We received approval and details today! - Loan Modification Forum

toughtimesin08 · 10-20-2009, 10:13 AM

Well, who knows how it will play out; but I did receive approval and details of our modification in an email from my negotiator today. She said it was in closing dept. now and they are waiting on paperwork to go out. It is an HMP Trial Plan with a graduated interest rate from 2% after year 5 to 3% after year 6 to 4% for year 7. Her email did not detail what would happen after year 7 but I assume it will cap at around 5%, but we will see when the paperwork arrives, if it actually does. I have been at this for over a year with AHMSI, so at this point I do not believe anything until the paperwork arrives (with no hidden details) and I actually sign it. It has been a very long tough road and I just wanted to post this update. It can get done for those of you just starting, but you better be prepared to be very dilligent, and patient at the same time. I think AHMSI is trying, and I know they have to deal with both their investors and the originators (frm, fnm, etc...) and it is a fine line to walk, but be prepared and stay on top of them. I'll keep everyone posted on how this progresses and if there are any trap doors when I get the paperwork. Also, if all goes well and I sign it I'll keep you updated on how it goes during trial and if everything gets implemented according to plan. Thanks and good luck to us all!!

ama125 · 10-20-2009, 10:18 AM

Congratulations on the approval!

Evan Bedard · 10-20-2009, 10:20 AM

Hi toughtimesin08,

Congratulations on the modification and please keep us posted when the paperwork arrives

toughtimesin08 · 10-20-2009, 10:26 AM

I will definitely keep you updated on what is happening, as I found this board invaluable in helping me navigate my way through this process. So it goes that I will do the same for others so that they can be aware of all aspects of how AHMSI handles and follows through on these trial plans. Thanks!

merlotfiona · 10-20-2009, 04:52 PM

I got a verbal approval with similiar terms as yours today.....awaiting the documents....will keep everyone posted!

Evan Bedard · 10-21-2009, 10:54 AM

Congratulations merlotfiona!

toughtimesin08 · 10-22-2009, 09:56 AM

I received my loan modification paperwork yesterday and everything appears to be in order. The loan terms are exactly what was conveyed to me in the email from my negotiator. After year 7 it is capped at 4.8%. There are no fees, which was great to see. The trial payments are 11/1, 12/1 and 1/1.
The late fees will be forgiven if I make all payments as planned. However, all missed interest payments will be rolled into the loan and added to my payment after the trial payments are completed. This will raise the total payment some, but not too much when factored over 30 years.
I can't tell you how relieved I am, and after emerging from a chapter 7 bankruptcy and this loan modification I am finally starting to see the light at the end of the tunnel. My life has been turned upside down this past year and a half, so I can relate to those of you struggling out there. I have worked hard to get back to a manageable situation, and you can get there. Don't give up and continue to work hard and have persistence and patience.
Good luck, and I'll continue to update to let everyone know how the trial period went and if AHMSI follows through on everything as documented. Thank you!!

BobandArlyn · 10-22-2009, 09:58 AM

CONGRATULATIONS TOUGHTIMES!!!!!!!

LONG BATTLE. Please keep us posted!

townie271 · 10-22-2009, 02:04 PM

Congratulations!!!!! So Happy for you!!!!! It also gives hope for the rest of us with AHMSI. Best of Luck!!!!

10-20-2009, 10:13 AM	#1 (permalink)
toughtimesin08 Member Join Date: Dec 2008 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	We received approval and details today! Well, who knows how it will play out; but I did receive approval and details of our modification in an email from my negotiator today. She said it was in closing dept. now and they are waiting on paperwork to go out. It is an HMP Trial Plan with a graduated interest rate from 2% after year 5 to 3% after year 6 to 4% for year 7. Her email did not detail what would happen after year 7 but I assume it will cap at around 5%, but we will see when the paperwork arrives, if it actually does. I have been at this for over a year with AHMSI, so at this point I do not believe anything until the paperwork arrives (with no hidden details) and I actually sign it. It has been a very long tough road and I just wanted to post this update. It can get done for those of you just starting, but you better be prepared to be very dilligent, and patient at the same time. I think AHMSI is trying, and I know they have to deal with both their investors and the originators (frm, fnm, etc...) and it is a fine line to walk, but be prepared and stay on top of them. I'll keep everyone posted on how this progresses and if there are any trap doors when I get the paperwork. Also, if all goes well and I sign it I'll keep you updated on how it goes during trial and if everything gets implemented according to plan. Thanks and good luck to us all!!

10-20-2009, 10:18 AM	#2 (permalink)
ama125 Senior Member Join Date: Jun 2009 Location: Reading, PA Posts: 1,492 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: We received approval and details today! Congratulations on the approval!

10-20-2009, 10:20 AM	#3 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: We received approval and details today! Hi toughtimesin08, Congratulations on the modification and please keep us posted when the paperwork arrives __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

10-20-2009, 10:26 AM	#4 (permalink)
toughtimesin08 Member Join Date: Dec 2008 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: We received approval and details today! I will definitely keep you updated on what is happening, as I found this board invaluable in helping me navigate my way through this process. So it goes that I will do the same for others so that they can be aware of all aspects of how AHMSI handles and follows through on these trial plans. Thanks!

10-20-2009, 04:52 PM	#5 (permalink)
merlotfiona Member Join Date: Oct 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: We received approval and details today! I got a verbal approval with similiar terms as yours today.....awaiting the documents....will keep everyone posted!

10-21-2009, 10:54 AM	#6 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: We received approval and details today! Congratulations merlotfiona! __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

10-22-2009, 09:56 AM	#7 (permalink)
toughtimesin08 Member Join Date: Dec 2008 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: We received approval and details today! I received my loan modification paperwork yesterday and everything appears to be in order. The loan terms are exactly what was conveyed to me in the email from my negotiator. After year 7 it is capped at 4.8%. There are no fees, which was great to see. The trial payments are 11/1, 12/1 and 1/1. The late fees will be forgiven if I make all payments as planned. However, all missed interest payments will be rolled into the loan and added to my payment after the trial payments are completed. This will raise the total payment some, but not too much when factored over 30 years. I can't tell you how relieved I am, and after emerging from a chapter 7 bankruptcy and this loan modification I am finally starting to see the light at the end of the tunnel. My life has been turned upside down this past year and a half, so I can relate to those of you struggling out there. I have worked hard to get back to a manageable situation, and you can get there. Don't give up and continue to work hard and have persistence and patience. Good luck, and I'll continue to update to let everyone know how the trial period went and if AHMSI follows through on everything as documented. Thank you!!

10-22-2009, 09:58 AM	#8 (permalink)
BobandArlyn Senior Member Join Date: Sep 2009 Location: Santa Rosa, CA Posts: 374 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: We received approval and details today! CONGRATULATIONS TOUGHTIMES!!!!!!! LONG BATTLE. Please keep us posted! __________________ __________________ Reps from loansafe needed for all states! If you are reading this thread, please join us in our effort to start mass campaigns on behalf of loansafe.org members. All ideas and input are welcome. See Thread title "Reps from loansafe needed for all states!"

10-22-2009, 02:04 PM	#9 (permalink)
townie271 Senior Member Join Date: Jul 2009 Location: medford, mass Posts: 56 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: We received approval and details today! Congratulations!!!!! So Happy for you!!!!! It also gives hope for the rest of us with AHMSI. Best of Luck!!!!

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