AHMSI loan mod

[thistook4ever]

I just wanted to thank everybody on this site. It was hard to keep positive about our situation when there was no end in sight. Your comments and advise meant so much. My loan mod has been going on since November. I cannot believe its finally over. Thanks so much again.


This is my story. We refinanced our home in 2004 with a adjustable rate loan with Ameriquest. Planning on refinancing in two years. Well living in California two years went by and well things were not looking so well. My husbands hours at work were reduced to 28-32 hours. in 2006 our payment jumped an additional 500.00 then six months later to 700.00. Ok at this point we were sinking but still making our mortgage. Just didn't pay anything else! We did this for a year and finally went thru all our resources. In 2007 our mortgage was sold to Citiresidential Lending and our payment was reduced 200.00 due to lower interest rates. This did nothing for our situation. By now we were falling behind. From March of 2007 I tried to work with our lender. The just wanted a payment. And they wanted to add that month we were behind to our current payment and raise our monthy payment 600.00 for the next 6 months. So we declined. We just kept paying a payment and getting harrasing calls. Then in 2008 we fell behind three months. Work basically shut down from Sept 2008 to November 2008. So this past November, Hope for Homeowners sent my paperwork in and on Fri.Dec 19th I received a call from a lady who said send paystubs, bank statements ect by this Tuesday. Yeah well that was the week of Christmas and I couldn't get a current pay stub from our employer in time. The loan mod from Citrestidential said, well just reapply the next day if you're declined. On Dec. 30th I called to check status and they said. Oh you were declined. So I reapplied. But I was told I wasn't eligable. After two hours on the phone with really rude people. A very nice superviser Named Cindy said, "oh I see, your loan has been sold" so I had to wait till Feb. 11th to reapply with new mortgage company. On Feb 2nd I called to my new loan company, AHMS and got a recording saying they will not have our paperwork till Feb 16th. On Feb 20th I called to reapply. But the customer service lady just noted my account I was sending my paperwork in. On March 3rd I faxed all my paperwork in. Two days later I received a package with a loan mod. It was a crappy deal. When I called they said, "oh you recieved a computer generated offer from our company". Well it was still unaffordable. So I declined and applied for a regular loan mod on March 13th. I got a call back in mid April from the home retention dept. to go over my faxed paperwork so she could turn it over to a negotiator. I was told it will take 30 to 60 days at this point to hear back. Well I heard nothing. I called back in May. Nothing to report. So another month goes by and another. And on June 1st. I received a loan mod package in the mail. It was a fair deal. I'm glad its over. My new payment is due July 1st. It's been so long since ive been current on my loan. And it's affordable! 3% step up and cap at 5% for the remainder of our loan. We are so happy. I started this process in November and it's now June!! Wow, where did this year go?

[mikemvd]

Thats Great Congrats )))

[LNLIBRA]

thistook4ever: I too am waiting for a package. I just sent in new pay stubs yesterday. Please advise what your DTI was? and how many payments were you behind? If so, where did they put those payments at? I told them to send it in the way it is. I want to know what my new payment will be. I just need the interest lowered for a few years so we can re-establish our employment.

[frazzeled]

Thank you for all your suppost. I sent in our hardship letter March 31st, was asked on April 15th to send in 2 current pay stubs, 2 months bank statements and a list of monthly bills. Faxed in on April 20, received call on April24th that they only received the first 4 pages, refaxed and just played the waiting game. I left a couple of voicemails requesting status and never heard a word. I finally got my negotiators correct email and emailed her on Monday. Within 20 minutes she sent me a response that she was no longer handling our modification, but that it was approved. Yesterday, we receive a UPS package with our modification. We went from a 9.25% to a 6% for the remainder of the loan. We are saving over $550/mo.
Thank you to this fourm for all your support. Good luck to everyone.

[thistook4ever]

Originally Posted by LNLIBRA

thistook4ever: I too am waiting for a package. I just sent in new pay stubs yesterday. Please advise what your DTI was? and how many payments were you behind? If so, where did they put those payments at? I told them to send it in the way it is. I want to know what my new payment will be. I just need the interest lowered for a few years so we can re-establish our employment.

I was 10 months behind when I received my package.. they added this balance to my loan amount. I was ok with this because I felt those payments were my obligation and it was fair. With the 3% rate I am saving 1385.00 a month. When it caps at 5% I will still save over 1000.00 and that is for the remainder of my loan. Also my investor was Deutsche if that helps. They approved my mod on the last working day of the month and I received my package on Monday June 1st. So when it happends they will rush it to you.

[debbie1123]

Thistook,

CONGRATS!!!