Second Modification?

[acesfull]

Hi All

As anyone here at Loansafe been given a second modification? As anyone tried for another? I am afraid that I will need more help from AHMSI if I am going to be able to keep my home. My monthly income has been cut again about 20% since my Dec 08 mod. I am 2 payments behind right now and I am stressed out.

I was thinking if I should present AHMSI with my hardship info and try to get some different terms on my loan. Like maybe a 40 year term with a small principle reduction. I have heard that they are not doing principle reductions, but it maybe my only hope of keeping my home.

Current balance is $365000.00 Current value is about $310k maybe less. My interest rate is fine at 5% so I don't think they can help me there. Also this Hamp program will not help me, I don't have documented income. My employer pays me in cash. So I am in a tough position.

This economy is hurting my ability to earn. I am in the home building business and it is just very slow right now. Trying to get part time work but no one wants to hire a 55 year old.

Anyway does anyone have any ideas for me? Should I write to Jeanne Drake and Jim Davies and see what they have to offer?

Please advise and thanks for listening.

God Bless to All. Things will turn around.

Acesfull

[Moe Bedard]

Hello!

I have seen quite a few 2nd loan modifications and also denials. Depends on the lender and your true ability to pay over the long term. This is something you need to look at and also develop a back up plan in case the worst may happen.

I suggest learning some online skills like starting your own websites, learn how to blog, internet marketing etc while you do everything else. This can be one of your back up plans. It is not going to get easier in these tough times and online provides a place to learn and earn 24/7. It took me 2 years, but now I can afford to support myself and family from my websites. Just a thought

There are no easy answers. Only possible solutions and back up plans. Keep the faith and I wish you the best!!

[GabiS]

I was told by Amercian Home Mortgage they will only grant a loan modification every 12 months. I recieved a loan modification in March of 2009, AHMSI gave me a four step loan with a starting interest rate of 2% and capping at 5% in the 4th year. It was a good deal.

Due to my divorce two months later I asked for a balance reduction or second modification since I could only make half the payment, I was denied since they had granted a loan modification in the last 12 months.

[wonthefight]

I don't know but it may depend on your investor...I spoke to AHMSI and they explained that I could apply for a HAMP loan modification because my loan payments even after the modification is still 45% of my income(just received the modification in June). I still think that it is ridiculous that the investors are not willing to make modifications that are truly going to withstand this economic storm that we are in.

Especially since so many homes are underwater in value it should be a win/win situation for the homeowner and the lender to create terms that will keep homeowners in their home for the longterm. They are still tacking on fees etc onto our balances causing our loans to go even higher. This is absolute insanity. If homeowners do decide to walk the banks will lose and like someone mentioned in another post they will have to sell foreclosed homes and lose money anyways. So I am not sure what is the sense in them playing hardball when it comes to principal reductions.

[acesfull]

Hi All
I am awaiting word om my mod. I fear it will be rejected because I do not have proof or any documented.income. My employeer pays me in cash. Yes cash $1250.00 per week.
I needed the work. It was take the pay cut and stay and work for less money.
I took the money. However my pay fell from $1650.00 per week to my current $1250 per week. I am seeking a principle reduction at this time.
I will keep you posted on my progress.
Thank you,
Acesfull

[acesfull]

Hi All

AHMSI is offering me a HAMP mod, the paper work came today.

Because I do not have documented income I fear I will not qualify.

Do you think they would accept my income statement if I Swear Under Penalty of Perjury? An get the statement notorized? I am between a rock and a hard place.

Please any suggestions.
Thank you in advance.

acesfull

[acesfull]

push for more imput.

thank you.

acesfull

[lennox]

Their paperwork will take a bit of time, and since we're so close to the end of the year, you could just send them your completed 2009 tax returns in early February which lists your earnings. I would think they would accept that. Also, since AHMSI requires the last banking statements, those too, should show your regular deposits.

Take care.
T

[elpjohnson]

Hey Aces.....it's been a long time since I responded to one of your posts but life just caught up with me. I'm a grandma now and am doing okay. I too, am seeking another modification through the HAMP program because my husband injured himself and is now on worker's comp. I just wanted to say HI!!!! and let you know I'm praying for a positive resolution for you and your family!

God bless and it's nice to see you again!

E

[acesfull]

Hi Elp

Sorry to hear about your recent set back. I pray for you and and a quick recovery for your husband. So you are a Grandma.. Great God Bless. Elp we will get thru this setback. Hang tough and God Bless. I will look for your post and keep up on your progress. Take care and God Bless you and your family.
Acesfull