Trial Period Questions and Woes

[brynne]

In our information packet from Ahmsi there was an FAQ sheet and these things concerned me:

1. They report you to the credit agencies as delinquent even if you make your payments on time.

2. The monthly payment could actually be larger than the original payment if you don't currently have an escrow account that covers property tax, home association fees, mortgage insurance, etc.

Is anyone familiar with these things? Has anyone been through the trial period?

Thank you so much!

[caldwellb02]

I don't know about #1, but #2 sounds like they are just covering their butts. If they require you to have the mortgage escrowed and you don't, and you already have a pretty low interest rate, I guess it could be higher..... but how crazy is that if you can't afford your payments now?

[brynne]

The thing is we have a high interest rate and not paid off any principal in the 3.5 years we've had the house. I can't imagine our payments getting higher than they are now and we don't have an escrow account. It seems kind of screwy.
Thanks for your response!

[jtmd99]

I got the same letter. What I believe they are saying is some homeowners do not make payments that include property tax, insurance, etc. AHMSI may modify the loan and include the property tax, insurance, etc into a single payment thereby potentially making the modified payment less than the original one. I do not claim to be an expert but that is how I interpret it.

[jieen1506]

I received offer from GMAC, customer service told me #1.

I think if you are not in default, should consider about this risk, ruin your credit.

[brynne]

There was some sort of weird little disclaimer that I didn't understand too that mentioned something about reporting you and then unreporting you to the credit agencies after the trial period was over.

Thanks for all the input. It really helps to be able to not going into this thing blindly. I appreciate everyone's comments. Thank you so much! Brynne

[jtmd99]

Originally Posted by brynne

There was some sort of weird little disclaimer that I didn't understand too that mentioned something about reporting you and then unreporting you to the credit agencies after the trial period was over.

Thanks for all the input. It really helps to be able to not going into this thing blindly. I appreciate everyone's comments. Thank you so much! Brynne

I thought it was strange as well.

[kymmer116]

I have heard/read both. I knew for sure they would report you as late regardless of on time payment for your trial period. It will take about 6 months to a yr for that to come off your credit report.

[brynne]

Is that legal? I can see if we're not on time why they would report to the credit bureaus but if we make timely payments how is that a credit risk?

[kymmer116]

Hi Brynn, can you tell me if you were told that even if you complete the trial period that you can be denied for perement assistance?? Our negotiator said NOTHING about this at all, just make all you payments durning the trial period then after that it will be perement. Now I'm VERY worried about this all over again. Also who was your negotiator and how long did it take for you after you got one assigned?

[brynne]

I haven't really been told anything yet, it's so frustrating. Our negotiator is James Brantley and the only reason I know that is because I called for an update and whoever answered the phone gave me the name. He also said they couldn't proceed without some more information, basically the hardship letter which I sent twice before. I've tried to call James Brantley but only get voicemail and no return calls. I just assumed that if you made your trial payments on time that it was a done deal. I don't blame you for being worried. I am too. If I find something out I'll let you know. B