Need Help - AHMSI keeps approving then denying mods.

[easydoesit]

Hello,

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!!!

[car67]

Same boat here...... Endless run around! Refax same documents endless transfer of case just a freaking juggle game is all because they are so backlogged and will not handle your request like a company should. I finally gave up and I am now working with a HUD counselor to submit the file and they tell me its very common for these companies to run ya around if your not using a counselor. It seems the counselors have FED power to make them comply so they get better results! I suggest finding a local hud counselor to file a new packet for you and forget working with AMSHI direct. Your just going to call que hell in INDIA!

Hello,

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!!!

[car67]

I have been trying since Jan 2011 so I understand the endless struggle. My paperwork stack from endless letters and faxes is alarmingly deep to make no progress is such a sham!

[buckstucky]

My Financials almost the same as yours except I make a little bit more and my house was 670K and now its $260K

I got a mod before my first increase of my 5/1 interest only from $3400 per month to 2500 per month @3.5 % (loan amount $550K)

I was told there was no negotiation take it or leave it ... I took it . Then I tried to get a principal reduction 3 years later and they told me that they would short sell but definetely NO principal redeuction.

Im still waiting for approval of the short sale. They have the upper hand there is really nothing you can do about it except walk away.... which many people do.

Have everything scanned in your computer so if they want you to refax something you can jdo it easily... I know its a royal pain.