Loan Mod Success with AHMS

[Froxny]

Hi all, I'm new to this forum, but I have been following for a few months now. I must say I'm thankful for all the tips i got from this forum. I was in an ARM with an 8.3% rate which became very unaffordable for us very quick, what saved us temporary though was because I got deployed for a year in Afghanistan in 2008 so they temporarily dropped my rate down to 6% after my request as per the provisions of the SCRA. I got home in January 2009 and they extended the 6% rate for another year which I was truly grateful, however while that rate was really great, the company I work for started having financial difficulty because of the economy and started cutting back on salary which made it difficult again to make the mortgage payment despite the lowered rate. So I submitted a request for a loan mod in July to Jeanne Drakes office as was recommended on this forum and I had a negotiater calling me within a week. It took exactly 4 weeks from the time the negotiater got all the docs that was requested for me to get an approval of 5% fixed for the life of the loan with a balloon payment which is not due until 2036 which doesn't bother me at all because I'm sure I will sell, refinance or modify again way before that time. My mortgage is now $1200 less a month than I usually pay with the 8.3%. My advise is you have to be patient put persistent at the same time, it will happen.

[Evan Bedard]

Hi fronxy welcome and thank you for joining.

I'm glad that this forum was a help for you and your family. Congratulations! Your process went very smooth and fast, your right patience and persistence is absolutely key while going through this process!

[manlanbi]

Hi, hope you don't mind my asking- How long did it take for you to recieve your docs? Did they come through regular mail or via UPS

[Froxny]

After my negotiater got all the docs and tax info requested, she told me to call her back in a week for final approval, but the docs for me to sign came 2 days after she told me via ups next day air.

[manlanbi]

Thank you so much for sharing

[kalene348]

Thank you for sharing, Froxny. Your situation is giving me hope.

What was your very first step in the process? Did you email Jeanne Drake first with your situation and then provide all your docs after? Or did you submit all your docs with your initial contact with her?

Also, were you late on your payments at all when you started the mod process?

For the first time in 4 years, I'm late this month on my mortgage. I'm doing this in hopes that AHMSI will "notice" me, as I have already faxed in hardship letters while I was current and didn't receive any reply. I was laid off and unemployed for a year and a half but still struggled to make my mortgage. But now, even though I've found a new job, I've suffered a 35% paycut from when I purchased my home. My rate is set to adjust in August next year, so I figure now is the time to start taking this mod process seriously.

Any tips for a beginner like me would be very much appreciated, thanks!