Help! Will I qualify for AHMS Modification

[firefocus]

On paper it looks like I make good money because my overtime pay in the last year has doubled my salary. Recently the availability of overtime has diminished and my wife has been diagnosed with a hormonal disease which have both put a strain on our income.

Will I qualify for a mortgage modification with AHMS? My adjustable is currently at 5.8% and I have the four payment options that AHMS offers.

Is there a budget sheet that AHMS sends to loan mod applicants?

Anyone with experience in this topic, I would love to hear from!

[firefocus]

I forgot to also state that the value of my home has dropped significantly, over $60k and I can't refinance. I have also only been making interest only payments so my principal balance has not changed in 3 years!!

Any advice on how to word the letter etc??

[elpjohnson]

firefocus......

Welcome.... I just wanted to stop in, say hello and welcome you.....you're not alone.

[firefocus]

Hey Erika..I was reading a post about a wife and her fireman husband...was that you? If so...I'm concerned about the f.d. income issue..can you give me any insight about that?

[elpjohnson]

firefocus...

Yes, that was me.....because of the way my husband's income fluctuated, I hired an attorney to do my mod. I was really concerned about the overtime and the holiday pay he receives twice a year.....I honestly believe that in our situation, we couldn't have done it without an attorney. If I remember correctly, they averaged his pay out.....so when you fill out your income/expense sheet I would add up your income and average it over a period of time (like three months or so) then do your expenses and see what you come up with. I know your income looks better on paper than it does in real life.....and make sure you have a small surplus at the end of each month like $100-$250 per month....if you come up with more than that check your grocery bill or gas bill out as you may be spending a little more than you think . Write your hardship letter......and fax it to the following vp's

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

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

If you need anything else let me know....I hope this helps you out a little.

[elpjohnson]

Also, along with the hardship letter and income/expense sheet, you'll need to check with AHMSI on how many months bank statements, w-2's etc., paystubs you'll need to submit as well.