ALS Loan Mod Help? - Loan Modification Forum

kevinlsimons · 03-08-2009, 10:07 PM

I'm looking for any advise before I enter my loan mod application to Aurora Loan Services.

My goal is to move from a Interest Only loan to a Fixed loan, second is to reduce my interest rate. Preferrably, 5%?? I might be asking alot but, why not?

My Financials:

Mortgage - $289.5K, 30 Year Interest Only, 7.25% all rapped in one loan, I pay no MIP, loan was supposed to reset 12/09 but they have already adjusted this on their website to 12/11. 100% LTV (recent meetings with multiple realtors estimate a value of $285-295K, $25K remodel with my labor offset market losses).

Income:

New- Same Exact Industry
Base - 50K
Bonus - 5K per quarter
Car - $400 per month + gas card
Rent - $350 (doing my friend a favor)

Old- 3.8 years
Base - 60K
Bonus - 12K annual
Car - $500 + .18 per mile
Rent - $0

Payments:

Mortgage: $1978 w/ property taxes, homeowners insurance
Car: $181 - 6.24% (only owe $6500 on a car worth 9K)
Credit Cards: $0

Cost of Living Expenses (I.E. Cable, Food, etc.): $500

Assets:
401K Balance: $12K
Savings / Checking: $6K

Credit Score - "A grade" according to my bank on 11/08 when I got my car loan. Credit score of 780, although my "bankruptcy score" was rather high.

Notables:

My hardship claim is that I was laid off in December. However, I had a job offer immediately but I had to wait for my severance agreement to end since I was staying in the same exact industry. I started working again in late February. I was also able to collect unemployement even w/ my severance agreement during that period so I paid off all my credit card debt. My new job is about 15% less in base but bonus options bring it to almost comparable salaries. I know lenders won't care much about bonus options without history of payouts.

I have one friend who is renting a room but I'm thinking I should not list to show a higher D to IR?

Any advice on working with ALS?
Any advice on if I should neglect to mention rental income or raise/decrease cost of living expenses?

Thanks for your assitance.

kevinlsimons · 03-13-2009, 09:41 AM

Hello,

I'm looking for the steps that are involved in the proccess of working with ALS to modify your loan? I have received confirmation that Fannie Mae owns my loan. They tell you to work with your servicer. Just wondering if someone has successfully completed a mod with ALS and any helpful tips you might have.

Usefull info:

I'm current on all payments and have never made a late payment on any loan, A grade credit, Front-End DTI of 43.3%, Back-End of 47.3%.

brokemama · 03-13-2009, 09:49 AM

Kevin, ALS is VERY difficult to work with. I enlisted NACA's services but also went directly to the CEO of Fannie; that got me a response and an offer within 2 days. I am currently negotiating to get an even better deal. I was also A paper, put down 40% and have a fixed rate loan; never late. Aurora is just the servicer and does not make the rules; they follow them. Until recently, Fannie told them not to modify any current loans. Things have changed . Be very proactive and very persistent and keep calling. Good luck!

kevinlsimons · 03-13-2009, 09:57 AM

Brokemama,

So you're working directly w/ Fannie? Any phone numbers or email addresses you would be willing to share?

Thanks and good luck to you!

brokemama · 03-13-2009, 10:07 AM

Sure, here goes. BTW, I sent it via UPS so I could track it.

Herbert M. Allison, Jr.
President and Chief Executive Officer
Fannie Mae
3900 Wisconsin Avenue, NW
Washington, D.C. 20016-2892

kevinlsimons · 03-18-2009, 01:16 PM

My question is when you're calculating front end DTI, how much of your bonus potential is calculated towards your monthly gross? Are they included at all? What if you just started a new job w/out any bonus history?

Thanks,

Ex. 75K base / 20K bonus / 4.8K car

75K/12 = 6.25K

4.8K/12 = 400

Bonus = ???

Moe Bedard · 03-18-2009, 01:58 PM

The borrower’s Monthly Gross Income is the amount before any payroll deductions includes wages and salaries, overtime pay, commissions, fees, tips, bonuses, housing allowances, other compensation for personal services, Social Security payment, including Social Security received by adults on behalf of minors or by minors intended for their own support, annuities, insurance polices, retirement funds, pensions, disability or death benefits, unemployment benefits, rental income and other income.

If you don't have any bonuses yet.........then you wouldn't need to include them.

Riley925 · 03-19-2009, 12:43 PM

Hi Kevin, I too am working with ALS. Like you I have never been late on a payment, have great credit and an interest rate of 7.25%. The only difference is mine is an option ARM which I have been paying the interest only and for a few months last year was able to pay the full PITI. The first workout sheet I sent they denied because I used my morgage amount of $2497 (which was the full PITI) and a showed a slight deficit. However I was able to rework my finacials and the man I talked to from ALS was very helpful in helpful in assisting me with the workout. I have since resent in my packet and now show a surplus of a about $450 and have now moved to the second phase of the process. I know its just a small step in long process but so far everyone from ALS has been very helpful to me. I should know what the status is in about 10-20 days on what else (if any) information I need to supply them with. Keep us updated on how the process is going for you and I will do the same. Seems as if we are both in the same boat, not late on payments, good credit but the reset will kill us financially and I am sure you, like I am upside down in the house and cant refinance. BTW my boyfriend lives with me and pays me rent. I asked ALS and they said I could include that as income however they would need to see his finances as well. Good luck to you

kevinlsimons · 05-06-2009, 09:53 AM

Riley,

Any update on your loan mod?

I had to get some things in order before I filed my "Modification Workout Package" today.

Just curious to any resolution. I meet all the Obama modification requirements so I would think I should get it but who knows. I'm going to try and ask for a principal reduction (knowing I will be hit with 1099 writedown) as well but why not?

Hopefull2009 · 05-06-2009, 10:11 AM

They just showed up on the list last night of lenders/servicers participating with MHA plan.

lookingforanswers · 05-06-2009, 11:16 AM

The MHA plan only if you are Fannie or Freddie or are they starting to work with other investors should people fall into the MHA guidelines?

Moe Bedard · 05-06-2009, 11:47 AM

The MHA Refinance is only if you are Fannie/Freddie................the modification is open to any investor that is willing to participate.

lookingforanswers · 05-06-2009, 12:17 PM

So does that mean ALS is now participating in the MHA modification guidlines even if you are not fannie or freddie?

Moe Bedard · 05-06-2009, 01:25 PM

The MHA guidelines always allowed for modifications to be done even if your loan is not backed by Fannie/Freddie................what ALS just did is to confirm, by signing the contract, that they as a servicer are participating and following the guidelines................your investor would still need to also be participating.

lookingforanswers · 05-06-2009, 02:25 PM

Thanks for the clarificaiton ***.

kevinlsimons · 05-06-2009, 02:51 PM

Just spoke with ALS already regarding my paperwork. They immediately put me on a trial modification where they decreased my payment to 31% DTI. They said it would be a 4 month trial and that and underwriter would review my workout package when they get to it.

A couple of things to note regarding ALS's requirements.

- YOU MUST have 3 months reserves or your mortgage payment only *3

- Entering in the trial mod may affect your credit score since your decreased payment may be reported as deliquent by your loan owner.

- If your 31% payment brings your interest below the 2% floor, the principal needed to bring your loan to 2% will be set aside in an interest free account and must be repaid when selling your home or when you complete your loan term.

Hopefully this will help all of you.

Good luck

lookingforanswers · 05-06-2009, 03:49 PM

Quote:

Originally Posted by kevinlsimons

Just spoke with ALS already regarding my paperwork. They immediately put me on a trial modification where they decreased my payment to 31% DTI. They said it would be a 4 month trial and that and underwriter would review my workout package when they get to it.

A couple of things to note regarding ALS's requirements.

- YOU MUST have 3 months reserves or your mortgage payment only *3

- Entering in the trial mod may affect your credit score since your decreased payment may be reported as deliquent by your loan owner.

- If your 31% payment brings your interest below the 2% floor, the principal needed to bring your loan to 2% will be set aside in an interest free account and must be repaid when selling your home or when you complete your loan term.

Hopefully this will help all of you.

Good luck

Is ALS using this with all investors or just with Fannie and Freddie?

kevinlsimons · 05-06-2009, 03:58 PM

Fannie and Freddie ONLY!

Moe Bedard · 05-06-2009, 04:21 PM

Actually...............by signing their agreement............they agreed to help the loans that they service regardless of being Fannie/Freddie as long as the investor agrees to participate............

Here is a link to their contract that they signed on April 30th which explains this...............and can be found on page 2 of 28 section
2 Authority and Agreement to Participate in Program

http://www.financialstability.gov/do...nAgreement.pdf

lookingforanswers · 05-06-2009, 07:01 PM

Well, it seems things might be starting to look a little brighter for ALS.

Hopefull2009 · 05-06-2009, 07:39 PM

Quote:

Originally Posted by kevinlsimons

Fannie and Freddie ONLY!

That's not true. As a participant, they must review all loans and all requests from borrowers. They've noted your online account if your loan may be eligible for modification. My lender is Lehman Bros and serviced by Aurora since day 1 -- 2 weeks ago they said my investor was not participating. Last week they said I qualified for MHA. It's their "version" of MHA since it's not Fannie/Freddie.

Hopefull2009 · 05-06-2009, 07:45 PM

Quote:

Originally Posted by kevinlsimons

A couple of things to note regarding ALS's requirements.

- YOU MUST have 3 months reserves or your mortgage payment only *3

Kevin - did they specifically tell you this or was it in the paperwork? This wasn't mentioned when I was told what the trial payments would be. This was an original requirement when I was approved for the mortgage though. If one had 3 months reserves and are behind, they really wouldn't be behind?

Bryinfl · 05-07-2009, 05:04 AM

Quote:

Originally Posted by Hopefull2009

Kevin - did they specifically tell you this or was it in the paperwork? This wasn't mentioned when I was told what the trial payments would be. This was an original requirement when I was approved for the mortgage though. If one had 3 months reserves and are behind, they really wouldn't be behind?

very true, If I had 3 months reserve I would have never been behind!!

Riley925 · 05-07-2009, 05:38 PM

kevin, no i haven't heard any reply. its been 2 months now and every time I call I get an automated voice saying they are still reviewing it. I haven't recieved any mail yet either. Gonna try and call again this week. I dont meet the Obama requirements so I am just waiting for my investors to decide. Good luck to you, I will keep you posted. Hopefully I will hear something soon

kevinlsimons · 05-12-2009, 11:32 AM

anybody fill out the 1126 form?

The question that says "I believe my situation is: Short term (6 months or less), Long Term (over 6 months) or Permanent

Which is the correct answer for getting the modification? I just want to make sure I don't disqualify myself.

My problem is short term if I get the mod, long term if I don't.

03-08-2009, 10:07 PM	#1 (permalink)
kevinlsimons Member Join Date: Mar 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	ALS Loan Mod Help? I'm looking for any advise before I enter my loan mod application to Aurora Loan Services. My goal is to move from a Interest Only loan to a Fixed loan, second is to reduce my interest rate. Preferrably, 5%?? I might be asking alot but, why not? My Financials: Mortgage - $289.5K, 30 Year Interest Only, 7.25% all rapped in one loan, I pay no MIP, loan was supposed to reset 12/09 but they have already adjusted this on their website to 12/11. 100% LTV (recent meetings with multiple realtors estimate a value of $285-295K, $25K remodel with my labor offset market losses). Income: New- Same Exact Industry Base - 50K Bonus - 5K per quarter Car - $400 per month + gas card Rent - $350 (doing my friend a favor) Old- 3.8 years Base - 60K Bonus - 12K annual Car - $500 + .18 per mile Rent - $0 Payments: Mortgage: $1978 w/ property taxes, homeowners insurance Car: $181 - 6.24% (only owe $6500 on a car worth 9K) Credit Cards: $0 Cost of Living Expenses (I.E. Cable, Food, etc.): $500 Assets: 401K Balance: $12K Savings / Checking: $6K Credit Score - "A grade" according to my bank on 11/08 when I got my car loan. Credit score of 780, although my "bankruptcy score" was rather high. Notables: My hardship claim is that I was laid off in December. However, I had a job offer immediately but I had to wait for my severance agreement to end since I was staying in the same exact industry. I started working again in late February. I was also able to collect unemployement even w/ my severance agreement during that period so I paid off all my credit card debt. My new job is about 15% less in base but bonus options bring it to almost comparable salaries. I know lenders won't care much about bonus options without history of payouts. I have one friend who is renting a room but I'm thinking I should not list to show a higher D to IR? Any advice on working with ALS? Any advice on if I should neglect to mention rental income or raise/decrease cost of living expenses? Thanks for your assitance.

03-13-2009, 09:41 AM	#2 (permalink)
kevinlsimons Member Join Date: Mar 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Aurora Loan Service - Fannie Mae owned Loan - Steps to Loan Mod Hello, I'm looking for the steps that are involved in the proccess of working with ALS to modify your loan? I have received confirmation that Fannie Mae owns my loan. They tell you to work with your servicer. Just wondering if someone has successfully completed a mod with ALS and any helpful tips you might have. Usefull info: I'm current on all payments and have never made a late payment on any loan, A grade credit, Front-End DTI of 43.3%, Back-End of 47.3%.

03-13-2009, 09:49 AM	#3 (permalink)
brokemama Senior Member Join Date: Nov 2008 Posts: 203 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Aurora Loan Service - Fannie Mae owned Loan - Steps to Loan Mod Kevin, ALS is VERY difficult to work with. I enlisted NACA's services but also went directly to the CEO of Fannie; that got me a response and an offer within 2 days. I am currently negotiating to get an even better deal. I was also A paper, put down 40% and have a fixed rate loan; never late. Aurora is just the servicer and does not make the rules; they follow them. Until recently, Fannie told them not to modify any current loans. Things have changed . Be very proactive and very persistent and keep calling. Good luck!

03-13-2009, 09:57 AM	#4 (permalink)
kevinlsimons Member Join Date: Mar 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Aurora Loan Service - Fannie Mae owned Loan - Steps to Loan Mod Brokemama, So you're working directly w/ Fannie? Any phone numbers or email addresses you would be willing to share? Thanks and good luck to you!

03-13-2009, 10:07 AM	#5 (permalink)
brokemama Senior Member Join Date: Nov 2008 Posts: 203 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Aurora Loan Service - Fannie Mae owned Loan - Steps to Loan Mod Sure, here goes. BTW, I sent it via UPS so I could track it. Herbert M. Allison, Jr. President and Chief Executive Officer Fannie Mae 3900 Wisconsin Avenue, NW Washington, D.C. 20016-2892

03-18-2009, 01:16 PM	#6 (permalink)
kevinlsimons Member Join Date: Mar 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Front End DTI calculation My question is when you're calculating front end DTI, how much of your bonus potential is calculated towards your monthly gross? Are they included at all? What if you just started a new job w/out any bonus history? Thanks, Ex. 75K base / 20K bonus / 4.8K car 75K/12 = 6.25K 4.8K/12 = 400 Bonus = ???

03-18-2009, 01:58 PM	#7 (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: ALS Loan Mod Help? The borrower’s Monthly Gross Income is the amount before any payroll deductions includes wages and salaries, overtime pay, commissions, fees, tips, bonuses, housing allowances, other compensation for personal services, Social Security payment, including Social Security received by adults on behalf of minors or by minors intended for their own support, annuities, insurance polices, retirement funds, pensions, disability or death benefits, unemployment benefits, rental income and other income. If you don't have any bonuses yet.........then you wouldn't need to include them. __________________ 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.

03-19-2009, 12:43 PM	#8 (permalink)
Riley925 Member Join Date: Feb 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: ALS Loan Mod Help? Hi Kevin, I too am working with ALS. Like you I have never been late on a payment, have great credit and an interest rate of 7.25%. The only difference is mine is an option ARM which I have been paying the interest only and for a few months last year was able to pay the full PITI. The first workout sheet I sent they denied because I used my morgage amount of $2497 (which was the full PITI) and a showed a slight deficit. However I was able to rework my finacials and the man I talked to from ALS was very helpful in helpful in assisting me with the workout. I have since resent in my packet and now show a surplus of a about $450 and have now moved to the second phase of the process. I know its just a small step in long process but so far everyone from ALS has been very helpful to me. I should know what the status is in about 10-20 days on what else (if any) information I need to supply them with. Keep us updated on how the process is going for you and I will do the same. Seems as if we are both in the same boat, not late on payments, good credit but the reset will kill us financially and I am sure you, like I am upside down in the house and cant refinance. BTW my boyfriend lives with me and pays me rent. I asked ALS and they said I could include that as income however they would need to see his finances as well. Good luck to you

05-06-2009, 09:53 AM	#9 (permalink)
kevinlsimons Member Join Date: Mar 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: ALS Loan Mod Help? Riley, Any update on your loan mod? I had to get some things in order before I filed my "Modification Workout Package" today. Just curious to any resolution. I meet all the Obama modification requirements so I would think I should get it but who knows. I'm going to try and ask for a principal reduction (knowing I will be hit with 1099 writedown) as well but why not?

05-06-2009, 10:11 AM	#10 (permalink)
Hopefull2009 Senior Member Join Date: Feb 2009 Posts: 246 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: ALS Loan Mod Help? They just showed up on the list last night of lenders/servicers participating with MHA plan.

05-06-2009, 11:16 AM	#11 (permalink)
lookingforanswers Member Join Date: Jan 2009 Posts: 22 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: ALS Loan Mod Help? The MHA plan only if you are Fannie or Freddie or are they starting to work with other investors should people fall into the MHA guidelines?

05-06-2009, 11:47 AM	#12 (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: ALS Loan Mod Help? The MHA Refinance is only if you are Fannie/Freddie................the modification is open to any investor that is willing to participate. __________________ 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.

05-06-2009, 12:17 PM	#13 (permalink)
lookingforanswers Member Join Date: Jan 2009 Posts: 22 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: ALS Loan Mod Help? So does that mean ALS is now participating in the MHA modification guidlines even if you are not fannie or freddie?

05-06-2009, 01:25 PM	#14 (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: ALS Loan Mod Help? The MHA guidelines always allowed for modifications to be done even if your loan is not backed by Fannie/Freddie................what ALS just did is to confirm, by signing the contract, that they as a servicer are participating and following the guidelines................your investor would still need to also be participating. __________________ 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.

05-06-2009, 02:25 PM	#15 (permalink)
lookingforanswers Member Join Date: Jan 2009 Posts: 22 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: ALS Loan Mod Help? Thanks for the clarificaiton ***.

05-06-2009, 02:51 PM	#16 (permalink)
kevinlsimons Member Join Date: Mar 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: ALS Loan Mod Help? Just spoke with ALS already regarding my paperwork. They immediately put me on a trial modification where they decreased my payment to 31% DTI. They said it would be a 4 month trial and that and underwriter would review my workout package when they get to it. A couple of things to note regarding ALS's requirements. - YOU MUST have 3 months reserves or your mortgage payment only *3 - Entering in the trial mod may affect your credit score since your decreased payment may be reported as deliquent by your loan owner. - If your 31% payment brings your interest below the 2% floor, the principal needed to bring your loan to 2% will be set aside in an interest free account and must be repaid when selling your home or when you complete your loan term. Hopefully this will help all of you. Good luck

05-06-2009, 03:58 PM	#18 (permalink)
kevinlsimons Member Join Date: Mar 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: ALS Loan Mod Help? Fannie and Freddie ONLY!

05-06-2009, 04:21 PM	#19 (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: ALS Loan Mod Help? Actually...............by signing their agreement............they agreed to help the loans that they service regardless of being Fannie/Freddie as long as the investor agrees to participate............ Here is a link to their contract that they signed on April 30th which explains this...............and can be found on page 2 of 28 section 2 Authority and Agreement to Participate in Program http://www.financialstability.gov/do...nAgreement.pdf __________________ 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.

05-06-2009, 07:01 PM	#20 (permalink)
lookingforanswers Member Join Date: Jan 2009 Posts: 22 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: ALS Loan Mod Help? Well, it seems things might be starting to look a little brighter for ALS.

05-07-2009, 05:38 PM	#24 (permalink)
Riley925 Member Join Date: Feb 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: ALS Loan Mod Help? kevin, no i haven't heard any reply. its been 2 months now and every time I call I get an automated voice saying they are still reviewing it. I haven't recieved any mail yet either. Gonna try and call again this week. I dont meet the Obama requirements so I am just waiting for my investors to decide. Good luck to you, I will keep you posted. Hopefully I will hear something soon

05-12-2009, 11:32 AM	#25 (permalink)
kevinlsimons Member Join Date: Mar 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: ALS Loan Mod Help? anybody fill out the 1126 form? The question that says "I believe my situation is: Short term (6 months or less), Long Term (over 6 months) or Permanent Which is the correct answer for getting the modification? I just want to make sure I don't disqualify myself. My problem is short term if I get the mod, long term if I don't.

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