3 Months in with AHM.... Please help!

[luckynumber7]

Hi Everybody,

Great forum and wonderful info on here, keep up the great work!

Here's my situation. I have an adjustable 5 yr arm that is up in September. The rate is currently 5.5% interest only and is tied to the Libor index. I have an ex-wife who resides in the home and a divorce decree showing it is her responsibility to pay the 1st mortgage with AHM however it is solely in my name. We are and have always been current on the payments however money is now getting tight for both of us and she is now no longer able to continue at this pace. To make matters even worse, the 1st loan is $320k and the 2nd is at $75 with another bank. The home is valued at around $225!

I started the process with AHM in the very beginning of April. I sent all of the documents they asked for and based them all off of my ex wife since she is the court ordered payee of that mortgage. They told me that was fine and to include the decree in the paperwork. In mid-May they informed me that I was assigned an negotiator and that I needed to call back every week for updates. So I did, and everytime I got the run around that they were severely backed up and that it would take some time. The beginning of June I called and they told me I had a $95 fee on my account. I asked why and they told me it was the appriasal fee and that once I was assigned a negotiator that they would discuss it with me. I said, I thought I already had one and they told me no, that's just who you might be getting in the future.

My concern is that it seems like because I'm not late and becasue I'm not adjustable until September that I'm getting the run-around. Is all of this normal? Should I be paying for the appriasal even though nothing has been done? Please advise with any experience in this process!

Thanks in advance,

Joe

[Evan Bedard]

Hi luckynumber7 welcome and thank you for joining the forum.

My concern is that it seems like because I'm not late and becasue I'm not adjustable until September that I'm getting the run-around. Is all of this normal? Should I be paying for the appriasal even though nothing has been done? Please advise with any experience in this process!

Most of these lenders are just overwhelmed with mod requests and it does seem like people are getting the run around. But as long as you stay consistent and don't give up you should go far. As far as the appraisal many times lenders will perform one while going throught the mod process. But it seems to me like some people get charged and some dont, weird...