AMHSI - Starting the Loan Modification process

[june126]

Hello,

I am new to the forum and have read up on several postings from other members who has gone through the loan modification with AHMSI. I just finished writing my hardship letter, and gather all the pay stubs, W-2's, and bank statement to fax over to Amy Mercedo tomorrow morning. I got the contact info from the thread listing all the email addresses and fax # to Jeanne Drake, this morning she contacted me. Amy Mercedo requested that I send over the hardship package and informed me that Amy Jasmin and Andrea Plum were the two contact who normally are on the account. Amy asked to follow-up in 48 hours or by Friday since Amy Jasmin and Andrea Plum will be out of training by them.

This was my first contact with AHMSI, actually my husband first contacted them 2 weeks ago when our 2 year ARM adjusted from 6.25% to 9.00% increasing the original mortgage from $2,600.80 to $3,467.74 (going up $867 more), only in mortgage without property taxes escrow into the mortgage. The first rep. went over the expenses to determine our debt to income, and told us we were -$1,000 over in debt to income. He suggested we borrow money from family and friend, and call him back in 3 days with payment. I was discouraged when I heard this, and questioned if anyone ever received a loan modification with AHMSI. For the second time, I asked my husband to call again, this time the rep. suggessted an extreme modification, and needed that my husband and I submitted a hardship letter and 2 pay stubs to fax it to him, $500.00 processing fee non-refundable upon approval.

I needed to write a hardship letter and remember Loan Safe offered many help and advices on how to and where to. I did exactly as everyone has posted and Amy Mercado call me with everything else I needed. My husband and I are looking for is a modification to our adjustable rate mortgage to a fixed rate mortgage, paying on principal and interest on our balance. We have paid only interest the last 2 years, and the reset is principal and interest but the dramatically decrease in property value makes us upside on our mortgage. We know that an interest rate freeze is only postponing the inevitable if the turmoil doesn't clear up.

My question would be: has anyone received a loan modification from an adjustable to a fixed rate mortgage for 30 years, principal and interest or even principal reduction?

One more thing, I will share my progress for other people who will read it since many others have done. This is truly a wonderful website helping ease any trouble I already have. At least I know I'm not alone and want others to know that they aren't too.

[schwefls]

Hi June 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 to address your questions and provide you with some sound advice. In the interim please hang in there and know that we are here for you.

[june126]

Update:

I just received the Docs today and will need to review it before signing....but the simple break down.

Original 2/28 ARM at 6.50% with 2 year prepayment penalty, $2600.00
462K

Modify approved at these terms:
5.625% Fixed for life of the loan (remaining 28 yrs)
Yes, you don't need to be late to get a modification. We have never been late, even tho the streamline for 5 years was offered.
Principal and interest $2759
contribution - $500
Loan 465K (AHMSI added the Nov Pmt to the loan)
1st pmt due in Dec 2008
No escrow

Principle reduction was asked, but AHMSI said they are not doing it. But please do not get this discourage, who knows in a couple of month. The process is stressful and demanding with the loan modification process, but my negotiator got this finished in 1 wk, and always returned my call...well at least no later than 2 days. I faxed the hardship package on10/15/08, and on Monday my negotiator worked with me diligently. But I was extremely persistent, and I would like to thank Loansafe. All the info and contact listed directed me to the right people. Patience is a virtue during times like this. Please everyone, there is hope. Don't give up. If I didn't read this forum, I would have walked away without a fight.

My little girl is ready for Halloween and this is truly a sweet treat for our family. I will continue to post and read the forum, just in case someone needs for me to share my personal experience to help others in this situation.

[humbleowner]

What is the best number to call AMHSI ? any email Id for loss mitigation for AMHSI ? Thanks.

[cristiinmiami]

Wow congratulations that was really fast. You must be thrilled.
I have a couple of questions...
Who exactly did you fax your documents to.
Did you call them or did they contact you first.

Any words of advice? I faxed my docs to Jeanne Drake on Wen. Oct. 29. I have not heard from her and am a little hesitant to be going straight to her.

Any advice is much appriciated.

We are very anxious!

[june126]

Cristinmiami,

I was contacted first after faxing my hardship letter by Amy Mercedo, and she explained that a negiogator will be assigned to my file. They will contact me in 2-3 days, I believe I received the call on Wednesday, and negiogator called me on Monday. I believe they were in training. It doesn't hurt to follow up on Monday, many times I was in doubt to call because I knew I wasn't the only file they were working on. But I follow my gut feeling, and called anyhow...sometimes 2-3 times...morning, afternoon, and late evening. My husband told me to be patience, and he was right, but at times I was worried and had to follow-up so I did. As that matter, is that you did your part to help speed the process and hang in there for AHMSI to do their part. I read so many horror stories about the servicer, but different people have different experiences. I could only speak of mine.

I sincerely wish the best, please do not give up.

[Safford]

I have two loans with AHMSI. I sent my hardship letter FedEx to Jeanne Drake on Weds.. She received it Thursday of this week. I left a message for her yesterday (Friday) morning and received a call from Rosa, in her office, within an hour. Rosa requested I send my personal budget, business profit and loss, two months bank statements, and 2007 tax returns. (I am self-employed, so it is a little different). I will be faxing those things to her this weekend and will follow-up with her on Monday.

One point of clarification, I had asked a number of people how I should set-up my personal budget. The answer I have received from AHMSI and ASC, is they want to see that I have a surplus IF I get the loan modification. Some people suggested I show a surplus without getting the modification, which made no sense to me. Hope that makes sense

My current budget shows a negative cash flow of $1,700 a month. If they provide a modification I will have a $150 a month surplus. I asked for a 5% fixed rate for the remaining term of my loan and showed my budget without the modification and with the modification. I also asked for a 3 month forbearance which would allow me to get caught up on all bills and have a cushion.

I will post progress....

[acesfull]

asking for a remodification loan.
They wanted my home expenses so please let me know how it looks.

Expenses
a-Mortgage payment- $3322.00 per month
b-health ins---$334.00 per month
c-utilities------$500.00 per month
d-credit cards---$200.00 per month
e-cable and computer service $250.00

[acesfull]

Originally Posted by acesfull

asking for a remodification loan.
They wanted my home expenses so please let me know how it looks.

Expenses
a-Mortgage payment- $3322.00 per month
b-health ins---$334.00 per month
c-utilities------$500.00 per month
d-credit cards---$200.00 per month
e-cable and computer service $250.00

g- food,entertainment and dry cleaners $300.00
I usually aveage about 6k per month income/self employed but have no documentation or bank statements.

I am now 2 month behind on mortgage because they informed me that they could not do a modification if I was caugh up on the loan, go figure. I stop payments in Oct just to get there atttention. How do my chances look for a modification?
Thanks,

acesfull

[acesfull]

bump bump bump bump