Well, I Have Gotten A Loan Mod...

[vstopaz]

OK, I know I am a sucker. I paid someone $995.00 who said that they could do a short-refi with Option One. I am currently upside down by about $235,000.00. I am not even the least bit hopeful about this, in fact, as each day goes by, I feel like an even bigger loser for thinking that I should let him try it for $995.00. Anyway, my payment adjusts to $4700/month on September 1st. No way I can afford it! I want to do a loan modification, but since this guy won't call or e-mail me back a status on anything, I am afraid to contact Option One in case this guy is in the middle of something. The paperwork I signed with the negotiator said that they would pursue a loan modification if the short-refi doesn't work. What should I do? Should I call them and try to pursue a loan modification. Won't they think I am an idiot if I have already "hired" someone to do it for me, and I interfere with that. Then again I haven't heard from him at all, so as far as I know my $995 has evaporated in to never/never land. Because I will never/never see it again.

[schwefls]

Welcome to our forum vstopaz:

Please stop beating yourself up, you are not a sucker, nor a loser. We are here to help you. Shortly someone will be stopping by to provide some sound advice/suggestions. In the interim please hang in there and know that you are not alone. We have all been there dun that or are currently living it.

[Moe Bedard]

Hi vstopaz,


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

What you need to do is to contact Option One and find out if there is even a modification in progress for you from this person or even if they made contact at all on your loan........

Are you able to handle the payment now without a principle reduction..........because that isn't happening at this time..........whether or not it will in the future is anyones guess......
that is why the person you paid the money to covered their @$$ by saying if they can't get a principle reduction they will try for a modification..............I guess there is no refund involved if they don't perform.............

Contact the following person.........the members in this section have been able to talk with her.....

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

Please update us on your progress.................and don't talk with the other person.......

[TXHomeowner]

Hi vstopaz!

I just wanted to chime in here and let you know that AHMSI will try and make you feel like an idiot no matter what your situation is. So...try not to take it too personally. It doesn't matter what they think anyway.

Good luck to you and keep us posted.
-TX

[vstopaz]

Good Morning All! Yes, I am able to make the payment without a principal reduction, I just won't be able to make the payment when it changes September 1st. If I cut off all of my utilities, I might have $3.00 left. I am really hoping for a lower fixed rate, and I would never look back. My husband and I have strong, steady income, but the new interest rate is 9.25% interest only for a total of $4700.00/month. I can't do it. Thank you so much for the advice on calling now to see if there is a loan modification. I was wondering what I was going to do come September 1st, and I haven't heard from this guy, and nothing has happened. By the way, I gave him the money June 16th. So it has been almost 60 days and nothing. As far as a refund, I can get half back if he is not successful, or I can pay him an additional $500.00 for a loan modification. Guess which option I will be choosing...

[caligirlsteph]

Hi and welcome!!!

Whatever you do don't give this guy anymore $$$$$$$$. AHMSI will charge you $500.00 to do a loan mod, and thats only if you are approved. I have heard many cases where they are charging the $500 fee up front, but that shouldn't be the case. Only if you are approved. I was dealing with a guy initially that wanted me to give him $750.00 to do a rate freeze but only if it was approved. I brought his name up to the girl that was originally handling my mod at AHMSI and she knew who he was and said he was a crook and use to work for OOMC.

Don't beat yourself up. You can contact AHMSI and get this taken care of yourself. I would go ahead and contact them anyway. You don't know for sure this guy is doing what he promised and you could be loosing valuable time. Just keep in mind you have to be VERY patient. But you can do this yourself!!!!!!!!

Good luck!!

[vstopaz]

Thanks for all of your support. I have been reading this website for months now, and I feel like we can do this! I am prepared to fight, and I know that thanks to all of you, I have a lot more resources available to help.

[elpjohnson]

vstopaz.....

Hi and welcome!!!!! I just wanted to say hi and tell you to follow all of the advice given so far as it is very sound advice. ***, TX, Caligirlsteph, and Lynn have been around the block a few times and definitely know what they are talking about. Listen, this is a very stressful process and it can really work you down but you can do this yourself WITHOUT any outside help....so, I would definitely try to get your money back. What state are you in? If you're in CA I believe it's illegal for a person to take money up front for a loan modification....don't quote me but I'm pretty sure that's the case.

Let me know if you need anything and I'll definitely try to help you out. In the meantime, take care of yourself and God bless you!

[vstopaz]

OK, well I followed everyone's advice and picked up the phone to call Option One and see if there is a loan modification in progress for me. Much to my surprise, they said there was. That's all I got, no details or anything. Now what do I do? I have hired someone who doesn't call me and there is something happening. I don't know what to do.

[elpjohnson]

Hey vstopaz.....

So, you're saying when you called AHMSI they said there was a loan mod in progress but there was no info? AND the person you hired isn't calling you back? OK are you in CA by any chance? Just wondering.....Is the person you hired local to you or is it someone you hired from the internet? If they are local, go to their office and demand to know what is going on. If they are not bombard them with phone calls, letters, e-mails.....report them to the BBB, the AG, your local politicians, your Governor....make some noise....call the media if you have to, let the consumer reporter in your area know that you were ripped of by this company...they will help you......

Hope my ideas help you....

[caligirlsteph]

Ask to speak to the person in the home preservation dept that is in charge of your file. Even if AHMSI is working with your outside person there is still someone at AHMSI that is in charge of your file, and processing the paperwork.

[vstopaz]

OK, I hope you're all sitting down for this. So after I called Option One last week and they told me they had a loan mod in process for me, my husband and I decided it would be a good idea to call again and see if it was started by the guy that we "hired". Well, today I called AHMSI (Option One) and they told me that the only loan mod in my file was the one I previously applied for in May and was denied in June. My investor was not doing loan mods... So, that settles the "consultant" I hired who my husband said we would take to small claims if he doesn't return our money...FAST! Well, I spoke with Samantha in the Home Preservation Department this morning about my situation. I basically can't afford the rate increase next month when my payment shoots up by $1,000. She again tells me that my investor doesn't do loan modofications. I asked her what I should do. I told her flat out that I can't make the payment. I told her that my house was worth $250k less than what we owe. She asks me if I have thought about selling. I said "short selling?" I said "My investor won't modify the interest rate, but they will accept a short sale of 50%?" She puts me on hold again. This time she comes back and says this: "Your investor will change the interest rate but they don't allow capitalization." Well, I am not behind yet, so I don't have a capitalization issue at this time. She told me to go ahead and fax all of the paperwork again, but this time to the Home Preservation Department and not the Home Retention Team. I thought this was particularly interesting since she informed me that the Home Preservation Team is meant for people dealing with non-profit organizations to get help with their loan mods. She said since I already had their number (thanks to Loansafe), that it was ok that I deal directly with them. So, I am basically starting over. She said that a full review takes 30 days. IF it only took 30 days, it would put me in the middle of next month when my first high payment is due. Wish me luck. I am at it again...

[elpjohnson]

Oh yeah....the old "investor doesn't do modifications" trick....I heard that one too! Thanks so much for the update, I think this is good news and you are moving in a positive direction....good for you!

[vstopaz]

I am in Northern California too. Close to Gold Country myself. Hopefully we can shake things up for folks around here. Right now the whole market is taking a bath!

[vstopaz]

Well, here's my latest story... My first payment is due on my adjusted rate +$1700.00!!! My $800 surplus has gone into a negative $900.00. Well, As you all know I hired a consultant to attempt a short-refi for me. I have given up on that completely. He did give me my money back and offered to to do a loan modification for me for FREE... I am even more confused than ever. Should I let him pursue it or not... Well, I decided to contact them myself since I have faxed them the loan workout package 5 TIMES. Yes, I said 5 times! Guess what...they have nothing for me. How many times do you need to send somebody something before they get it? I called the Home Preservation Department and they told me to send it again. Whatever??? Well, on September 2nd my phone starts ringing off the hook asking for my September payment. I finally answered the phone today and told them that I simply can't make the payment. They of course gave me a wonderful suggestion, "Can't you borrow from a friend or family member?" NO!!!! My friends and family don't even know I am in this boat!!!! I think I basically need to start over Here is a question that my husband brought up: He got a bonus in April of $18k, and we cleared $9k, which went to making two mortgage payments and paying off my credit card (which is now charged up again...) My husband is worried that his stub shows too much income. The truth is, I am sure I screwed up my income/expense worksheet because I did not inlcude half of the stuff we pay for. We have a son with a learning disability. We pay $200.00 for therapy, $200.00/month for Occupational Therapy, $240/month for Tutoring, etc... I don't think I ever had an $800.00/surplus because we were always living on the edge... So, what does everyone think about his gross income on his stub showing an extra $18,000, and how do I present it so as to not look like I just have it laying around. At this point since they have nothing in place for me, I am starting over.

Thanks in advance!

[caligirlsteph]

Stop messing with the dummies in the home preservation dept....start faxing Jeanne Drake. Write a humble "this is what I have dealt with so far...will you please help me letter". Fax her everyday until you get help. Be sure to put your home phone number on your letter so she can return a call to you. Her fax number is 866-642-4196.

Nothing is consistant with anything at AHMSI, not even what has been said about required surplus each month.

Jeanne is very nice and hopefully will be able to help you.

Good Luck!!

[TXHomeowner]

Steph - That is good advice!

-TX

[vstopaz]

OK, thanks. I will definitely do that. I am so over trying to have people do things for me. IT IS NOT WORKING!!! I don't know why I didn't just do this myself. I am way more confident in my abilities than everyone else I have "hired." I have prepared all of my stuff, and I am faxing it to Jeanne today!!! Thanks for the support, I will keep you posted!

[vstopaz]

OK, I wanted to add this regarding "Credit Counseling". On the OOMC questionnaire, it asks if you have been to Credit Counseling. I originally checked "no". Well as I was preparing my stuff since I am starting over, I thought why not. I'll contact a Credit Counseling Agency. So, I went through the Hope Now website which redirected me to CCCS. I filled it all out online, and today I got my analysis. We don't have a lot of credit card debt, so there was no recommendation there. In fact the only recommendation says "A loan modification would be a good option to help the client retain the home and get into a fixed rate mortgage." It also instructs me to fax their analysis which shows my assets/liabilities (which is negative of course), and my personal net worth...LOL!!! So, I hope this is another piece of ammunition to them. They proposed that I go to Credit Counseling, and it only calls out for a recommendation of loan modification. I actually couldn't be happier. I wonder if anyone else has gone the Credit Counseling route and if they think it helped them??? Just a thought. My stuff is going out today, wish me luck!

[vstopaz]

New UPDATE: In my previous post I mentioned the Credit Counseling contact that I had made. Well, I guess I didn't read the whole e-mail, because they forwarded my "case" on to AHMSI on my behalf. They sent it the day before I sent my stuff, and I included their recommendation with my faxes. It was a basically a financial analysis and a recommendation to ask for a loan mod. Well, I was surprised but glad that they forwarded this on for me, and some strange things have been happening over the last week. My phone has stopped ringing asking me for a payment. We all know that around the 3rd of the month the phone starts ringing off the hook. I am so far, 17 days late, and no phone calls since Sunday afternoon??? Also, today they ran my credit report. I got an alert from my monitoring service that I had new activity. When I opened it up to look it was a new inquiry from Fist American CredCo. Well, I haven't applied for any new credit so I looked it up online. First American CredCo is a lender based credit-reporting agency and is contracted with Option One/AHMSI. I have heard that they will run your credit to verify your debts...by all means...go for it! We haven't been successful in the last week to get a call back. Does anyone know or feel this is a good sign?

[vstopaz]

I have a previous thread in which I mentioned my attempt at a short-refi with OOMC/AHMSI. Let's move on, shall we? My husband and I are following the forum's advice, and we took it on ourselves. I noticed on the form OOMC Questionnaire where it asked if we had been to credit counseling. I decided to check it out. Through the Hope Now Alliance, I was redirected to CCCS in Atlanta (Consumer Credit Counseling Services). I filled out all of the financial information and the next day they sent me an analysis that said the only option for my financial situation was a loan modification. I didn't see the first time that THEY had forwarded my file on to Option One requesting a loan mod on my behalf. Well, the next day, I assembled all of my paperwork which included their analysis, and faxed it off to OOMC/AHMSI myself. Well, within a week, I had a call from a negotiator! I couldn't believe it. Well, I missed her call because I was at the kids school, and I called her when I got back home, but I didn't get a call back. Well, two days later, my husband gets a call from a different negotiator. I thought that was kind of strange. The negotiator that called my husband said that she had spoken to the previous negotiator and that the reason she called us first was because she was responding to the info from CCCS. So my multitude of faxes that I sent crossed over with the one received by CCCS. It was pure cooincidence, but we got three calls in two days from negotiators. I am not happy with what the negotiator suggested as a fix which was to put my interest back at 6.99% for five years at interest only. She kept saying that they are not a refinance company. Thanks... We haven't negotiated anything yet. She said Monday that she would call us back this week with a proposal. I am excited. I know it's not going to be a good proposal, but I feel like we are moving in the right direction. I do have a question... Were any of you able to negotiate after you had been given a proposal?

[TXHomeowner]

I'm in the process of that now. My attorney's office has had no luck getting back in touch with anyone at AHMSI yet. I'll let you know as soon as I have more info. As of right now...things are not looking so good for me...BUT, I wish you lotsa good luck!

-TX

[kathismom]

If and when you get something from them back, don't give them any response at first. Go back to the HOPE office and have the counselor there call them with you in the room with them on speaker phone. It was hard for me to "hear" all the stuff the negotiator was telling me and the HOPE counselors are on the ball.

Good Luck!

[TXHomeowner]

They won't pick up the phone or even call my attorney's office back. It's frustrating. I wonder if I would have better luck doing this on my own. If nothing else, I would have the satisfaction of knowing that I did everything I possibly could to save my home.

-TX

[vstopaz]

Kathi -
The problem is that I don't have a HOPE Office. I was redirected through their website to a Credit Counseling office in Atlanta, and I am in California. What should I do?

TX -
I know how you feel. We wasted two months of our life on people who said they could help. I do feel a little bit empowered right now, and I think they may be nicer if you go at it alone. I didn't actually speak to the negotiator, my husband did. He said she was very nice, and even though she didn't offer a great solution, she said that she "eats, sleeps and breathes loan mods." So, I am confident that my husband will be able to negotiate with her. Let's see...