new to the forum

[zaggy]

Hi I'm new to the forum and I have read alot of the successes and challenges that alot of members have had. I think this is a great place. I have copied phone numbers and placed calls myself and I'm waiting to hear back.

I have a negetive ARM mortage with AHM and I tried to refinance my mortage a couple of times without any success due to a prepayment penalty on the loan and them my neighbor going into foreclosure or arranging a short sale.It's about 3 years old. I also applied for a loan modification and was turned down. I am at a loss of what to do now becuase I can't afford to loose my home. How does the "investor" say no? I don't get it. Wouldn't they be inclined to save the loan so that they can continue receiving payments on the money instead on foreclosing on the house and letting it sit or sell it at a discount?
If there is anyone who knows what I can do, please help.

[schwefls]

Hi Zaggy 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 we are here for you.

[Moe Bedard]

zaggy,



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

The investor will look at your ability to afford the home and not just the mortgage.............. unfortunately for the investor foreclosure is strictly a bottom line business decision and what will cost them the least and net them the most........

You have taken the step of trying again for a modification using our contact info............if you don't hear back by Friday, then give it another try.........you would really need to be persistent with them.

Please keep us posted on your progress...........

[zaggy]

Hi everyone! Just wanted to give you an update as to where I am seeking a loan modification. Called Jeane Drake and she had someone from her office call me back and we talked about my loan modification request out there to get my negative ARM rate fixed. She explained how the modification process works and what the term "investor" means. She told me that they are not currently modifying any adjustable rate loans currently but every case they find of home owners with these products needing modification, helps raise the issue that these are time bombs ticking ever so steadily to explode if they don't address the issue. Don't know how true that is......

I have a follow up call to her in 30days to see if they have come up with a solution, so everyone that needs a modification, flood AHMSI with requests and don't take no for an answer! That was what I was first told and I found this forum, got and called J. Drake and got it re-considered.

I guess there is light at the end of this tunnel

[Maia7]

Hi Zaggy - you may not be getting any traction if you can technically afford your ARM loan given your income and expenses. I imagine they are working through with folks that are delinquent and on the steps of disaster before addressing people who want out of these very crappy loan terms. you're right to want out, it just might be that you need to hang on a little while until the "system" figures out what to do about all of the ARM land mines everywhere.

If you are in trouble and falling behind, well that's a different story. In that case you need to have a budget presented with a rate and terms you can afford along with your hardship letter. You'll need to check the status weekly to make sure you aren't sliding into foreclosure in their system.

Good luck!

[LMASON]

Hello and welcome to the forum. This is a great thing for all of us to communicate about real life and what's important. This is one website to add to your favorites menu.