Ok heres the sad story:
Bought house for $650K in 2005
$520K AHMSI Loan, $60K GMAC 2nd, $80 down Pmt.
Loan type 5yr Int only ARM, 2nd Heloc
2007 Wife looses job
2008 Apply for loan mod with ahmsi
2008 go through multiple nightmarish hassles getting multiple faxes of paperwork to AHMSI. I cannot understand any of the people from India that Im talking to and they apparently cannot understand me.
2009 Finally someone who speaks English says that my paper work has been received and is going to the underwriters.
2009 Sep successful Loan Mod interest at 3.5 percent
They reduced my monthly payment from $3300 per month to $2660 per month and this loan is nearly a conventional 30 yr loan. Now all of this is great but the problem is I live at ground zero for the mortgage crisis (Stockton,CA)
The issue is that I still owe $580K on a house that lists for $290K. I will NEVER be able to pay this off or be able to sell my house regularly. I cannot walk away because I will lose my security clearance for my job. My options are short sale or principal reduction.
I want to know if anyone thinks AHMSI will reduce principle? If so when ? Is AHMSI actually Wells fargo ? Didnt they get government money to help people like me ?