Mae for permanent modification.

The difference between this servicer and others such as Chase and BofA who service loans for Fannie and Freddie is that they offer you a modification and let you know to stop making payments for a couple of months... With Amtrust there is no offer of a modification... I wonder what it has to do with? Is it because Chase and BofA for example have more power over decisions on the loans that they service? Seems like that is the case... maybe I'am wrong...

HopingtoFind · 01-27-2009, 01:54 PM

So finally got to speak to a manager today, looks like forbearance is the only option at this point and then they have to go for approval to Fannie Mae. A lot of uncertainty here... *** has this been working well for other people?

I agreed to proceed with forbearance and he transferred me to my analyst....One thing that she mentioned that I have not heard from any other servicers...one of them (BofA) also services a loan for Fannie Mae is that at the end of forbearance period I have to request in writing for AmTrust to open an escrow for taxes and insurance, I don't have one now... so that they can present that to Fannie Mae. I asked her what if my mod is not approved... she said that the escrow will have to stay with my account regardless because I requested it... This completely doesn't make any sense to me. Can they legally do that? I know that BofA hasn't done that and Chase hasn't done that.... ***, can you speak to that. Can they really force me to have an escrow account without modifying my loan...

Moe Bedard · 01-27-2009, 02:50 PM

Acording to HUD and RESPA...........this is what they say as far as escrows go..........

It is the lender's decision whether the borrower must maintain an escrow account for the purpose of paying taxes and other items.

and with Chase...........I didn't have one to begin with and with the modification they did set one up.............so the investor on my loan may have required it.....................but I personally wanted it so that I could pay the taxed monthly instead of two lump sum halves.

HopingtoFind · 01-27-2009, 02:54 PM

So are you saying that what they are requiring is valid... which is set me up with an escrow regardless whether I get approved for modification or not..

With Chase I am also getting an escrow and I am ok with that because it is part of modification... but AmTrust will basically force me into an escrow regardless if I get modified or not.

Moe Bedard · 01-27-2009, 02:57 PM

This is information that comes directly from HUD.
HUD RESPA FAQs by Consumers about Escrow Accounts

HopingtoFind · 01-27-2009, 03:45 PM

***... I understand that lender can require an escrow account when you get a new loan or restructure existing loan or fail to pay taxes and/or insurance... I am wondering if lender can force you into an escrow account if there was no provision in original loan documents...
Have you heard of anything similar to what AmTrust is suggesting?

12-19-2008, 12:47 PM	#1 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 653 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	AmTrust not responding. We own a duplex (rental property) in CA. First is with AmTrust, principal amount $230,000, 6.25% (interest + principal). Second is Heloc with BofA, amount $90,000. Hard to say how much the property is worth right now, it might be around what we owe on the 1st, maybe less, but because of the Heloc we are upside down... We have initially submitted our hardship letter and income/expenses end of October and have been told that it would take 30 to 45 days...well every time I call they say that it is in review, nothing else. I don't even know if someone is actually looking at it. At this point it has been more then 45 days, and I still am getting the same answer. This is the number I call 1(800) 476-0022, their loss mitigation dept. Is there anyway I can escalate this with AmTrust? Is there an executive team that I could contact to get some type of response.

12-19-2008, 12:50 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,888 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. Look on your statement to see if the coporate office is listed or try googling it.......... __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

12-19-2008, 02:48 PM	#3 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 653 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. Thanks ***, I'll try that..

12-19-2008, 04:04 PM	#4 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 653 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. Just called Loss Mit, and they said that they have submitted package to Fannie Mae last week... I asked them if they have recommended anything and they have only they wouldn't tell me.

12-30-2008, 01:29 PM	#5 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 653 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. I am steaming!! Called their loss mitigation department today and they are telling me that there is no record of anything submitted to Fannie Mae. This rep, Mathew at Amtrust basically lied to me. All they are saying again after two months is that it is in review. *One big lie*. What next? Office of the president?

12-30-2008, 01:31 PM	#6 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,888 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. google the corporate office...........this would be the location of the CEO __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

12-30-2008, 04:04 PM	#7 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 653 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. This is what I found: CEO: Robert Goldberg. Address: Office of the President, Ste 200,

12-30-2008, 04:06 PM	#8 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 653 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. Sorry... didn't finish typing. Address: Office of the President, Ste 200 1801 E. 9th st Cleveland OH, 44114. Will be sending off a letter today or tomorrow.

12-30-2008, 04:37 PM	#9 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,888 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. If you can send it certified mail return receipt requested then you will also have documentation..... __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

12-30-2008, 05:28 PM	#10 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 653 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. Thanks. That is what I am going to do.

01-12-2009, 03:52 PM	#11 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 653 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. Update! Finally heard from the rep that was assigned to us... two and a half months after submitting original documents... She said I have received a complaint... Hopefully will start moving this forward.

01-13-2009, 09:10 AM	#12 (permalink)
KT in CA Senior Member Join Date: Dec 2008 Location: Vacaville, CA Posts: 488 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. Can I ask you if you actually are late with AmTrust and how they handled it? You are the only person I have seen on this forum that has the same lender as we do. We have a first and a second with them, and we will miss our first payment this month. I just wondered how they have been to deal with as far as phone calls. We are not going to attempt a mod at all. Thanks, KT in CA

01-13-2009, 09:52 AM	#13 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 653 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. Hi KT, We are current at this point so no issues on that front. As far as getting a mod, it went nowhere since October, they have been telling me that it is in review but nothing has been done, until I contacted the office of the CEO. Yesterday we were finally contacted by the rep assigned to our case, so I'll keep you posted.

01-13-2009, 10:00 AM	#14 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 653 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. KT... forgot to mention.... that we were short by $10 one month by mistake and they did count it as late payment... but there were no phone calls, just a few letters. if you start having problems with collection calls, let me know I have the name and contact of the top level manager in collections. I believe a phone call to him would resolve it.

01-13-2009, 10:01 AM	#15 (permalink)
KT in CA Senior Member Join Date: Dec 2008 Location: Vacaville, CA Posts: 488 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. Great. Thanks soooo much for the info. I know that bank is in trouble and they have had restrictions placed on their lending. It will be interesting to see how it turns out for you. I wish you the best of luck. Karen

01-13-2009, 11:20 AM	#16 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 653 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. You're very welcome, I am glad my experience might help someone so I will post any updates as they happen...I know this is hard times for everyone, and I wish the best to you as well.

01-14-2009, 03:00 PM	#17 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 653 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. Update! The rep came back today and said that she spoke with investor, who is Fannie Mae and what they can offer me at this point if forebearance for 4 months no permanent fix at this point. I asked her why is Fannie Mae not willing to do a modification at this point and basically what she told me is they want to see what we can do with the other lenders... How very smart of them.. They basically want to sit back and let others take a hit... I know it must have to do with this particular serviser/Fannie Mae rep combination... ***...Is there a direct contact to Fannie Mae?

01-14-2009, 03:45 PM	#18 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,888 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. The servicers are going by the eligibility requirements for modifications that were sent by FannieMae......and they have not been modifying rental properties at this time......that may change in the future......but all of their modification efforts have been focused on owner occupied residences...............for a forbearance they do not need the approval of the investor because it is not restructuring the loan so that may be why they are offering that......... Eligibility Highlights of the SMP's eligibility requirements communicated to servicers include: Conforming conventional and jumbo conforming mortgage loans originated on or before January 1, 2008; Borrowers who are at least three or more payments past due and are not currently in bankruptcy; Only one-unit, owner-occupied, primary residences; and Current mark-to-market loan-to-value ratio of 90 percent or more. FannieMae Corporate Headquarters 3900 Wisconsin Avenue, NW Washington, DC 20016-2892 (202) 752-7000 headquarters@fanniemae.com __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

01-14-2009, 06:50 PM	#19 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 653 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. Yes, I have seen those requirements... but the reason that AmTrust analyst gave me had nothing to do with the fact that it is a rental... according to her FannieMae just wanted to see what we do with the other loans.. Thanks...I'll try and call FannieMae tomorrow and see if they can do anything.

01-21-2009, 12:21 PM	#20 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 653 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. Spoke to corporate office and they have received a letter from one of the managers assigned to my case... I guess the only option I have is to go through this forbearance and then get an approval from Fannie Mae for permanent modification. The difference between this servicer and others such as Chase and BofA who service loans for Fannie and Freddie is that they offer you a modification and let you know to stop making payments for a couple of months... With Amtrust there is no offer of a modification... I wonder what it has to do with? Is it because Chase and BofA for example have more power over decisions on the loans that they service? Seems like that is the case... maybe I'am wrong...

01-27-2009, 01:54 PM	#21 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 653 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. So finally got to speak to a manager today, looks like forbearance is the only option at this point and then they have to go for approval to Fannie Mae. A lot of uncertainty here... * has this been working well for other people? I agreed to proceed with forbearance and he transferred me to my analyst....One thing that she mentioned that I have not heard from any other servicers...one of them (BofA) also services a loan for Fannie Mae is that at the end of forbearance period I have to request in writing for AmTrust to open an escrow for taxes and insurance, I don't have one now... so that they can present that to Fannie Mae. I asked her what if my mod is not approved... she said that the escrow will have to stay with my account regardless because I requested it... This completely doesn't make any sense to me. Can they legally do that? I know that BofA hasn't done that and Chase hasn't done that.... *, can you speak to that. Can they really force me to have an escrow account without modifying my loan...

01-27-2009, 02:50 PM	#22 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,888 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. Acording to HUD and RESPA...........this is what they say as far as escrows go.......... It is the lender's decision whether the borrower must maintain an escrow account for the purpose of paying taxes and other items. and with Chase...........I didn't have one to begin with and with the modification they did set one up.............so the investor on my loan may have required it.....................but I personally wanted it so that I could pay the taxed monthly instead of two lump sum halves. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

01-27-2009, 02:54 PM	#23 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 653 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. So are you saying that what they are requiring is valid... which is set me up with an escrow regardless whether I get approved for modification or not.. With Chase I am also getting an escrow and I am ok with that because it is part of modification... but AmTrust will basically force me into an escrow regardless if I get modified or not.

01-27-2009, 02:57 PM	#24 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,888 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. This is information that comes directly from HUD. HUD RESPA FAQs by Consumers about Escrow Accounts __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

01-27-2009, 03:45 PM	#25 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 653 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AmTrust not responding. ***... I understand that lender can require an escrow account when you get a new loan or restructure existing loan or fail to pay taxes and/or insurance... I am wondering if lender can force you into an escrow account if there was no provision in original loan documents... Have you heard of anything similar to what AmTrust is suggesting?

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode