Trying to do this the short and sweet way

[tinkerbell77]

I have been reading this board for a while and I have been encouraged and saddened by what has transpired. I know everyone has been working on their modification for a while I am even seeing some posts that have gone on for a about a year. That stinks.

Here is my situation. We got into a 2/28 ARM almost 2 years ago because the rate was lower and I was trying to work with my husband's credit situation. I work for a mortgage company so I knew if I could clean up his credit in two years we could refinance into a lower rate. At the time we took the ARM we took cash out of the home to put in new windows, new siding, new doors ETC. Thinking that taking cash out of the home to put it back into the home could only help us. So then the market crashed and although I live in St. Louis and the it is not a depreciating market it seems that the neighborhood we live in is. Our home is now valued at about $4,000 less than what we owe on it. So now the credit situation is good but we can not refinance because we don't have the value. So I took at look at AHMS's website and it says that we should be able to do the president's rate freeze plan but after looking at this website I have my doubts they will automatically put this into place 30 days before out rate is due to increases on October 1st.

So I am looking into a loan modification. If I could get them to freeze the rate that would be perfect. If they would lower the rate that would only be cake but I am not even asking for that. We are trying to freeze the rate and ride out the housing market until it turns again and then we will refinance into a 30 year fixed and never even get near an ARM again.

So I have a lot of names and numbers from this board. Has anyone skipped straight to the top? Has it been successful? Should I just start out at the bottom and not try to make waves?

Help!!

[Dan Bailey]

Tink, welcome to the forum! I'm sure one of the moderators will be by shortly to answer your specific questions.


Good luck with your process!

[schwefls]

Hi tinkerbell77 welcome to our forum:

I wanted to stop in say helo and assure you, you arenot alone. Shortly someone will be reaching out to ou to address your questions and provide you with sound advice/suggestions. In the interim please hang in there and know that we are here for you.

[tinkerbell77]

Sorry I forgot to add that we are current on the mortgage right now and plan to stay that way. Hopefully our payment will not skyrocket so much that we can not pay it. Although I can't get anyone at AHMS to answer that questions either.

Thank you for all the support already. This board is really comforting.

[Moe Bedard]

Hi tinkerbell77,

Welcome to the forum and thank you for joining.................

You should go straight to the top...............put your hardship letter into the body of an email along with your loan number and contact info and send it to each of the addresses below............

Home Retention Team
1-877-304-3100

bob.dubrish@oomc.com (CEO)
casey.cunningham@oomc.com
jim.davis@oomc.com
amy.sessnermacedo@oomc.com
christine.sullivan@oomc.com
kim.denger@oomc.com
fabiola.camperi@oomc.com (Senior VP of Loan Servicing)


Option one members here are also contacting the VP of Home Retention

Jeanne Drake-VP Home Preservation Dept.
Direct: 1-949-784-6011
Fax: 1-866-642-4196

[tinkerbell77]

***,
Thank you so much for your help on this. I am going to start at the top and see what happens. I will let everyone know.

Has anyone else taken this approch?

Thanks
Tinker

[Moe Bedard]

Many have done it this way and reached successful outcomes................

You can read the stories in the Success Section of the forum.......you will find Option One in the thread title........

Good Luck to you!!

Please keep us posted on our progress..........

[tinkerbell77]

OK I am sending an e-mail blitz to every e-mail address you gave me. cross your fingers.

Thank you
Tinker

[Abbykatesmom]

Good Luck Tink!

You are in very good hands here~

[elpjohnson]

Good luck Tinkerbell77....

You're doing great so far!

[tinkerbell77]

So I got my first response from Jim Davis stating that they have referred my e-mail to their loss mitigation area and that some one would call me in a few days. Don't know if this is a good thing or a bad thing. Has anyone reported this company to the BBB I know in the past if I am forced to do that they respond pretty quickly.

[caligirlsteph]

Hi and welcome. I had no sucess until I went straight to the top.......best of luck to you!!

[tinkerbell77]

Caligirl,
Can you tell me if I am contacting the correct people at the top?

I know I may be being impatient but can anyone tell me what the normal contact time frame is after you e-mail everyone on ***'s list? I keep checking my e-mails and phone messages about a hundred times a day. I really want to get so information.

This whole situation is really starting to create *****s in my almost new marriage. My husband of 9 months thinks that since I am in the mortgage industry this should never have happened to us. He doesn't understand that I don't control the housing market.

It just sucks two years ago when we took the ARM it was just a band aid so that I could fix his credit. And now that his credit is great the value is not in the house.

[caligirlsteph]

I did the same thing you did, my husband makes good money so we qualified on income alone, but he didn't have a high credit score due to everything being in my name. So we thought we would just re-fi in 2 years HA. I think the majority of people all went into ARM's thinking that very same thing. Who knew? No one expected a crash like this.

I was working with a girl in the home retention dept, and when I could get anything help I contacted Jim Shaw, VP in Florida, and Jeanne Drake, VP in California. I faxed Jeanne one letter and got a response that same day. The very next day she hooked me up with a negotiator and we were approved that day for a very decent mod. You might want to read the "I'm stunned" post. My situation was a little weird in the fact that I had to threaten media and the attorney general to get what I wanted.

Here are some numbers Jeanne Drake :direct line 949-784-6011 fax 866-642-4196
Jim Davis 904-996-9696 fax: 904-996-9653

Keep us posted......sounds like you have a firey spirit....go get em!!

Good luck!!

[mustangpg]

Could you come up with the money to cover the difference as well as closing costs to re-fi?

[tinkerbell77]

We could afford the difference and closing costs however there are not a lot of companies willing to do 100 percent LTV. And the rate along with MI the payment might be higher then the ARM adjustment. When we got our current loan the house appr for 180,000 and now they can't get comps over 140,000 and we owe 144,000.so paying 40 grand to get right back to where we are is not really an option.

[mustangpg]

Have you gotten anymore email responses yet?

[tinkerbell77]

I have not received any other responses or gotten any phone calls. Any suggestions on what to do next?

Thank you for any advice.

Tinker

[Moe Bedard]

You have to keep after them................remember the squeaky wheel gets the grease.....

Jeanne Drake-VP Home Preservation Dept.
Direct: 1-949-784-6011
Fax: 1-866-642-4196

This is the dept. that you need to keep in touch with...........

[caligirlsteph]

Fax Jeanne Drake a letter EVERYDAY. Keep on them, let them know you are not going away.

[elpjohnson]

I agree, Tink, keep faxing AND calling AND e-mailing....you'll get a response soon enough!

[tinkerbell77]

Can anyone paste what it should say in the letter or give me some examples.

I want to let you all know that I have hope that this will turn out good and the only reason that I have hope is this board and everyones encouraging words. Thank you all for being my rock.

Tinkerbell

[elpjohnson]

Tink....I think they are talking about your hardship letter or just a general letter describing your situation and your dealings with AHMSI. Just make it short and to the point.....unfortunately, there are no examples of those types of letters on the forum because they pertain to each individual. BUT you can write yours and post it to get comments if you want to do that. We're just trying to tell you to make contact with them in some way, shape, or form every day or every other day to get their attention....and if it takes faxing your letter everyday to do that then do it.....do what you feel most comfortable with. But contact them often and stay on them constantly to get results.

Good luck and God bless.

[Moe Bedard]

Look in the Homeowner Tool Box to the left of the forum and click on Example Hardship Letter and skew it to your situation...........

[tinkerbell77]

Ok I faxed my letter to Jeanne Drake. And I will fax it again on Tuesday if I don't get any response. I figure I will start with every other day. Trying my best to be the squeaky wheel.

Tinker