My HAMP Approval Sucks!!!

[vstopaz]

I got my HAMP approval in a month with not even as much as a phone call from anyone at AHMSI. Problem is that it reduces my payment by $160.00/month. My payment has to be $800.00/month less for me to get by. My question is, can I reject a HAMP modification and pursue an AHMSI modification? Also, from the time I submitted my original paper work, my income declined another 40%. I don't think they are working with the correct figures and they are not even calling me back.

[caldwellb02]

I'd resubmit. Call them and say your situation has changed, that the proposal cannot work for you. Resubmit. (I know that doing all that paperwork is a real pain - I've done it many times over myself). But don't take anything you can't afford. That just puts you back in the hole again real soon.

[julier883]

I would suggest that you advise your negotiator of your income change and see if the underwriter will change the payment in order to place you at 31% of your gross income. If they dont respond, I would decline the offer and start your process over again.

[vstopaz]

Thank you very much. I am going to contact them again. I was never officially assigned a negotiator, so I don't even know who to call. When I called the regular number yesterday they said the Home Preservation Department was handling my house and they gave me the extension. I guess I will start there.

Thanks Again!

One more question...how would I know if my lender filed a notice of default. I received a letter from an attroney in the mail that I had until 11/23/09 to cure the default, and then they would accelerate all sums due and payable under the note.

[MyHAMP]

Originally Posted by vstopaz

Also, from the time I submitted my original paper work, my income declined another 40%. I don't think they are working with the correct figures and they are not even calling me back.

I assume you informed them of that fact ASAP, correct?

That decline in income should bring your monthly payment down an additional $125/month.