New to this forum but I need help with my AHMSI modification! I have been playing ping pong with these people since April 2011 and it is really wearing on me. Some background:
Loan originated: October 2006
Orig. loan amt: $635,000
Current loan amt: Unsure, probably $725k
Home value: Appx. $485k (from Zillow)
Delinquent since: April 2011
Gross Income: $9766
Current Payment: $3800
I have been trying to get approved for any type of loan modification to find some relief because my current loan with AHMSI is a step plan and will eventually cost $4400/mo, which is far too high to bear. We have some financial means and rock solid employment history, but AHMSI is being so difficult to work with! We were approved for a HAMP modification last September but did not agree to the terms, opting to try for a traditional modification instead that might include principal reduction. Since then, I have been passed around to three different negotiators and keep being told that my modification is "almost ready" or "close" or "in underwriting". My negotiator is NEVER available when I call and NEVER returns my voice mails or emails. I will refrain from posting his name here, because I do not know if that is acceptable decorum or not.
I have been through the "re-submit your paperwork because your old financials have expired" routine a few times, and have always complied promptly. Most recently, he was asking for a detailed breakdown of my finances particularly with respect to student loans. I sent him the breakdown via email and asked for confirmation of receipt, but got no confirmation. Today when I called in I was told (by someone else, because of course he was not available) that the file was being denied because the surplus amounts were not right. I don't know what that means. I make enough money to afford a payment that they should be able to reach, with some cushion left over. If I need more cushion, I'll gladly cancel cable or find some other way to make the numbers work but I don't know what their guidelines are! They keep me in the dark by never returning calls or providing information, so I don't know what the target is that I have to hit. I have some room to cut expenses if necessary, but I don't know what they are looking for!
Can anyone help me understand what the traditional modification guidelines are? How much "cushion" do I need and what percentage of income do they target as a payment? It all seems fairly simple to work out if they will just supply the requirements. What marks do I need to hit in order to be approved?? How time sensitive is this right now? I want them to reconsider with revised financials and I can make adjustments to my expenses as needed but I don't know how to get them to reconsider, or how radically I need to alter expenses.
I should have taken the HAMP offer, but I didn't and when I asked them a month later to re-issue that offer they said I no longer qualified because the loan value had increased. I am ready for this to be over. Stressed beyond belief trying to provide for my family of 6 and unable to make any repairs to the home because AHMSI keeps me in the dark as to whether it's still going to be our home in a few weeks. HELP!!!