OOMC/AHMSI – I got approved…

[socaljager]

I had been watching this blog for a while and wanted to let people know about my modification experience with American Home.

We owe $450,000 on our home in CA, which is now worth about half that, and our 9% rate was going to adjust UP. Our payment was going to go up by $800 a month!! We were four months behind in our payments due to my husband’s income. He owns his own company painting houses and since the housing market went south, he has a lot less business and a lot less income. Suffice it to say, we couldn’t afford the payments the way they were, let alone the higher one. >>
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We really weren’t confident that we would be doing this the right way if we did it ourselves with American Home, so we went with a third party, they said the key is making sure your case and financials are presented to American Home the right way. We sent them all of our financial stuff… bank statements, copies of pay checks, etc. and they pulled it all together and sent it to American Home for us. About a week later they let us know that our case was being reviewed by American Home and we should hear something in a couple of weeks. This was a very nervous time for us… not knowing how this all would work out, being worried about loosing our house, and just having to wait on word from American Home. (I’m sure you all can relate!)

Anyhow, about 3 weeks later we got a call from our modification company saying that we had been approved! Our rate had been reduced to 4% for one year, 5% for the 2^nd year, 6% for the third year and 6.5% for the 4^th year. It will stay fixed at 6.5% for the rest of the loan. They put all our past due payments into the balance of the loan, AND we don’t have to make a payment again until December. This saved us THOUSANDS of dollars and our home. So, we are a living example that it can be done… >>
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My advice to you is that if you are considering a modification and aren’t sure the best way to go about it, do your research! Make sure you understand what American Home is looking for in modifications.

[june126]

Congratulations on the approval, this is wondeful news. I'm having trouble laying out the expenses and income to proof that I cannot afford the increase from 2600 to 3400. AHMSI claims that my husbands income is 5100 when it is only 3750. Can you suggest the third party you used to lay out the financial correctly?

[Moe Bedard]

june..........HOPE at 1-888-995-HOPE can help you put together the financials, and they work with many of the lenders so they would know exactly what the investors are looking for..............on the forum we can safely recommend them as they are a non profit helping many members of the forum and people nationwide.........

[june126]

Thank you ***! I will do that this weekend.