Looking for some guidance

[cristiinmiami]

First of all i want to thank the loansafe team and all those who have posted their stories of loan mod with AHMS. I can tell you that the post's have been both inspiring and empowering. It is because of this forum that I have decided not to let AMHC take our home without a fight!

I would really appricate if I could get some feedback on my hardship letter. I feel like I have only one shot to get it right.

I am writing this letter in anticipation of not being able to make my December payment in full. My goal is to be able to keep our home and pay back my mortgage. Unfortunately with the terms that I agreed to in 2005, that will not be possible. We have lived in our home for 9 years and the thought of losing our home is more than I, as a mother, can bear.
Several factors have led to our current financial struggle. My husband had a massive heart attack in 2006. Within 4 months, he was “let go” from his position as office manager at a real estate agency; a position he had held for 10 years.
My husband struggled for 9 months to find another real estate job, but the market had turned and Agencies were closing their doors all throughout Miami. My husband has since changed professions and has become a licensed insurance agent and slowly building a clientele.
With my husband out of work for so long, we were forced to live on my salary and depleted our savings. We managed to make it through 3 interest rate reset. All of those resources are now completely depleted. We have seen our payment go from a comfortable 2400 to over 3500. While we know we are not alone is this adjustable mortgage nightmare; I am hoping that by working together we can avoid an imminent foreclosure and another REO on my street.
I have spent the last year feverishly trying to refinance, but time and time again I am told that the home is no longer worth the 455,000 that we owe; and each month it gets worse. Currently the house is listed with a Realtor on the MLS, but we have not any showings and no offer to speak of. My realtor is telling me that similar houses are selling for 380,000.
Our next reset is in December and I am hoping that we may find a solution before then. I am inclosing our pay stubs and bank accounts in hopes that you will see that we can no longer sustain this home with the current finance terms.
We would like to work out a loan modification that would allow us to pay our mortgage and still be able to care for our family. We are hoping for a best case scenario: our loan to be modified to 5% (close to our initial rate) and extend our terms to 40 years. We ask that you please look over our situation with great care and we appreciate your time and consideration.

[Moe Bedard]

Hi Cristi,

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

It looks good..........but you may want to remove the line about the listing if you want to try for a modification to keep the home..........if they see that you are wanting to sell the home they might try to submit for a short sale instead of a modification.

Fax the hardship letter to Jeanne, and and make sure it has you loan number and a contact number.........


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

[cristiinmiami]

Hi ***.

Thank you so much for the quick reply and advice. I can't tell you how greatful I am for all your guidance!

One more question... When i called yesterday and spoke to a US home retention agent, he asked me questions regarding my expenses and income. I was prepared with exact numbers and showed a $150 postive cash flow.

I got together my bank statements and realized that while I do spend for examle 200 in gas, and 400 in food, i put those items on my credit card and then pay my credit card.

My concern is that they will see the monthly $ 800 to my credit card company on my bank statement and not the actual expeses. Should i send them a copy of my credit card statement?

I plan on faxing all my documention tomorrow and will keep updates posted on this thread in hopes that it will help someone in a similar situation.

[Moe Bedard]

You would have to ask them how you should handle that expense so that it is not being looked at twice on your expense sheet..........they will be able to tell you how to show that.....

[cristiinmiami]

Update: I sent fax with hardship letter, 2 bank statements and 2 paystubs directly to Jeanne Drake. I will follow up tommorow with a call to her. I will keep updates on this thread.

[branden_williams]

christiinmiami,
you letter did look good and as for the expenses, definately ask the lender what there guidelines are. stay on them daily if you can once you send every thing to them. do not give them a moments rest. good luck to you and hope to see some positive feed back.

[cristiinmiami]

Update: I called AHMC and spent the first 45 minutes being transfered from one India agent to another. Finally i got through to a Mike Craddick who searched and searched and said they had no record of my loan mod request which was faxed (on 10/28) to both the main fax 866.452.1837 and to Jeane Drake. He suggested i fax it in again. I followed up with a call to Jeane; i got her voicemail. I left her a message that included my loan number and a call back. I also resent the fax to 866.452.1837 3 more times, hoping one of them would make it.

To those who have successfully gotten a loan mod with AHMC, could you please detail for me how you got through to the right people.

Thank you.

Cristi

[Maia7]

Hi Cristi- I had success when contacting J. Drake directly. Have you sent your loan mod request to J. Drake's fax #? I know you say above you did fax it to her but the numbers you listed don't seem to match what I have for Drake's fax number. It is: 1-866-642-4196

here are some snail mail addresses to also send it certified mail to:

Option One Mortgage Corporation
Attention Customer Service
P.O. Box 57054
Irvine, CA 92619-7054

Option One
3 Ada
Irvine, CA 92618

Home Retention Contact Center
6501 Irvine Center Dr.
Mail Stop BAT
Irvine, CA 92618

[cristiinmiami]

Thank you Maia.

I double checked and i did fax it to the correct number for Jeane.

Did she call you or did you call her to follow up. Was your experiance with her that she returns voicemails promptly or should i call her again today.

I left her a message yesterday but have not heard back. I know it is a fine line between following up and stalking and i am concerned about annoying her.

Let me know what you think.

[Maia7]

She called me the same day I left her a vmail. The response was very prompt.

If I called her and did not hear back I would call daily, once per day until someone called me back, that is what I would do. It's only been three days for you so I would not assume you are being ignored, it may just be they are bogged down.

First step is getting the acknowledgment they have received your request. Second step is getting a negotiator assigned. Both things should happen at the same time.

Other addresses/emails to send your request posted by ***:

American Home Mortgage Servicing, Inc.
6501 Irvine Center Dr, Mailstop: DD-HPO - Irvine CA 92618

jim.davis@oomc.com (FL VP I believe)
Phone-904-996-9696
Fax-904-996-9653

bob.dubrish@oomc.com (CEO)
fabiola.camperi@oomc.com (Senior VP of Loan Servicing)
christine.sullivan@oomc.com (VP of public relations, always good to CC her if you are writing letters to media)

[cristiinmiami]

Update: Nov. 5 2008 6:48pm est.

I just received a call from Jeanne Drakes office! The lady was very nice and professional, not to mention informative. She explained that a negotiator would be appointed to me shortly and gave me the number and extension to that department for me to follow up with it.

So far, very encouraging! Not at all what I expected, considering all my prior communications with American Home Mortgage. Looks like they are making strides in improving customer relations and that makes me a happy customer!

Side note: I am concerned about the October payment. I don't have enough to pay the entire bill and the electricity is set to be turned off on the 11th (we don't have enough for both). I am petrified of getting a late on my credit report. Any suggestions on how to approach AHMS about maybe not reporting me to the credit bureau till we have finished the loan mod? I know that the electric company won't wait...

As always any suggestions and/or comments are much appreciated.
CristiInMiami

[Maia7]

I'm sorry you are having to make choices like this. It's terribly difficult I know, you are not alone. Just consider this: what good is good credit when you're sitting in a cold dark house?

I think you just need to accept your credit will be dinged for a month or two (and really are you planning on applying for loans or credit right now anyway?). Ultimately one or two late pays on a perfect credit report ain't going to hit you too hard.

By the time you and the rest of the economy get to a place where credit is being given (and I recommend resolving to get no credit, ever) this mod will be completed and you will be in the process of aging these late pays off your credit report.

Credit is really the least of your worries when you're trying to keep the lights on. And, you're in good company these days as the entire population is getting damaged credit right now just trying to make it through this period of time in our history.

I generally use this rule of thumb of priority when laying out my monthly spending:

1. Food
2. Heat
3. Lights
4. Water
5. Gas/bus fare to work
6. Homeowner's insurance
7. Mortgage

[acesfull]

Originally Posted by Maia7

I'm sorry you are having to make choices like this. It's terribly difficult I know, you are not alone. Just consider this: what good is good credit when you're sitting in a cold dark house?

I think you just need to accept your credit will be dinged for a month or two (and really are you planning on applying for loans or credit right now anyway?). Ultimately one or two late pays on a perfect credit report ain't going to hit you too hard.

By the time you and the rest of the economy get to a place where credit is being given (and I recommend resolving to get no credit, ever) this mod will be completed and you will be in the process of aging these late pays off your credit report.

Credit is really the least of your worries when you're trying to keep the lights on. And, you're in good company these days as the entire population is getting damaged credit right now just trying to make it through this period of time in our history.

I generally use this rule of thumb of priority when laying out my monthly spending:

1. Food
2. Heat
3. Lights
4. Water
5. Gas/bus fare to work
6. Homeowner's insurance
7. Mortgage

HI Maia 7

How are your re estate property taxes paid, if mortgage goes in arrears. I agree with your choices of who and what to pay first. However is your reestate tax paid with mortgage or seperate. The tax man can be more unforgiving then the mortgage company. Thanks and keep fighting.

acesfull

[Maia7]

True. It puts the county (whoever you owe property taxes to) in 1st position as lien holder, before the mortgage company.

In my county, they don't start the foreclosure process due to property taxes until after three years of delinquency. In my case, when I stopped paying the property taxes AHMSi freaked because they were no longer in the first lien position. Meaning, the county had the right to foreclose on me before AHMSI risking their ENTIRE INVESTMENT in my house. This gave AHMSI a ton of incentive to modify my loan, pay the property taxes for me, and put the costs back into my loan.

Everyone's situation is different. If your county starts the foreclosure process sooner than that, of course property taxes are a priority. I will say in my experience, and elsewhere you'll find on the LoanSafe board, quite often the mortgage company will step in and pay the property taxes to keep their 1st position as lien holder. They will then add the taxes to your loan.

Every situation is different. I tried to use the fact that AHMSI was no longer in the 1st lien position due to my delinquency as a bargaining chip. This may not work for everyone.

[acesfull]

Hi
Great info. I had night mares of the tax man coming and takeing out home because the taxes were not getting paid. Didn''t realize the tax people take get first position on deliquent loan. This maybe leverage in helping to get a loan mod. Thanks.
acesfull

[Maia7]

Here is one of the really good threads on LoanSafe about this very topic:

Should I pay my property taxes or loansafe solutions?



It's tricky and the rules in every state are different. In mine, the way it would work is the county would run the foreclosure, take the delinquent taxes and give the remainder to AHMSI. Which likely wouldn't be much.

Then, AHSMI would come after me for the difference. My feeling on that whole issue was - "Blood from a turnip mofos. See you in bankruptcy court. Get in line. My credit is screwed and I'm a woman with nothing to lose."

[elpjohnson]

Really sound advice, Maia....

[cristiinmiami]

I was contacted last night by Thomas Hutchenson regarding my loan mod. He left me a Vm. Has anyone delt with Thomas Hutchenson? I would love to know what to expect when i speak with him today.

thanks!
cristiinmiami

[Maia7]

Great work! I've not heard of him. Seems like there is a new batch of negotiators popping up at AHMSi. Which is great news because it means they're ramping up to help us.

Based on my experience with Christopher Lindsey, here is what you should expect:

1) Thomas will ask you (if you haven't already sent) to fill out their budget worksheet, provide last year's tax return, two most recent pay stubs, two months of bank statements, and your hardship letter. They will ask you to fax these but I would send them overnight mail with a tracking number as well.

2) He will double check your paper-work and then start working on possible scenarios. Things will go quiet. You will continue to call once or twice a week to ask Thomas if he needs any additional information. Keep doing this. Be proactive in finding out if they need more info or documentation from you.

3) You will receive a phone call from Thomas as soon as a few days, but usually a few weeks (in some experiences like elpjohnson it's been months!) whether or not you have been approved. At this point they'll go over the details on the phone.

4) If you like what you are offered they will send you some simple paperwork that line items all charges for your new loan, new rates and new terms.

5) You'll sign and celebrate!

Keep us posted on this new negotiator and how he works for you. Good luck!

Maia

[cristiinmiami]

Update:
I spoke with my negotiater, Thomas, and i am pleased to say he was kind and knowledgable. We went over my finances and he asked for some additional documentation such as electric bill and Insurance bill. I will be faxing those items in the am. As far as time frame he estamated we would have an answer in 1 to 2 weeks. He said that my investor would not extend the length of the loan and a rate reduction would lilkely be a step rate. Similar to what those on the forum have been offerred; 5% yr 1, 5.5 yr 2, 6 yr 3 etc. then fixed for the remaining.

I will continue to keep everyone posted and i appricate all the advice and well wishes!

Good luck to everyone!

[elpjohnson]

Thanks for the update....things are really looking up! Good luck!

[cristiinmiami]

The loan modification is going so much better than I could have ever hoped. I have sent in all my additional documentation, taxes, insurance, electric and followed up with a call to my saint of a negotiator Thomas. He did share with me some interesting tid bits I thought I should pass along. Apparently at AHMSI investors fall into 3 categories’:

1. Those who will not modify.
2. Those that will modify and each case must be agreed to by the investor.
3. Those that give the AHMSI direct modification power. (they have less they can do as far as terms)

Mine apparently is number 3!!! My negotiator said everything looks good and told me i wouldn't have to make my payment this month. Unfortunately i had already sent it in. When i told him that he said he wish we could have talked the day before i sent the payment in so i could keep the $3175.00!!!! I thought that was so kind of him.

Anyways, i hope to have my docs sometime this week.

Oh and I just withdrew the for sale listing on my house with the realtor!!! I get to keep my house. I am just so happy and releaved. The nightmare is over...

To everyone who is starting the process. Start at the top with the contacts from loansafe. Stay persistent and meticulous with your documentation. And please continue sharing stories...

THANK YOU LOANSAFE.ORG

[elpjohnson]

cristi....

So happy things are looking up for you....yes, there are some really good negotiators at AHMSI. I was in the same situation you are in and made a payment during the loan mod process....they put it in suspense and put it towards my first payment after the loan mod was completed....maybe they can do that for you as well.

Good luck with the mod.

[cristiinmiami]

elpjohnson

Excellent advice! I will call Thomas on Monday and see what he can do!

Thanks again...

[elpjohnson]

You're welcome!!!