AHMSI question regarding 30% advance for a modification

[njlady]

I have been watching this forum a while now and hope that I could receive some enlightenment. I have also contacted the Griswold firm and they seem to be responding by returning my call. Thanks for any information that can be provided.

I contacted AHMSI today because I found out that my September payment was not accepted through Western Union. A few weeks ago, I signed up for their website account information service to see the status of the mortgage. To give some background, I was in a BK Ch. 13 but it was dismissed in June this year due to my attorney's request to be removed as counsel. Then the Judge dismissed.

When I contacted AHMSI today and asked for the status of the mortgage and to work out a home save, the person answering the call asked a lot of questions to establish eligibility and then said it is standard that before any workout for a forebearance, they require 30% down. In my case, this would be at least $12-15K based on their estimates of the foreclosure costs and the present negative escrow. The negative escrow was caused by the BK not being paid in full, and most of the charges were due to prior foreclosure that they attempted. Anyway, I am wondering if anyone else has had this requirement prior to having a reinstatement? 30% down seems like a lot of money when it is mostly their legal costs due to unsuccessful prior attempt to foreclose.

Has anyone had successful attempts to redo the workout so that part of the past due amount can be put onto the end of the loan and paid upon sale of the mortgaged property?

I am at wits' end here because I was informed today that they sent a notice of default in August and I never received it. When I asked them how it was sent they stated they are "not required" to send anything certified mail. The notice was sent mid-August and that is the reason the September payment was declined. I don't really want to lose the home but by the same token, I feel that this attempted foreclosure is making them rich, and they aren't successful but still collecting the exorbitant fees for their services. Any ideas? Thanks a lot for allowing me to subscribe and post.

[schwefls]

Hi njlady welcome to our forum:

I wanted to stop in say hello and assure you, you are not alone. Someone will be reaching out to you with some sound advice/suggestions. In the interim please hang in there and know that you are not alone.

[njlady]

Thank you so much! Your home state looks familiar : ) We might be neighbors! Hanging in there . . .

[Moe Bedard]

Hi njlady,

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

You would need to call in and ask if they are able to capitalize more of the arrearage into the principle for you, it is up to the investor on your loan, ...Jeanne Drake would be the one to ask.......

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

[njlady]

I contacted Jeanne Drake's office today and her voice mail redirected me. I spoke with Mike of her staff and he stated that based on my information there is not necessarily a 30% requirement to start on a reinstatement. There is a consideration of what to capitalize with review of the lender, so I feel that I was completely misled during my initial contact to start on the workout.

This goes to show me and hopefully others that things may not be as they appear. I think that there's a realization going on that having a bunch of unworkable situations lead to empty houses. I must say I really felt that there was someone listening. Thank you for the nudge and the valuable info. I am going to keep at it. Thanks to all who have replied and given encouragement and advice. Stay tuned . . . .

njlady

[Moe Bedard]

No problem.............that is what I am here for.

Please keep us posted on what you find out.......