Option One/AHMSI Wells Fargo Investor

[eshannon]

Here is my attempt to get a loan modification done.

This letter was sent to Jim Shaw SVP, Jeanne Drake VP, and an e-mail sent to Fabiola Camperi VP of AHMSI:

I am writing you this letter in my plea for your help.

The AHMSI customer service representatives have unscrupulously altered my income to debt ratio on various occasions to provide me a loan repayment plan with a large sum down and high monthly payments. That solution certainly would have set me up for failure.

I have exhausted every effort to work with AHMSI to keep my home out of foreclosure. After contacting HOPENOW counselors, I was advised to seek a loan modification. The documents were submitted on July 25th, 2008 and after numerous follow-up calls were notified of the denial on August 5th, 2008. Reason given for the denial: Wells Fargo is not willing to do any capitalizations at this time.

My loan originated from Option One, it’s my belief that my rights as a consumer have been violated under the Truth in Lending Act ("TILA") and the Real Estate Settlement Procedures Act ("RESPA"), I have already contacted legal counsel, Oklahoma Attorney General, and “In your Corner [KFOR TV]” in hopes that a loan modification can be worked out to both parties satisfaction.

In summary: Our number one goal is to keep our home and we would really appreciate the opportunity to do that. I am requesting a Loan Modification: (1)Revised interest rate and term reduction, (2)Arm freeze modification, (3)Interest only loan, (4)Capitalization on arrearages.

Contributing factors to our delinquency: High cost of living, decreased sales effecting commissions, and our current Arm loan at 11.656% annual rate.

[eshannon]

Just got off the phone, AHMSI is telling me that my investor is ABFC 2006-OPT3

Anybody know who this is?

[Moe Bedard]

Yeah..........that is Asset Backed Funding Corporation.........and they are not an investor........they pool the notes..........and in this pool it might either be Wells Fargo or Bank of America..........if you are seeing Wells Fargo on some paperwork that you received then that very well could be the investor on your loan.

[eshannon]

AHMSI rep also told me that I have to enter a repayment plan before they would consider me for a loan mod. The kicker is that the repayment plan must be completed first.

Not sure what to do at this point......

[eshannon]

***,

The block letter from the attorney had Wells fargo as the investor.

Thanks for the reply............

Anybody have any other ideas to get this Loan Mod done?

[Moe Bedard]

You have already taken the necessary steps to escalate your request............now it is a waiting game...........
Wells Fargo is very difficult to deal with.........so once you make contact with one of the VP's at AHMSI..........stay on top of them for the mod..........

[eshannon]

***,

Per my letter, I was given a denial on August 5th, 2008. Reason given for the denial: Wells Fargo is not willing to do any capitalizations.

None of the VP's have responded to my faxes or e-mails.

[vstopaz]

I did some research to get more names for ABFC and who is in charge. Hope this helps.

Rodney A. Smith - Vice President of Investor Accounting for ABFC 2006-OPT3
6501 Irvine Center Drive * Irvine * California * 92618 * (800) 704-0800

Daniel B. Goodwin, the President of Asset Backed Funding Corporation

c/o Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices of the issuing entity)

(410) 884-2000 Telephone Number

Customer Service - CTSLink
Wells Fargo Bank, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
www.ctslink.com
Telephone: (301) 815-6600
Fax: (301) 815-6660

[eshannon]

My original loan was with Option One, which was sold to AHMSI. We were told that the investor was Wells Fargo.

I started the loan modificatiion process on 7/25/2008.
Received a denial on 8/5/2008 Reason given for the denial: Wells Fargo is not willing to do any capitalizations at this time. Our account has not even been assigned to a negotiator.
After utilizing the information from the loansafe boards we were succesful in getting a Customer Advocacy Specialist to help us. We wre told that Wells Fargo is no longer our investor, and that Bank of America is our new investor.
Has Wells Fargo sold some of their loans to Bank of America?
Anyway, our loan modification documents is being submitted for approval on Monday.

[eshannon]

I wanted to provide an update, and I believe some critical information for those looking for help. My Loan Modification is being reviewed this week by the review board.

Here are my recommendations:

Process steps:

1. The main goal of the AHMSI representatives is to get you into a forbearance agreement. If you cannot afford the payments: Do not enter into the agreement. Customers that are delinquent in their payments have a higher priority on loan modifications in my opinion.
2. The key is to make contact with someone within the Homeownership Preservation Office-OCA (800) 505-3706
3. Hardship letter: There are examples on this website; however, I would recommend that within the first paragraph state what it is your requesting. Example: Rate / term reduction, rate freeze, etc………………………….
4. Have prepared: W2’s, Pay stubs, and a debt-to-income worksheet. Again can be found on Loan Safe website. Here is the one of the critical points, debt-to-income most show a surplus. They can not modify if there is negative value. Lets be honest, if you are income is less than your debt load no financial institution will be able to help you. I would also recommend that you are economical with the truth when completing the debt-to-income worksheet: They do pull a credit report to verify loan payments, and also utilize calculations on other expenses based on the number of dependants.
5. Request a QWR in writing via certified mail: This is important; if for some reason your loan modification is declined this will be your next course of action.
American Home Mortgage Servicing Inc.
Customer Correspondence
P.O. Box 631730
Irving, TX 75063-1730
Phone: 877.304.3100
6. Homeownership Preservation Office can only modify loans based on the Investor criteria’s. Not all Investors are allowing modifications. Find out who your investor is and their guidelines.
7. Here are my personal comments: Always be persistent, but keep in mind that there are hundreds of thousands of people in similar situations. They are working as hard as they can to help as many people as the Investors will allow. Be patient, the process is 60-90 days. Always be polite, and provide them with the information they request on a timely manner.

Jeanne Drake VP-AHMSI Homeownership Preservation Office
Her team is outstanding, Amy Sessner Macedo: Homeownership Preservation Specialist, she is a very compassionate person and is willing to help.
Disclosure: Ms. Drake and her team can only help you through the Loan Modification process; they do not provide the approval.
Hopefully by the end of this week we will have a successful Loan Modification.

[eshannon]

Please move us over to success; 5% fixed rate for 30 years.

Just got the call: Hooray!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!
Documents will arrive tomorrow by UPS………

My only other recommendation is to not utilize a cookie cutter approach on your hardship letters, faxes, and any other communications. Be original and allow your individuality to shine through. I was told that they receive the same [text/ verbiage] on the hardship letters, faxes, and e-mails. It seems that it’s being originated from the same people.

[eshannon]

I wanted to thank loansafe.org and its members for providing me information to this successful outcome.

Thank you

[caligirlsteph]

Congrats to you!!! Good job!!

[TXHomeowner]

That is wonderful news! Congrats!!

-TX

[vstopaz]

Good for you! I hope I receive the same news soon... Congratulations!!!

[vstopaz]

Your success actually makes me very hopeful. I was denied back in June saying my investor doesn't do modifications at all. Then when I called this past week, they told me that they do modifications, but they don't capitalize arrearages. Well, I am not in arrears yet, but come September 1st (tick'tock), i WON'T be able to make my payment. It will go up $1,700.00 a month. So I'll bet I have the same investor as you. Can you tell me if you were behind when you started?

[eshannon]

Yes, 2 months behind.

[elpjohnson]

Congratulations!!!! I just got my mod for 6% fixed forever too!

[Moe Bedard]

eshannon,


Did you receive your docs and do you have any questions on them?

[eshannon]

Received docs yesterday, they seem in order.
Can I send them to you for review?

[TXHomeowner]

OMG Erika!!! That is SUPER DUPER WONDERFUL news!!! YAAAAAAAAAAAAAAY!! Congratulations!! I am so happy for you!!

-TX

[mustangpg]

Finally Erika!!!!!! That's awesome news. I hope you feel the world on your shoulders just drop off.

[vstopaz]

Hooray for everybody!!!! I am still waiting to hear. I would be forever grateful if I get a fixed rate at 5.75%. I figured out that would have me running like a champ! I am really happy for you girls!!!!! Thanks for giving me more hope!

[elpjohnson]

Thanks so much mustang and vstopaz....I am so happy its over!

[grammaleenie]

Can you tell me what capitization means? I,too, am dealing with WF.