HAMP program/ with AHMSI ??

[acesfull]

Hi All

Anyone here been approved or denied a HAMP program mod with AHMSI?
I have received a letter from AHMSI saying I may qualify for this program.
I need information from the great folks here on this progam before I attempt any mod. I am now 2 months behind on current mortgage. This mortgage was modified back in Dec 08.

I have lost about 30% of my income in the last 4 months. Work is slow.
At this point I will try anything to keep my home.

Should I try contacting the Loss Mitigation Dept/ Jeanne Drakes office or JiM Davis about this program?
I feel like I am at the end of my rope. I really had things under control after my first mod, but this economy is taken its toll on my finances.

I have so many questions. Thanks to all for your replys.
God Bless.

Acesfull

[JayBet98]

I am wondering the same thing. Am doing my research to possibly apply myself before I'm NOT current. Someone on here recommended it and I went to the website. I took the little quiz and appear eligible and it redirects you to a page where you can click on a pdf link for a form you fax in to your lender if you want to apply for it. It's similar but still different from the one on AHMSI's website, but I was going to use that one to insure they know I want to apply for the HAMP program.

Also, in Googling, I found the AHMSI "officially" signed on/committed to participate in the govt programs at the end of July, when they have been holding out all this time. I wish you luck...hopefully things are moving in the right direction for all of us!!!

[Hank123]

We were just denied under the program. I'm the only one on the loan, but they went by our combined monthly income and said that even though we're only paying PI on our mortgage, we're under 31%.

I'm wondering if this is correct and am researching it now. I thought for the front end they could only go by the borrower's income.

Can anyone offer any insight?

Thanks.

[JayBet98]

even though we're only paying PI on our mortgage, we're under 31%.

Did you mean interest only? I'm curious what you found out, because the HAMP website, and also someone on here told me you always have to include the principal, even if you're currently paying interest only.

I'm the only one on our loan docs too, and thought I could apply just myself, and not my husband. Keep us posted on what you find out!

[Hank123]

Did you mean interest only? I'm curious what you found out, because the HAMP website, and also someone on here told me you always have to include the principal, even if you're currently paying interest only.

I'm the only one on our loan docs too, and thought I could apply just myself, and not my husband. Keep us posted on what you find out!

Hi.

No, we're paying principal + interest (PI), not interest only.

From what I've read of the paperwork re: HAMP on HUD's website, they take "household income" into consideration for the 31%, so our negotiator is now running the figures for a mod through AHMSI.

[wonthefight]

I spoke to a negotiater about this and he explained that HAMP program goes by your gross income and not your net income.

[ekana777]

For what it's worth...hope it helps:

My story, as condensed as possible:

Bought in Florida 08/06. $465K. Nothing down. 80/20 loan through Option One (later AHMSI, of course). 7.5% ARM on 80, 12.5% fixed on 20. Stupid me, stupid bank...does'nt matter now...we're in the stew. Move forward. Began setting the stage in July '08 for a mod with AHMSI in anticipation of a potential layoff and a looming rate increase on the ARM. I was current, never late to that point. Got ZERO response.

LESSON 1: They WILL NOT acknowledge you exist if you are current. You must make the decision to go after a mod with all of the inherent consequences and stop paying, or get on with a short sale/foreclosure/some other plan.

I made the coice to bulldog it. I stopped paying in August '08. It got their attention. I began a process of calls/faxes/letters/threats (by them & me) and overall all-out warfare. Without rehashing details, if you have read any of the other accounts of dealing with AHMSI on this site...I did every bit of it and more.

LESSON 2: This is not for the faint of heart. Unless you have the tenacity, willingness and backbone to follow up EVERY DAY and keep detailed records, consider another plan or hire a reputable attorney.

Was denied a mod on 3 different occasions during Sept/Oct '08. Kept fighting & escalating the battle using every resource available (ie: call all of the "free consultation" attorneys in your area, search out sites like this one (the best I've found yet), ask questions of EVERYBODY...you never know who will come up with the next "best" suggestion, NEVER give in, never stop faxing/writing letters (forget calling...it's a waste of time and you'll have no verifyable record of the attempts you have made to reach a work-out when it finally goes to court).

LESSON 3: Trying to call AHMSI is a waste of your time. 'Nuff said.

October 15th 2008...the call came...lost job. Mod was actually in the works (hard to believe, I know). They tried to backpeddal but I kept after them to finish the mod. PLEASE NOTE: this worked for one reason only...I was put on a severance package that would continue to pay me as before for a period of time. Not everyone will have this benefit. Early November they approved a mod. The negotiator actually called me and said the following words to me, and I quote "This is our only offer...take it or leave it". I print this only to confirm the mind-numbing lack of professionalism and customer service at this pitiful excuse for a company.

LESSON 4: DO NOT take any of what you are going through with AHMSI personnaly. It will cloud your judgement and you will lose your focus

Mod docs came in November. 5% ARM on 80. 7% fixed on 20. Not bad for an amateur. Many were amazed that I got a mod out of AHMSI on my own...not me. Fast forward to April '09. HAMP program was announced in March. House sinking further underwater (current value...about $275K). WOW...I'm making payments on a house that I put nothing down on that has lost almost half it's value while property values continue to fall and I don't have a job and even if the market miraculously rebounded tomorrow it would likely be 30 years (aka...the rest of my life) before the home gets back even close to the purchase price...WAIT...what am I doing?

LESSON 5: Step out of yourself and look at the entire process as a business decision. Very difficult to take emotion out of it...but do it. It's a house...not your life. Stay rational.

After realizing and accepting that I could and would walk away if I had to, it was easy to take the next step. AHMSI needed to re-modify me to fit my current circumstances AND address their part in a bad business decision (ie: giving a 100% loan on a $465K house without any regard for a potential real estate meltdown...pretty lousy business planning, huh?). Stopped paying in May and began the mod process again. Was told "no 2nd mod within 12 months". BS, I say. The "old rules" don't apply. We are in unprecedented and uncharted territory. All bets are off. Throw out the "old" rule book and lets deal.

LESSON 6: Wake up. We are witnessing the biggest financial crisis, particularly in real estate, that this country has ever seen in terms of the sheer volume of it. New ground MUST be charted. DO NOT accept answers that begin or end with "that's how we have to do it based on our regulations".

I got calls every day, 2 times a day from our friends in Calcutta and Mumbai to make my payment until I invoked the hardship letter and told AHMSI that I wanted to be considered for the HAMP program. A program, by the way, that AHMSI DID NOT initially sign on to but, with pressure from the FEDS agreed to administer in July. All collection calls stopped. In fact everything stopped. No letters, no calls, no faxes, no response to my faxes/letters....WHAT IS GOING ON? Well, last week I got my notice that I MAY qualify for the HAMP program and all previous mod offers would be pulled (not sure what this means at this time) and that all foreclosure proceedings would be put on hold until it was determined if I qualify. Letter also said that if I do not qualify for HAMP I would again be considered for another AHMSI mod. I am in the process of pulling together the required docs and have until 9/21 to submit with an offer to "call if I need more time". I won't call, but you can bet I'll fax and write for additional time...the one commodity that is ALL in my favor.

FINAL LESSON: Time is your friend...especially if you have reached the point of not paying and accepted the road that puts you on. The longer you can live in the home without paying, the better. You don't even need to think about that. Understand this: Every day that goes by without AHMSI receiving a payment on their mortgages they are not fulfilling the demands of their investors. As that scenario unfolds and the home values continue to fall, there will have to be a day of reckoning. AT THE END OF THE DAY, THE HOME WILL ONLY BRING TO THE INVESTORS WHAT THE CURRENT MARKET VALUE IS. If that value is going down, they will want to stop the bleeding sooner rather than later. A foreclosure would fall into the later category because it WILL TAKE A VERY LONG TIME IF YOU EXERCISE EVERY LEGAL OPTION TO STALL IT. So, keep at at it and MAKE them negotiate with you. I'm hearing "they won't do principal reduction". I say BS. What do you think it is if they have to take a sale of $250K on a $465K investment? AND...with all of the expenses to carry the home for however long it takes to sell, they'll get even less. I say, knock off 40% of my mortgage to cover your part of the stupidity of WAY over-finanacing a home and lets set up a plan that works within my means for the remainder (a fair and equitable market value) so that I can pay my share of the mistake. Hey...isn't that what the HAMP plan REALLY says?

Last note: Go to the HAMP site and download the program. It outlines every detail and spells out what the mortgages companies are REQUIRED to do if they have signed on to administer the program. This should be your Bible.

Good night, and good luck.

[acesfull]

Ekana777 Thank you. Your post has inspired me to go ahead and take the bull by the horns so to speak. I will not take no for an answer.

The we can't do another mod for 12 months and the we don't do principle reductions is bull. I will hold out until they work out a better deal for me.
From what I've read, in my State of New Jersey, I could possibly live here another 16-18 months without making a payment. I do not want to do that but I will if need be. I will exhaust all my legal avenues from getting postponements of court dates to asking for the lender to Produce the ORIGINAL NOTE, to accusating the lender of violating the truth in lending act. TILA.. By appraising my home for $410k 4 years ago. now the home is worth maybe $290k or $300k. I owe $369k.

I am going to request AHMSI to either extend my term to 40 or even 50 years. And reduce my principle balance to reflect the current market value of my area. My interest rate is good at 5 % but another drop would help.

Like you said the longer the process takes the more reason they would have for agreeing to do a mod. I intent to stretch the time as long as I can. If they see no money coming in and the property losing value anyway, it would seem a no brainer to give me the mod.
This darn economy has forced me to take yet another cut in pay.
I am still working and I am grateful, alot of my co-wokers are collecting unemployment. I just need some help from my lender until this darn economy turns around. I don't want to lose my home and I will go down fighting. Thanks to everyone for listening.Ekana777 much thanks to you for letting me see the light. The fight is on.
God Bless,
Acesfull

[ekana777]

Acesfull, Remember....you must pay attention to detail and document everything. DO NOT accept any verbal commitments from AHMSI. Also, watch for them pulling the "fast one" if and when you do get an offer to submit for the HAMP program.

For Example: In their packet of docs for the program, they snuck in a form called "Release Authorization". It's basically a "carte blanche" for them to do anything they want in terms of digging into your business. THIS IS NOT A REQUIREMENT OF THE HAMP PROGRAM. They know this because it's not on the "check list" of documents you need to send back for HAMP consideration....but they likely will get it back from most people who will simply think it's part of the program. By allowing them full access to everything about you unconditionally, you may weaken your position if and when you finally wind up in court. As I suggested, pull the program outline off the government site or contact them at their support e-mail (support@hampadmin.com). Be informed.

If you can stall for 12-18 months you win! I don't know what your mortgage payments are, but let's say they're $2k/month....that saves you $36,000 over 18 months....a nice down payment on a house that will be at the current market value rather than sinking more money in your up-side-down house. Like me, I'm sure you would rather stay in your home and avoid the major disruption to your life, but it makes no sense if they won't reduce principal to continue to pay down on your current home when you could walk after 18 months and buy a similar, OR BETTER, home for half the price.

Good luck and FIGHT HARD!

PS - Don't let yourself get caught up in feeling bad about not paying your mortgage. I ALWAYS paid in full and on time for 20 years and took pride in that fact. However, times have changed and the enemy is playing hardball. They have no morals, no rules, no courtesy and only one goal.....to MAKE MONEY ANY WAY THEY CAN. They are not your friend. They will lie, cheat and steal. You'll need to be better at it than them.

[acesfull]

Hi All

Ekana777. I hear you. I intend to stay a few steps ahead of them.
I believe my biggest road block will be that my sole income is paid to me in cash. I know this is going to be a rough road to ride. My employer pays me X $ weekly in cash. I have no w2 or pay stubs, so my situation is very unique. I am trying to put all the cash in bank accounts to show some income. All my other accounts, health ins, CC , car etc are paid.
I just need to convince them I can pay with a mod.
Here is my proposal to them. I am awaiting there reply.

1- Reduce principle by 25%
2- Extend the term from 360 months to 480 months
3- reduce current interest rate from 5.25 to 4.75%

With this arrangment my payment will be reduced from $2700.00 to $1965.00 per month. Taxes and home owner insurance included.

I can handle this. Now just need AHMSI to sign off on my proposal.
Thanks to all.

Acesfull

[ekana777]

Acesfull,

Watch for them trying to structure a deal that has a "back end load". They may try to tack a balloon payment on at the end of the term or whenever the house sells to try to recoup their principal. Whatever deal they offer, I would run it past a GOOD real estate attorney before you sign anything.

Good Luck.

[acesfull]

Hi All

From everything I have read and researched, I definitly will not qualify for a mod under the Hamp or Obama plan. The reason is simple and I am sure others have the same problem. I do not have documented income. I am not a W2 employee. I have no taxable income of record. This is creating a problem. No paper trail. But what can I do? My employer pays me in cash so who am I to argue. Its that or no job and no income.
I will need them AHMSI to create or do an in house mod.
I will swear under penalty of perjury that the facts, income amount I submit is correct and true. What else can I do?
In the mean time I will start depositing my salary in a checking account so that they AHMSI can at least see that I am earning some money.
I have also taken on a tenant at $600.00 per month, so hopefully this new income will help.
Anyone have any other suggestion or comments on my situation?
Hi, Ekana777. Are you making any progress with your Mod? Please keep me posted.
Thanks everyone.
Acesfull

[acesfull]

Hi All

There is no way I will qualify for HAMP.

Has anyone here been denied for the HAMP, then tried for a Traditional Modification with AHMSI?

Thanks

acesfull

[annat]

Hello,i was denide for HAMP because i have more than one house and negotiator used my rental income in additional to my income even my rent hardly cover mortgage payments,so my payment bellow 31% and i wasn't qvalify for HAMP.I contacted the VIP team,was given another negotiator and she told that will try traditional mod .Ihave been asking for help/mod for 10 months now,first 5 months they told me that my investor Deutche bank does't allow mod at all.....I got my forclosure papers,found this forum which i very thanksfull,contacted tons of organizations,includes NACA,finaly postponed forclosure,denide for HAMP and offered traditional mod...They couldn't do it 10 months ago when my hardship started?Anyway,my negotiator told me that 1st year will 2% which is about 48% of my income,2nd year 3% which will be more than 60% and 4th year 4% with payment of 70%.... But,you will make 3 payments ,and only after this period you'll get permanent mod.She(negotiator) told me:Today is October 14 and i will drop the mod documents and you need to return them by October 28 signed with payment.When i ask if she will send overnight,she told NO regular mail,so i answered that i will be not able to returned it on time.SHE told me :you will not tell me what you are able and what you are not!!!!!!!I want to safe my home,i swallow it.Slept night,thougt to get these documents and go to attorny because she offered me payment of 60-70% of my income?!But in my situation time is sensative,originally my forclosure was September 25.I decied to call/fax to all provided on this forum phones (THANKS )I spoke with MICHLE(not sure if spelled right)He brought my negotiator on line and she was mutch nicer!!!she agreed to reduce my tryal payment to38% and send it to me with overnght mail.I got them on next day.I am very hopefull and scared the same time.Some people turned down even they did tryal payments on time...Still have to spend 3 more months of the life hopping and fighting...Good luck to everybody!

[hucordov13]

Hello all,
need your advice:
I was approved for a trad. mod about a year ago, however I am being laid off of work coming June 30, 2010 leaving us to rely only on my husband income. I am trying to figure out if we qualify under the HAMP program. Here are our monthly expenses:
1st Mortgage 3000. ( we owe 480k)
2nd Mortage 676.35
Insurance-57.00
Credit cards/loans: 1930.00
Car Payments: 1290.00
Other(dental, educational expenses, day care, food, utlitiies, car insurance)
1500.00
Total Debt/Expenses: 8453.35
Total Gross Income: 7000.00
Never been late on any payments.
ques#1- will we qualify under this program?

[Cleclan]

It is hard to say for sure if you would be approved for a HAMP modification but based on the numbers you submitted your Principle, Interest, Taxes and Insurance payment should be around $2,200 a month under HAMP. The biggest challenge you will have is once you are unemployed the lender can not use unemployment to establish income. You will need to show income to qualify for a modification either as a traditional modification or a HAMP modification. I suggest you submit the documentation now while you have income and send updated documents when you receive your last paycheck. The documents you submit can not be older than 60 days at the time your paperwork is reviewed.

[kimbermort]

As we know mortgage companies will do whatever they want while one quailfies one doesnt for hamp its so hard to say , they are the blind leading the blind ...sorry . but its the truth , everyone tries to get involved in the statistics of the program and the bottom line its left up to them to follow rules or not crazyness. Apply and pray cause that is all we have .......

[hucordov13]

Thank you for your responses. do you know if hamp works with both 1st and 2nd mortgages? if so will my payment need to be at 31% for each of the loans?

[Binportrepublic]

Hi All..I'm new to the sight and grateful to have found it! My husband and I have been running 30 days late since Nov. of 2009. We've gone through everything to make the payments. I have always kept in touch with AHMSI. They've called every few hours each day and when we'd answer, they would apologize and say "sorry it's an automatic redial?" Point here is that this is the most confusing thing I've ever came across to date. Back last fall, when I finally got in touch with someone who spoke english (no offense) I asked about the making home affordable program. They told me what I needed to provide and I did so, three times. Never heard back from them. Finally I gave up. ( about mid April the phone calls stopped) About April the 19-th. I received a 'notice of intent' for the third time. I called them and made arrangements to make the next payment as early as I could for march. I did quick collect b/f the end of April (for march payment) On May 6th I get a phone call from AHMSI (not the home retention dept. ) A negotiator Mr. John Carter, told me that he was calling to let me know that we may qualify for a loan mod. I explained that I had already applied three times and heard nothing back. He didn't sound surprised, infact he told me that it was his job to call and offer it to me. He explainded that since our loan is conventional a 'private investor' would have to approve it and that they did participate in HAMP or any other government program. I asked specific questions and he answered them, however I faxed over the info he needed the next day. Mr. Carter gave me a extension for him. Made me feel at ease. He had promised to call when he received them. After the weekend and Monday passed I called him, no answer, left message, no return call. Tuesday I call the main line and spoke with a woman and asked her if she knew how I could reach him, he didn't seem to respond to my calls and emails (two) she said "hold on I can see him from here" Mr. Carter then answers the phone, says he didn't receive the papers. So I refaxed them, again he promised to call when 'they came across' Guess what? no call back AGAIN! So I called his line and told him that I was going to just fax them again until I heard from him, letting me know they had arrived. He called back in less then ten mins. He was very nice, said that it would take about a week for him to review and he would let me know how it worked out then would send to investor for approval ..and we should know something by end of 2 weeks. I asked the neg. how does this work? would he forward the info even if it looked agaist our favor. He said "NO, this is my job and I would never send anything over to the investor that wasn't poss, b/c it looks bad on me. I thanked him and waited. About 5 days later I received the letter in the mail saying that I made be eleg. for a mod. with Mr. Carters ext. on it. Thought this was a good thing b/c I've been reading that if you are within the limits of a mod. the mortgage co will send you a letter if they are wanting to help. I got a call from Mr. Carter yesterday, he stated that he got us approved for a 'trial mod'..At a rate of 5 percent. Current is 6.625. Originally it was 2 1/2 to 3 to 5(that he was offering)..now we don't qualify for that but at 5, so sounds great to me. But the amount of the 3 month trial is clearly NOT 5 percent. It's decreased by almost 1,000 dollars a month. I asked all the questions I could think of, again thanked him for his time and he repeated to me the same thing he did before (call anytime & ask questions )..He told me to expect and email from him to sign and send back. Upon reading the email it souned NOTHING like what he had said on the phone. My husband and I are calling on Monday to try to reach him..the 3 month periond begins 6-18 to 7-1 then 8-1. (not three months) however the letter is very scarey, and confusing. It sounds more like a re-payment plan and talks about accerated loan and if we dont comply they will start foreclosure proceedings without further notice. I'm not but just over 60 days, if I follow this letter, and they deny the perm. mod I'd be 5 months in the arrears.?? Can anyone relate to this?? Sounds to me like a way to get money for past dues. does this sound familar? I even asked the man 'was there any hidden surprises I needed to know about"..he kind of chuckled and said "no, do you want there to be one" Very pleasant to talk to ..but I feel as though what he stated on a recorded convo and the paper are 2 totally different things. He told me that it would be a 'fresh start with lower payments. He came right out and said if you make these payments we will send you docs in August to sign and send back. Upon reading the email, it's quite clear that there is NO gaurantee for a perm. mod. I checked our AHMSI account page and already posted was a 'promise to pay' amounts for three months, but the dates were different. 6-25 7-25 8-25 Anyone have any insight on this situation? thanks so much for such an informative website!!

[Cleclan]

Hocordov13: YOu have already found the answer to your questions but HAMP only applies to 1st mortgages. Traditional modifications (non HAMP) should be available for the 2nd.

[DaveGB]

I was foreclosed on in 2006 and 2 days before confirmation of the sheriff's sale I filed a Chapter 13 and through a series of maneuvers and re-filing of a Ch7 and another Ch13 have been able to stay in my house.
A few months back AMHSI (which purchased the loan through Option One after the judgement of foreclosure) requested and was granted a stay from the "relief" granted by being in a bankruptcy.
I recently received a HAMP packet from AHMSI and need to get it back to them ASAP in that my house has been scheduled again for sheriff's sale.
In the past few months I have been able to find work that is bringing in enough income to meet a monthly payment, but I need to somehow have my mortgage modified and/or re-affirmed so I can resume my life.
So my question is ...what kind of numbers are they going to want to see to approve a modification whether it be through the HAMP program or an in house modification?
The work I am doing is largely cash so I can slide the numbers a little one way or the other so they will fall within the correct ratios. I do work for one company that has been paying me around $1700 a month with no taxes taken out.
Here is a little of my information.
Amount owed is around $75,000 which is what the original appraisal of 12 years ago was for. Original term of the loan was $400/month 12.25% int.
So in order for me to have what is now a $75,000 loan modified and re-affirmed, what are they going to want to see as my income?
I'm looking for some numbers/ratios like traditional lenders/underwriters use? It is possible to have someone sign (like a co-signer) to "guarantee" the note?

Also, I had read here that someone had used a "mortgage advocate" to help in dealing with the mortgage company who was stonewalling

Thanks so much

[izzie]

Hi! They will want your bank statements (6 months of them) to see what is going in and what is going out! And a Profit & Loss statement for last 3 months! (I'm assuming you are self employed). Hope this helps and good luck to you!
izzie

[Melina]

I applied for HAMP with AHMSI after being granted a 3-month HAUP forebearance (I was unemployed for four months in mid-2010). Although I was told that my DTI was too low, AHMSI turned around and offered me an insulting in-house modification.

This in-house modification's monthly payments are 1/2 of my monthly take-home pay. I am also being asked to pay over $10K in late fees, although I have attempted to make monthly payments after the HAUP forebearance, but was told I couldn't make payments as I as "in modification".

At this moment, I can either take their ****y deal or accept the fact that they may foreclose if I continue to ask for lower monthly payments. I am in Texas, a non-judicial foreclosure state, so I don't think I have any legal comebacks here.

Attorneys here only want to help me declare bankruptcy, but I don't have a lot of credit card debt (about $3k) and want to stay in the house. I just find it repugnant that AHMSI refused my payments for six months, and then turn around and charge me over $10K in delinquency fees while offering a mod plan that runs a high risk of failure. Once I have a major expenditure, I'm going to fall behind, and then it's all downhill from there.

My plans are to pull out the RESPA Part 6 and "show me the note" defenses while I look for an attorney who can help me obtain a fair mortgage payment. I'd rather pay an attorney a few thousand, than to give over $10K to Wilbur Ross and Co.