YES - Modification APPROVED for 2nd time!!!

[Monnie]

Hello! I am new to the forum. I submitted all paperwork for loan modification to American Home Mortgage back in August and I have yet to hear anything from them. I tried calling today and they are closed. How long does this process usually take? Is there anyone that I can contact directly to see what is going on with our loan. Also, today I received a letter that was left at my door just stating that payment has not been received and to call American Home Mortgage. Any help or suggestions would be great! I am so happy to have found a forum such as this one and it is also good to know that there are so many of us going through the exact same thing.

[schwefls]

Hi Monnie welcome to our forum:

I wanted to stop in and say hello. A modification can take as long as 90 days some cases months and months. Each lender/investor is different. The key here is to call, call, call, fax, fax, fax always be polite yet persistent and remember patience is a virtue. In the interim please hang in there someone will be reaching out to you with some sound advice/suggestions.

[Monnie]

I'm trying to stay positive here! Called American Home Mortgage and just found out that our loan modification was denied on September 4. I asked the lady on the phone to retry again and she said that I could reapply again, so they have asked me to refax the information.

My husband and I want to stay in our home as everyone else does. We refinanced our loan with them last August 07 and the rate was suppose to be 8%, but at the last minute when we went to sign the documents the rate got changed to 9%. I am no longer working, which leaves us with one income to try and cover the mortgage. The payment is 5,062 and we made our last payment in July. All payments had been made on time until recently even while I was out of a job. In my hardship letter one of my requests was that AHMS reduce our interest rate and reduce the principal. We live in California and we are in an area where foreclosures and homes values have really declined.

Is there anything else I can do or anyone else I can contact to try to get some relief? Any advice is needed.

[Moe Bedard]

Hi Monnie,


Welcome to the forum and thank you for joining................

You can try contacting the VP of Home Preservation and see what else can be done........don't give up............

Jeanne Drake-VP Home Preservation Dept.
Direct: 1-949-784-6011
Fax: 1-866-642-4196

[sfrench]

Hi Monnie,

Welcome to the forums. I too am in the same boat as with you as well as in California too. I lost my job back in December 07 and was disabled with back problems. We made our monthly payments by pulling from my IRA, luckily this was before it was set to raise to $3200.00, but once it did adjust we found ourselves like all others on this site unable to pay the mortgage.

I logged onto this site for the first time yesterday and the quick responses that i got from the folks on here has done a world of good for both my family and my loan mod. We have not heard from AHMSI since Aug and when I was given the e-mail addresses of people to send my problem to, i got a call first thing this morning AHMSI telling me that i should have my Loan mod approved this week.

You could read my post under the title "Need Help with AHMSI" In there is some information that might help you as well.

My thoughts and prayers go out to you and your family and also to let you know that there are many other people out there that feel your pain as well. Hang tough, don't give up and fight for your home.

Steve

[Monnie]

Thank you Steve. I read your post and that is good news for you! I rewrote my hardship letter and sent it in an email to all the people that were listed on ***'s list and also faxed a copy to Jeanne Drake. Thank you and thanks to everyone here in this forum, we have to all work together to get what we want. I will keep every one posted.

[caligirlsteph]

Don't give up..... I was denied twice, the third time I was given a really good mod. Jeanne Drake really helped me get my mod done by putting me in touch with the right people. She is a VP with AHMSI.

What ever you do, don't take no for an answer, fight to get what you want!! Best of luck to you!!

[Monnie]

Spoke to Andrea Plum earlier today. First let me say that she listened well, let me tell my story, and was being very sincern. However, she informed me that it really wasn't any point for me trying to apply once again for a loan modification because I need to try and get a job, even it's part-time doing whatever, just get something. I explained to her that I have been trying to get a job for the past six months and nothing has come through. She and I spoke for about 30 minutes or so, and she went over with me my expenses once again. She said that we are -$1560 and we need to find a way to make that change before they will even consider trying to modify the loan. The problem that I am having with all of this nonsense is that I"m hear begging/asking for help while there is at least still one income in the household and I still get told you need to get a job. That's not help!!! If it were that easy to just go and get a job, I would have one. They should be more considerate and really, really, be helping people. So at this point I don't know what else to do, should refax the letter to Jeanne Drake once again? Right now we are almost three months behind, but she did inform me to try and send in a partial payment. I said can I do that and will you accept that and she said yes. Has anyone else tried sending in partial payments? Do any of you have any other advice? I won't give up!! I will fight to the end!!

[Monnie]

Spoke to Andrea Plum earlier today. First let me say that she listened well, let me tell my story, and was being very sincern. However, she informed me that it really wasn't any point for me trying to apply once again for a loan modification because I need to try and get a job, even it's part-time doing whatever, just get something. I explained to her that I have been trying to get a job for the past six months and nothing has come through. She and I spoke for about 30 minutes or so, and she went over with me my expenses once again. She said that we are -$1560 and we need to find a way to make that change before they will even consider trying to modify the loan. The problem that I am having with all of this nonsense is that I"m hear begging/asking for help while there is at least still one income in the household and I still get told you need to get a job. That's not help!!! If it were that easy to just go and get a job, I would have one. They should be more considerate and really, really, be helping people. So at this point I don't know what else to do, should refax the letter to Jeanne Drake once again? Right now we are almost three months behind, but she did inform me to try and send in a partial payment. I said can I do that and will you accept that and she said yes. Has anyone else tried sending in partial payments? Do any of you have any other advice? I won't give up!! I will fight to the end!!

[socaljager]

Persistance is the key... certainly keep trying. However, from what i understand, you have to be able to prove to them that you can pay all your bills long term, provided they reduce your mortgage payments, to be considered. I would reccomend getting help with your budget before you apply again. Best of luck to you!

[Monnie]

There is hope everyone! I just want to say thank you to loansafe and all the advice from all the people on this board who have shared their stories. I just received word today that my loan modification has been approved at a rate of 4.75% for the life of the loan. I got the call today and I am still in disbelief at the rate. Jackie from AHMSI was tremendous, personable, and just outstanding! For all of you trying and working to get a loan modification there is hope and keep fighting.

[Moe Bedard]

Monnie,

That is great news congratulations!

[elpjohnson]

CONGRATULATIONS!!!! That's a great mod! Enjoy your family and enjoy your home!

[mistermister]

Congratulations! - that is great news.

Did they say if you have to pay any upfront fee or downpayment? Or does it begin simply with paying the new mortgage payment starting on Dec 1 or Jan 1?

Just curious

[acesfull]

Monnie

great news... enjoy you new found wealth and enjoy your home.

acesfull

[Monnie]

Hi Mistermister,

AHMSI took our past due 2007 property taxes, current taxes, and all unpaid payments, since August 08 and added it into our loan. When Jackie from AHMSI went over all the numbers with me over the phone and the breakdown she didn't mention any upfront fees, but I can tell you more once I see the actual paperwork. Our first mortgage payment isn't due to February 1, 2009. We should receive papers to sign on Monday or Tuesday. All of this has truly been a blessing and thing moved pretty fast for us. We were first denied in September for a loan modification, and then I just retried again and refaxed everything on October 30. On Nov. 5, I heard from Jackie and that's when she was very assuring that we could get approved. I sent an updated paystub on Monday, November 10, and then followed up with a phone call on November 12. Jackie then told me that everything looked great and that she would be in touch with me and that she had everything she needed. Then Friday, November 14, I get the call with the good news that we have been approved and at a rate of 4.75%. Even Jackie couldn't believe the rate that had been granted to us for the life of the loan. Whatever you do don't give up and ask for what you want and be specific. Again, I can't say it enough thank you to this wonderful informative website. Let me know if you need to know anything else.

[Coloradofury]

Monnie - How crazy - so did anything change in your numbers that lead to the new decision and awesome rate? I can't get over Andrea telling you ther was no way you'd get a modification and then just a short month later you received a 4.75 rate with no payments due until Feb.

Did you ever have your contract looked at for TILA errors? If you have any idea what might have changed the outcome - please pass it along!!

Anyhow - that is wonderful dream come true and gives so much hope to all those who are hearing that they should just pack it up. Best of luck to you and best wishes to long and happy life in your home!

[Monnie]

Hi Coloradofury,

Well when I refaxed my paperwork again, I updated some stuff to my hardship letter. Since Andrea had said that I really needed to find any type of work, and just get a job, I stated that I had been out of work since Januray and had been desperately seekig employment and due to the bad economy and millions of jobs being loss, that this was not an easy task. I also said tt my husband was getting a pay raise in October and another one in April, 2009 and I attached documentation showing that. So when Jackie from AHMSI called me she was saying that really she felt that the loan could be worked out and that the income really wasn't that far off and that my husband income should be enough to cover. I then told her that my SUV was due to be paid off in April 09 and that would be freeing up cash as well. This is when she said she wanted me to make the truck the priority in getting it paid off because the amount owed was only $4600 and I have 0% on it. She said so put your money towards the truck, and that way I will move your first payment out until Feb. 1. I was you can do that and are you telling me really to make the truck the priority and not the mortgage and she said yes. So I sent $1000 towards my truck and I let her know that the balance owed on the truck is now $3600 when I faxed the updated paystub this past Monday, and then this past Friday got the approval.

I know it's unbelievable that we could get this rate. I told some of my friends and they could not believe it. So don't give up, whatever you do or whenever they try to tell you no. There are ways for them to work things out for us American people!!

[DAVetran]

WOW, Great MOD......4.75, do the jig and the math, you will see 10s of thousands in savings.

[elpjohnson]

monnie.....

Paying off your SUV is really going to help you out in the long run....I am so happy for you....that is such a great mod! All I can say is WOW!

[Monnie]

All I can say is WOW too!!! Thank you to you all!

[acesfull]

Originally Posted by Monnie

Hi Coloradofury,

Well when I refaxed my paperwork again, I updated some stuff to my hardship letter. Since Andrea had said that I really needed to find any type of work, and just get a job, I stated that I had been out of work since Januray and had been desperately seekig employment and due to the bad economy and millions of jobs being loss, that this was not an easy task. I also said tt my husband was getting a pay raise in October and another one in April, 2009 and I attached documentation showing that. So when Jackie from AHMSI called me she was saying that really she felt that the loan could be worked out and that the income really wasn't that far off and that my husband income should be enough to cover. I then told her that my SUV was due to be paid off in April 09 and that would be freeing up cash as well. This is when she said she wanted me to make the truck the priority in getting it paid off because the amount owed was only $4600 and I have 0% on it. She said so put your money towards the truck, and that way I will move your first payment out until Feb. 1. I was you can do that and are you telling me really to make the truck the priority and not the mortgage and she said yes. So I sent $1000 towards my truck and I let her know that the balance owed on the truck is now $3600 when I faxed the updated paystub this past Monday, and then this past Friday got the approval.

I know it's unbelievable that we could get this rate. I told some of my friends and they could not believe it. So don't give up, whatever you do or whenever they try to tell you no. There are ways for them to work things out for us American people!!

Hi Monnie

Success stories like this one is in fact what dreams are made of. Its what proves that believing in God and ones self can do for us ALL. Monnie, enjoy and God Bless.
acesfull

[Maia7]

Woah, good work!

[Monnie]

Received paperwork to sign this morning regarding loan modification and everything is exactly the way Jacqueline explained. Good luck to you all that continue to seek help and advice!

[Monnie]

Hello,

My husband and I were approved for loan modification back in November and just made our first payment on Feb. 1. In Obama's new housing plan if your mortgage is more than 31% of your gross income then you can get help. According to my families income we are still well over the 50% mark, so my question is can I contact AHMSI and ask for another loan modification based on the Obama plan. I figured since I'm in California and my house is truly UNDERWATER, I may as well ask and get the lowest possible rate that is being offered and I read that that rates start as low as 2%.