Update AHMSI Modification SUCCESS!!

RefusetobeStressed · 10-03-2008, 05:26 PM

Hi everyone,

Before I begin to give you an update I would just like to say ....THANK YOU MOE for starting this website! If you had not I don't know what I or the rest of us would do. THANK YOU to all who has responded to all my threads...giving me guidance and prayer! If I could reach out and hug you all I would.

Today I received a phone call from Gail Goodman. She works directly for Jeanne Drake, the VP of OOMC (now American Home Mortgage Servicing Inc). (I ALMOST PASSED OUT). She stated who she was and that she was assigned to my case by Jeanne Drake because it had been elevated. Before the conversation really started she wanted to go over my financial statement created by HopeNow that they received as well as my Hardship Letter which was 4 pages. In all a total of 42 pages were faxed to Jim Davis office which he emailed me telling me that someone from the Homeownership Preservation Team would be in contact with me. Well he was a man of his word! THANK YOU JIM DAVIS!!!!!!

To make a long story short, I have a deficit of $1501.00 each month. Ms. Goodman asked me how in the world was my husband and I making those payments and I told her that our mortgage was the only thing we were paying. She stated she has been directed to ask me what is it that I wanted done. I basically told her that my husband and I were hoping they would approved the Short Sale which she is aware of the house being on the market. But I also told her that I did not want to loose my home and why won't the investor just lower my principal to the fair market value and let us continue to pay for out home.

Well we talked for a long time and I did relay to her that my husband and I cannot continue to do this because it was putting a strain not only on our marriage but also realizing paying for something that is not worth it is just a lost cause. I also told her that my husband and I want to do the right thing and that we could have just walked but we knew that would be the wrong thing to do so we are trying to handle this situation as professionally as possible.

I started crying on the phone, I was just a mess. I tried my best to be strong but I think my tears was just happiness from receiving a phone call from Jeanne Drake's office.

Well after the conversation she stated she was going back into Jeanne Drake's office and discuss with her about our conversation and she probably would not get back to me until Monday. She told me she would be the person that I will be dealing with until a solution is made by Jeanne Drake and the investor.

I hung up the phone and about 30 minutes later I received a call, again from Gail Goodman stating Jeanne Drake will be sending an appraisal out to get the house appraised. She asked for a good number for the appraisal to contact me so I gave her my cell number. She said please make sure you keep that cell with you at all times....I told her don't worry I will sleep with it (She starting laughing). She stated the appraisal should be in contact with me no later that Tuesday to set up a date to come out. She also stated my hardship letter was VERY touching and that it seemed I left nothing out. She also stated that she could see by my file that I was calling AHMSI everyday and believe me folks I was and still is. You have to stay in contact with them...the worst thing you can do is ignore them!

Ms. Goodman told me they cannot act on the Short Sale until I get a buyer. So far there has been 8 couples who have been by and they all want the house but trying to get approved (my real estate agent called me yesterday).

So there it is......our update......FIGHT PEOPLE, FIGHT! Don't let them take your home, DON'T DO IT!

I live and breath LoanSafe and CNN. I think of all of you each day and I also pray for all of you at night!

I guess now we will have to see what will happen!

Refuse

schwefls · 10-03-2008, 06:27 PM

Hi refuse I am glad things are moving in a positive way for you.

Moe Bedard · 10-05-2008, 10:44 AM

A thread for what you are posting has already been posted as soon as it happened..............

http://www.loansafe.org/forum/stop-foreclosure-tell-us-your-story/5285-emotional-side-foreclosure.html

RefusetobeStressed · 10-05-2008, 12:48 PM

***,

Where is it posted?

Refuse

Moe Bedard · 10-05-2008, 01:16 PM

The professor posted it in the Tell Us Your Story Section under the title
"The Emotional Side of Foreclosure"

RefusetobeStressed · 10-08-2008, 04:33 PM

Just an update to this update :-)

Well AHMSI kept their word and the appraisal came out this morning at 9:00. He did call me on Tuesday to schedule a day and time and I chose this morning. It went well and he stated he has 48 hrs to get the appraisal back to AHMSI and that AHMSI will have the numbers on Friday.

Refuse

RefusetobeStressed · 10-18-2008, 04:16 PM

Update:

I received a call on Tuesday from Gail Goodman and the house was appraised at $462,000. She told me that AHMSI is recommending I do a short sale but that does not make sense at all to me. If they could re-do the loan at that price with the current interest rate I have now at 4.7% my payments would be on or about $2600 to $2700 a month (I think I did my calculations right).

I don’t understand why they would want me to sell it when my husband and I could definitely afford those payments. They are allowing me 90 days to sell it and if nothing by January, they will foreclose which means we are looking at March to be out.

I’m not giving up…I think it is time to get a lawyer. I call the Law Office of Gregory A. Paiva & Associates (888-432-6634) today and the lady that answered the phone told me that a Ron Reggons (spelling of last name?) would get in contact with me. She asked for my name and number. I also filled the form out on the home page of LoanSafe.

I am not giving up without a fight. My real estate agent is still bringing in clients but they cannot get approved. We thought we had one couple who was good but something came back as a negative on their credit report.

Do you think the Law Office of Gregory A. Paiva and Assocaites will return my call?

***, Moe, anybody....…what should I do?

Refuse

Moe Bedard · 10-18-2008, 05:42 PM

they should get back to you on Monday.............if you don't receive a call back on Monday..........please email me and let me know.........

RefusetobeStressed · 10-18-2008, 05:53 PM

***,

Ok I will.

Refuse

faith · 10-18-2008, 11:58 PM

[QUOTE=RefusetobeStressed;39239]Update:

I received a call on Tuesday from Gail Goodman and the house was appraised at $462,000. She told me that AHMSI is recommending I do a short sale but that does not make sense at all to me. If they could re-do the loan at that price with the current interest rate I have now at 4.7% my payments would be on or about $2600 to $2700 a month (I think I did my calculations right).

I don’t understand why they would want me to sell it when my husband and I could definitely afford those payments. They are allowing me 90 days to sell it and if nothing by January, they will foreclose which means we are looking at March to be out.

__________________________________________________ _______________________________________________

Good evening Refusedtobestressed,
The lenders will only accept Short Sale if you have requested it because you cannot afford to make the mortgage payments whatever your original mortgage payments was. You have submitted a financial hardship letter with all the documents with your pay stubs, bank statements stating that you cannot afford the mortgage payments that you have with your lender. You also have to have the house listed with your agent which you did and have an approved buyer meaning they met all the prequalifications of your lender and their banks before a Short Sale is approve.

Short Sale is often requested by the homeowner who cannot afford to make the higher interest and higher mortgage payments and are behind in their payments, does not qualify for Loan Modifications. Having said that, no lender will reduce a principal balance so you can lower your principal and your monthly mortgage payments. Probably the best thing you can do is to wait until your house forecloses and see what this $700B bailout will do for all homeowners who are in foreclosure, I think the date is Dec 1,2008. But I don't lenders at this time will foreclose any home, not just yet, they are all waiting until Dec 1, 2008 comes.

If I may give you a word, please set apart your emotions with this house it will help you in making your decision as to whether you want the lenders approve the Short Sale or not and from any emotional and frustrating process and also be honest and fair with your agent. I am sure he worked so hard already in making the Short Sale goes through.

I pray that you will have peace of mind and strength. God bless you.

Sincerely,
Faith

RefusetobeStressed · 10-20-2008, 04:55 PM

***,

I called again today and left a message. The gentle name is Ron Higgins. I was transferred to his voicemail. I did not get a call yet.

You told me to let you know. I'm sure they are very busy.

Thanks

Refuse

Moe Bedard · 10-20-2008, 11:16 PM

Here is the manager's contact info as well...........

Scott J. Hazlett
Manager
Law Offices
951-531-0147 xt 248 Office
scott@modifyloan.net

RefusetobeStressed · 10-21-2008, 04:49 PM

***, thank you. Should I go ahead and email him my info?

Refuse

Moe Bedard · 10-21-2008, 09:37 PM

Just email him and contact him regarding Ron not calling you back.......so that he is made aware of this..........he will probably contact you.

RefusetobeStressed · 10-24-2008, 04:35 PM

***,

Just got off the phone with Ron Higgins...very nice gentleman. He spoke with one of the attornies regarding my case and called me back stating the attorney wanted to see a copy of my loan modification agreement that I received in February 2008. I just faxed the agreement to him and he did received it. He said he should be in contact with me NLT Tuesday or Wednesday.

He gave me his email address for this is how we will communication with each other since most of the time I am at work and do not get home until late.

Thanks ***! Will continue to keep you updated.

Refuse

RefusetobeStressed · 01-02-2009, 06:49 PM

Hi Everyone and Happy New Year,

Not sure how many of you have been keeping up with my ordeal but I finally have some great news.....New Years Eve I received a phone call from Jean Drakes' office. I just knew it was going to be bad news but I did not care one way or the other.

I was told I was Approved!!
I received a principle forbearance, now here is the other side to this; the remaining balance will be deferred. My husband and I will not have to pay any money towards this deferred balance BUT if we decide to refinance or sell the home that amount will be added in to the refinance or the selling amount. Our interest rate is 2% for the life of the loan.

I was told the investor informed American Home Mortgage to somehow work with us to get us to a payment we could afford and to also have the taxes and insurance included which now they are.

They are going to pay off my back taxes as well because they have been in contact with the county.

To confirm this I call the county tax office and was told they did receive a call from AHMSI and was informed they would be paying my back taxes. I was also told they are allowing me two weeks to have an attorney look over the documents which we will.

I guess all the letters and phone calls as this site suggested paid off BUT most of all I finally just gave up and left it all in GOD's hand. I was not going to fight them any longer.

I will keep you posted when we receive the documents.

RefusetobeStressed

schwefls · 01-02-2009, 06:59 PM

Refusedtobestressed, kudos to you, great news, party hardy you deserve it.

elpjohnson · 01-02-2009, 07:28 PM

CONGRATULATIONS.....again!

Moe Bedard · 01-02-2009, 07:59 PM

Congratulations to you!!
I am so happy that everything worked out!!!

and What a Great Mod!!!

Side Note:

Just to be clear and to understand the terminology of this type of workout for others getting a similar type of modification...............

It is not a principle reduction........it is called a principle deferment or principle forbearance.....they take a portion of the principle off of the front end of the note so that when the payments are amortized they are able to be calculated off of the lowered front end loan amount, which is awesome for reducing payments drastically if that is the only purpose that the modification was needed for, however, the deferred principle amount is placed onto the backend of the note in a balloon payment which would be due if you refi, sell, or get to the end of the note............it isn't a principle reduction because the principle is still there on the back end of the note in a balloon payment.............a principle reduction would require that the amount be forgiven, which is what we are not seeing.......................

These investors are very clever with presenting this type of mod.......... to be clear, while it does help for sure with the payments, lowering them alot for someone that is in need and it does help in keeping the home.........what it does not help is the equity position of the house by lowering the principle to the current market value as a principle reduction would...........the original loan amount is still there and still owed and the property would still be upside down if someone had to or was wanting to sell for any reason in the future.

Please make sure that you go over the documents with a real estate attorney...........it will be money well spent.

RefusetobeStressed · 01-02-2009, 09:25 PM

***,

Thanks for your response.

We have spoken to our real estate attorney and we were told this type of action is not considered a modification. Before he would go any further explaining the details he wants to see the documents as soon as we receive them.

But he did explained to us that if we do in fact refi, part of that money will be added as part of the refi and if we sell and say as an example we sell for 300,000 then the principle deferment amount will be added. This is exactly how it was explained to me on New Years Day.

It's funny you mentioned the term "balloon payment", this is what he does not want to see in the new contract.

We shall see...all I know is WE ARE HAPPY AS H E L L !!!!!!!!!!!!!!!!!!!!!

We don't have to move............................................

RefusetobeStressed

Moe Bedard · 01-02-2009, 10:40 PM

Please let me know what your attorney finds out about the balloon payment...............I am curious to know........

I justed wanted to convey that a reduction and a deferment are two very different things...........so one doesn't think that investors are doing principle reductions.........they are still going to get that money one way or another.

But as I said.......... I would agree, it is a helluva mod!!!

acesfull · 01-03-2009, 07:13 PM

Hi

Great Mod. Have a Great New Year.
acesfull/Loansafe success member

rose450 · 01-20-2009, 06:43 PM

Congrats on your success!! Just wanted to know if the call from Jeanne Drake was a result of your work with your attorney or if it was because of the effort you made prior to that.