american home mortgaging

[lisamaz]

Hi, I need some help with a possible IN HOUSE loan Modification, Can anyone let me know the process? I already have a loan modification through HAMP. I have a 2 % fixed interest on a 65,000.00 loan and hit real bad hard times. I went into a repayment aggreement and missed one scheduled payment. I am in forclosure status, I have been told to fax in documents and I'm concerned that it will be a long time before I get an answer. Any suggestions on how to speed up process or what will happen if I'm approved. They are tacking on an additional 9500.00 to the principal.


Lisa

[Evan Bedard]

Hello Lisa,

I'm very sorry to hear you have endured another financial hardship. Unfortunately, there is not going to be much, if anything at all they can do to help further lower your monthly payments as you are already at 2%.. Are you just trying to become current again or are you looking for assistance to obtain a better mod then you already have?

[lisamaz]

Hello Lisa,

I'm very sorry to hear you have endured another financial hardship. Unfortunately, there is not going to be much, if anything at all they can do to help further lower your monthly payments as you are already at 2%.. Are you just trying to become current again or are you looking for assistance to obtain a better mod then you already have?

Hi , Thank You for your reply. I'm not looking for a lower payment. I'm looking to tack my past due and forclosure fees on to the to the end of the mortgage term. I now have a substantial income and the property is now a rental. Please let me know any and all information pertaining to this loan modification or repayment plan. Not sure I know what it is called, but AHmsi told me this is available to me if I am approved. What is the basis of a approval?

Thank YOu


Lisa

[Evan Bedard]

Hi , Thank You for your reply. I'm not looking for a lower payment. I'm looking to tack my past due and forclosure fees on to the to the end of the mortgage term. I now have a substantial income and the property is now a rental. Please let me know any and all information pertaining to this loan modification or repayment plan. Not sure I know what it is called, but AHmsi told me this is available to me if I am approved. What is the basis of a approval?

Did you ever receive a permanent HAMP modification or were you just undergoing the trial period? If you did receive a permanent HAMP mod after the trial period I do not see how your loan could be in foreclosure status after just one missed payment..

[LoanModHelpCenter.com]

Did you ever receive a permanent HAMP modification or were you just undergoing the trial period? If you did receive a permanent HAMP mod after the trial period I do not see how your loan could be in foreclosure status after just one missed payment..

Evan and lisamaz - the original HAMP permanent loan defaulted and is now a rental property as well. I have seen foreclosure status begin 31 days after a missed payment on a HAMP permanent mod.

Lisamaz - they will entertain an in-house mod that will capitalize your past due as HAMP is not an option.

Please write into them and ask for the capitalization of the past due and be prepared if they offer you a repayment plan instead of a modification where you make your normal payments plus a part of the past due each month so you get caught up in 6 to 12 months and stay out of foreclosure.

[Evan Bedard]

Thanks for the info Michael, wow that is quite ridiculous that they would do so only after 31 days of non-payment especially since the account is brought current after the mod was finalized.

[LoanModHelpCenter.com]

Thanks for the info Michael, wow that is quite ridiculous that they would do so only after 31 days of non-payment especially since the account is brought current after the mod was finalized.

you're welcome evan, i agree with you, but from the lender/servicer's standpoint, the borrower has already been given a mod and they aren't going to wait to move to foreclosure the second time around.

In some states, like Georgia, they do this anyways after the 15th or 30th day after payment is due depending on the servicer, as Georgia is a bank friendly state unlike California, Florida, Arizona, Massachusetts, and Nevada when it comes to foreclosures.

[lisamaz]

Evan and lisamaz - the original HAMP permanent loan defaulted and is now a rental property as well. I have seen foreclosure status begin 31 days after a missed payment on a HAMP permanent mod.

Lisamaz - they will entertain an in-house mod that will capitalize your past due as HAMP is not an option.

Please write into them and ask for the capitalization of the past due and be prepared if they offer you a repayment plan instead of a modification where you make your normal payments plus a part of the past due each month so you get caught up in 6 to 12 months and stay out of foreclosure.

Hi Evan,

This is the situation: In 2010 I did receive a HAMP loan modification. I went through the trial peroid and all payments were made. In the past 6 months of 2012, I lost my job and got divorced so I fell behind 6 months. We entered into a repayment plan of $ 1160.00 to be paid of 6 months. I made the first 3 payments and fell behind as of April 1,2012. As of today I'm in default or aggreement is broken as payment must have been paid by the 1st of each month. I called AMHSi and they stated that due to my NEW job and the income from renting out my home, I qualify for a in house loan modification. I just sent in a hardship letter and documents that they requested. If they do a in house loan modification, I will have as of TODAY an additional 9500.00 dollars that will be added on to the principal. I hope I have made this information clear. I really don't understand why I can't make a payment and re configure a payment plan that is more financially feasible. I would like the payment each month to be at 750.00 and my mortgage payment is normally $550.00. THis would work better then a 1160.00 dollar payment.

Lisa

[LoanModHelpCenter.com]

Hi Evan,

This is the situation: In 2010 I did receive a HAMP loan modification. I went through the trial peroid and all payments were made. In the past 6 months of 2012, I lost my job and got divorced so I fell behind 6 months. We entered into a repayment plan of $ 1160.00 to be paid of 6 months. I made the first 3 payments and fell behind as of April 1,2012. As of today I'm in default or aggreement is broken as payment must have been paid by the 1st of each month. I called AMHSi and they stated that due to my NEW job and the income from renting out my home, I qualify for a in house loan modification. I just sent in a hardship letter and documents that they requested. If they do a in house loan modification, I will have as of TODAY an additional 9500.00 dollars that will be added on to the principal. I hope I have made this information clear. I really don't understand why I can't make a payment and re configure a payment plan that is more financially feasible. I would like the payment each month to be at 750.00 and my mortgage payment is normally $550.00. THis would work better then a 1160.00 dollar payment.

Lisa

Lisa - the reason you can't bring the payments down lower is because AHMSI has a limit of up to 6 or 12 months to pay back the past due amount plus your current mortgage payments.

In order to bring your payments down to 750 per month from 1160, you would either need to either put more money as a lump sum now to bring the remaining payments down over the next 6 months, or get more time or both.

Depending on how much money you have to put forth on the past due amount right now as lump sum, and how much they will capitalize in the mod, the payments may be able to get to $750 per month, or they may not because there isn't enough time or enough upfront lump sum towards what is past due, to do reach $750 per month.

Hope this makes sense?

[lisamaz]

Thank You for your help, I really appreciate you taking the time to help. If they gave 12 months it would be feasible. I'll write a letter asking for the extension to 12 months and ask how much i owe. They tact on all alot of charges. being 6 months behind at 550.00 per month is around 3300.00. I have already paid 1300.00. so the balance I would think should be 2000. But I need to find out the fees.

Thanks again

Lisa

[LoanModHelpCenter.com]

Thank You for your help, I really appreciate you taking the time to help. If they gave 12 months it would be feasible. I'll write a letter asking for the extension to 12 months and ask how much i owe. They tact on all alot of charges. being 6 months behind at 550.00 per month is around 3300.00. I have already paid 1300.00. so the balance I would think should be 2000. But I need to find out the fees.

Thanks again

Lisa

Lisamaz - You're welcome - try to keep the correspondence in writing and use their general fax line for correspondence and include your full name, property address, loan number and contact phone number.

here is AHMSI's main fax line for correspondence: 866-795-6529