I've been lurking on the boards for a while, working through my situation that has slowly come to a boil. I'm finding AHMSi difficult to deal with, more so in past months.
Here is my story:
I bought my home on an 80/20 interest only loan in 2006. I was able to get both loans modified in 2008 as the interest was about to reset, this process with AHMSi was actually easy.
Since that time, I was laid off and fell behind on my payments beginning last April. During this time I applied for HAMP. AHMSi lost my application over and over, and come July I was able to find employment again and so they denied the HAMP and asked me to apply for the Making Home Affordable program...and would I please send the paperwork in *again*. I've sent this same stack of documents five times. I dutifully sent the MHA application back in late August, registered mail.
On September 8 I called to confirm they had my application and wanted to find out if a negotiator had been assigned - I had paystubs from my new job and wanted to get that added to my file.
Well, the fellow on the phone informed me they did not receive my application (despite my confirmation of delivery) and my home had gone to "Active Foreclosure". I was devastated.
I called again this morning and asked if they had received my MHA application would I still have gone to foreclosure? "No" was the answer. So frustrating, I've sent this.
The details on my home:
281k - 1st loan @ 5%
67k - 2nd loan @2% ---great rates!
The home is worth 260k, if I receive a modification to bring the home current I will have to bring in all the missed payments plus their foreclosure attorney fees, which is 20k. This means I will owe 370k on a 260k house.
I am so at a loss as to what to do. AHMSi tells me I can still apply AGAIN for a Making Home Affordable mod but I am so confused. I feel like I'm making emotional decisions when I should be making business decisions.
Anyway, I don't know what I'm going to do. I feel so ill-informed and I don't understand the best path forward. I'm going to spend some time researching short sales, foreclosure, bankruptcy. I will document here what happens next.
Thanks for LoanSafe.org, I appreciate having a place to hear about others experiences. I feel like I might be able to get to a place of making an informed decision, hopefully.