my ahmsi/option one story

[adelinamendoza]

i currently have a "fixed" option arm. my loan servicer is AHMSI. i initially called asking for a modifcation and was told to fax in my package. i called a few days later to make sure they had received my documents. at that point, i was told that my "investor" was not doing modifications. at some point i was told that since i was "current" on my payments i would not even be considered for a modification ( i say "current" because i was making my payments on the very last day of the month to avoid going 30 days late). that was back in july. at the time i was in the process of doing a short sale on my primary home. at that time, i was overwhelmed with moving and trying to get the short sale completed so i kind of left it alone. the short sale has now closed and i have moved into the house. needless to say, i dont want to be in the same position in a couple of years so i am trying to be proactive and work on a modification. i considered hiring an attorney, but that really isnt in the budget. after reading everyone's stories, i finally decided to tackle the beast on my own. i sent out several emails yesterday and faxed letters to jeanne drake and jim shaw. i also sent out a cretified letter requesting the QWR. this morning around 8:30 am, i got a call from larry miller. he told me that my email had been forwarded on to him. he told me that the least he could go was 5% and that my payment would be around $2600-$2700 and could i even afford that? he caught me off guard so i told him i would have to review my budget and see. he told me to call him when i figured it out. now that i have had some time to reflect on it, i am wondering if that is really all they can do. i can afford about $500 more than what i am paying now, but $2700 is $1000 more than what i am paying. i am afraid that they will just tell me to sell the house. i am already upside down on the house and i would like to prevent it from becoming ridiculously upside down. if this doesnt work i may have to figure out a way to get an attorney or some kind of legal aid....i really do not want to be late on the payments...any advice?

[Moe Bedard]

Hi Adelina,

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

I would have to say that a 5% fixed rate is extremely good coming from an investor that was not going to modify when you first started the process and from AHMSI investors........that might be the best one so far.....especially in an option arm situation................if you are not able to handle a rate like that........you would need to ask what other options are available from the investor on the loan.