I applied for a modification but AHMS is asking for an advance payment

[eryanna01]

Hello everyone...I have to say that all the information that I have received from this website is a blessing!
My home was scheduled for trustee sale on 11/12. I had faxed the package to Ms. Drake. Her dept was able to postpone the trustee sale. I had been trying to get some help from AHM for months with no response.
I have been working with Jackie with the modification process. My question now is...I spoke with her today. She stated she was waiting on an inspection before sending the information to the investor (Countrywide) for approval. But she asked if I was able to send via Western Union or Moneygram a payment of $2,500. I asked her what would happen in the event that the modification was denied and she said it would be send back to me. Has anyone else been asked to do this

[elpjohnson]

eryanna01....

Welcome again! You know I haven't heard of this before....they do ask for a $500 modification fee but that's all I've heard about. Is this supposed to be a good faith payment? Or maybe the attorney's fee? Not sure what it could be....maybe *** might be able to give you a bit more insight on this one....

Anyways, we're glad to have you here and we're here to help any way we can.....

[Moe Bedard]

What is the amount of default that you owe at this point and is that payment 1/3 the amount owed?

[eryanna01]

I do not know the exact amount of the default. I have called several times and they tell me the default amount has to be requested. When I call back they tell me they haven't received the information. They have informed me that attorney fees have been added to the default amount. My estimate on the default amount is amount $10,000.

[Moe Bedard]

Try to call into Jeanne or Jim's office again to help clarify what you are being told about the up front money because it normally wouldn't be due until you receive modification documents...........

Jeanne Drake-Direct phone line 949-784-6011
Fax Line 866-642-4196

Jim Davis- Phone-904-996-9696
Fax-904-996-9653

[eryanna01]

ok....I try to get a response...I was interested to see if anyone else had gone thru the same situation...I will post an update as soon as I get one...

[eryanna01]

UPDATE
I spoke with Jackie today. She saided she had received the information she was waiting for and would be submitting the request for modification to the investor without the additional funds that she had asked that I forward to AHMS. She stated that it looks better if the payment is made before sending the request to the investor but she was going to try it without the funds. She said it takes about ten days to get a reply from the investor and too keep my fingers crossed since the investor (Countrywide) does not accept modifications on my type of loan (option arm)but she said she think we have a strong chance of success. So I'll be praying.................Does anyone have an address for the office of Jeanne Drake

[eryanna01]

Hello Everyone,
I was wondering how I can find out if I have a FannieMae or FreedieMac loan....I believe I was told the investor is Countrywide or Wells Fargo (i forgot)...

[Moe Bedard]

If the investor is CW or Wells Fargo............that is who the investor would be..............it wouldn't be FannieMae or FreddieMac.........


FannieMae or FreddieMac? Check Here to Find Out

[eryanna01]

I have heard of other lenders lowering the mortgage to the current value of the properties. I'm wondering if any ones with an AHMS loan has had sucess in a modification lowering the actual loan amount of the loan?

[Moe Bedard]

They are not doing principal reductions...........


Home Affordable Modifications are designed to prevent foreclosures by making mortgage payments affordable for working homeowners struggling to retain homeownership. The plan is not intended to replace equity lost by home price depreciation.