Approved! In Trial Plan - Finally

[mmeisner]

It finally happened

After six+ months of calling, writing, faxing...I was approved for AMHSI's trial plan. I carry two mortgages, and they were able to modify the first (large) one. It went from $1400 down to $475!

I really can't believe it actually happened. I was pretty much about to give up and let them foreclose, as I had an interest-only mortgage with an ARM.

The turning point came when I called the main office and asked to speak with (forget the names but will find them...) the main people/bosses. They immediately put me through to my AM who seemed much more helpful.

Now as I enter my second month of the trial plan I feel great relief and satisfaction. If anyone want advice, or needs to know how I went about this, feel free to ask.

[Evan Bedard]

Hi mmeisner welcome and thank you for joining.

Congrats on your trial period thats a good savings!

Were you current on your payments when you entered the trial agreement?

[calgirl21]

Hi mmeisner,
Could you tell me how to prepare the financial worksheet? Deficit by how much? or Positive by how much? Also hardship letter?
I'm working on my now.
Thanks.

[Hank123]

Originally Posted by calgirl21

Hi mmeisner,
Could you tell me how to prepare the financial worksheet? Deficit by how much? or Positive by how much? Also hardship letter?
I'm working on my now.
Thanks.

If you're working on the Obama plan, that is based purely on having a hardship and gross household income so DTI doesn't really factor into it.

We had a surplus of about $500 per month based on our net income and from everything I've read on the boards here from people, they seem to be looking for about $100-$200 surplus, although I've read from posters where they've gotten an AHMSI modification with a small deficit. It might also depend on who your investor is.

If your pour through the AHMSI threads, you'll find a lot of helpful information.

Good luck!

[calgirl21]

What do you think of my hardship letter? Please make comment. Thanks.
We are writing this letter to explain our unfortunate set of circumstances that have caused us to become delinquent on our mortgage. We have done everything in our power to make ends meet but unfortunately we have fallen short and would like you to consider working with us to modify our loan. We would like to ensure you that our number one goal is to keep our home and we would really appreciate the opportunity to do that.
The main reason we have become delinquent in our mortgage payments is our unavoidable children expenses had been increased in the last few years because we have a new addition in our family, a baby girl. As the result, our debts had been increased. We had borrowed money from relatives to buy our house because we always wanted to build a home to raise our kids; and had borrowed some money after our second child was born for a few months due to maternity leave. In November 2008, my sister needed money because she got cut back on her work hours and requested a return from us.
Second reason, my husband’s income is reducing due to cutbacks overtime caused by downturn of the economy leaving us short to pay our bills. Soon after being late and our income not being nearly enough, we had fallen further and further behind. We are now trying to consolidate our debts into one account to reduce the monthly payment and cut back on all the unnecessary expenses. And also, we made payment arrangements and deferments where possible. We have every intention of paying what is owed, but at this time we have exhausted all of my income and resources so we are turning to you for assistance. >>
When President Obama announced the Making Home Affordable Modification Program we knew this was our chance to get back in a firm financial position but we need your help to make it happen! We believe that a loan modification would be a benefit to all involved. What we would like to propose is that our loan is modified by reducing our interest rate for 5 years to 3% or less and then making it a fixed rate of 5% or less, for the life of the loan and also reducing some of the principal would be ideal as well. We are hoping that by writing to you, this process can be expedited. We are a hard working family who enjoy our home and have worked hard to make it a beautiful, inviting haven. Please, please work with us in order to help us keep our home and meet our obligations. We are anxious to get this settled so we all can move on. We would be eternally grateful and appreciate your prompt response.>>

[lostnworried]

Originally Posted by mmeisner

It finally happened

After six+ months of calling, writing, faxing...I was approved for AMHSI's trial plan. I carry two mortgages, and they were able to modify the first (large) one. It went from $1400 down to $475!

I really can't believe it actually happened. I was pretty much about to give up and let them foreclose, as I had an interest-only mortgage with an ARM.

The turning point came when I called the main office and asked to speak with (forget the names but will find them...) the main people/bosses. They immediately put me through to my AM who seemed much more helpful.

Now as I enter my second month of the trial plan I feel great relief and satisfaction. If anyone want advice, or needs to know how I went about this, feel free to ask.

Can you provide further information on how you managed to get the modification approved and if you have any tips to expediate the process? Were you behind on your payments and did you continue making the payments for the 6 months you were waiting for the modification to get approved? I have seen blogs from people stating that they got their modification approved after only 1 week of sending in their docs. My negotiator told me it will take at least 30 days before she can even get to my file. I don't want to annoy her by bugging too much but we cannot handle the current mortgage payments and we are already 2 months behind. I have been told that I should continue to make payments until I receive the results of the modification but I don't know where we will get the funds. I was hoping for a quick review and approval (I was being optomistic) so we can start cleaning up our credit which sucks right now because of our delinquency. Any help is greatly appreciated.

[steves]

Congratulations! I'm glad that persistence can pay off.

I'm taking you up on your offer of suggestions for people having some challenges with AHMSI. I was given an offer by AHMSI. Instead of the payment going down like you experienced, they offered me payments that went way up from what I am paying now. I have an option arm so their offer to fix the rate was a good thing, but meaningless in my case since it means having to make a payment that's way out of reach. I started with Jeanne Drake, VP of Home Retention who sent me to an AM who gave me my offer. Do you think there is anyone else I could appeal to?

[waititout]

so we got our mod 3 payment package, our payment was brought down from 2,700 to 1450.00 but nothing was stated about interest rate or principal balance... oh ya, it's taken us 14 months (12 of which no payments were made) to get to this piont. what happens after 3 month trial??

[kymmer116]

Yay for your trial period approval! You will not receive any interest rate info until you've made I believe your second/third payment. Didn't your negotiator go over your interest rate etc? There is also a chance you may not get the "perment modification" it does seem that they are trying to getting things going though. Good luck!

[3BOYS]

waititout- did you made no payments for 12 months ?? y no set date for foreclosure?pls let mi know ???

[waititout]

ok, so i started the process on my own and was still making my payments back in 2008. I had been offered the 5 year plan mod. originally, but refused to except it. i attended a local foreclosure meeting, I think it was Hope for Homes, and as of oct. i was unable to continue making payments. i met a woman named Lynn with
Home Owner Task Force at the meeting and have been working with her ever since. No charge because of were i first met her... my second offer from AHM was for a fixed rate of 4.125%. again i thought the payments were too high but Lynn suggested i take the offer. about that time is when AHM started offering the Obama 3 payment trial plan. we resubmitted for third time and waited almost two months to hear back. i don't know what my principal or interest will be because i'm no longer dealing directly with my lender. Lynn may have had something to do with slowing down foreclosure process.