Preparing to request loan mod w/ AHMS

[catt123]

Hello! I have been reading this site for a few weeks now and decided to create and ID and request some help. I am so grateful to have found this site as I thought for sure there were not any realistic options. We have been struggling over the past couple of years to stay current on our mortgage of $1700 for a $160,000 mortgage which is ridiculous. Then my husband had a stroke a few months ago and needless to say is out of work indefinitely. I have been so consumed with staying current with this mortgage but it will just never happen. Everytime I speak to someone at AHMS, they are from India and are basically no help. I am preparing a hardship letter and am filling out the financial form and sending to Jeanne Drake and Jim Davis as everyone has recommended.. My first question pertains to what I've read on this site about showing a surplus of between $100-250. This may be a silly question but is this surplus supposed to have my mortgage payment factored into it? In other words, the surplus of $100-250 is supposed to be AFTER I have paid my mortgage? My second question is should I propose a specific plan to them or leave the modification terms up to them? I truly and sincerely would appreciate feedback on my questions and any other words of wisdom you might have! It seems that there are many success stories out there as long as you stay on top of them. Thank you so much!

[schwefls]

Hi catt123:

Welcome to our forum. I wanted to stop in say hello and assure you, you are not alone. Soemone will be reaching out to you to adress your questions. In the interim please hang in there and know that we are here for you.

[elpjohnson]

catt123.....

Welcome to the forum and thanks so much for joining.....yes, typically the surplus is shown with your mortgage payment included.....lots of times, it's before the interest rate adjusts, so most folks are showing their current payment on their income/expense sheet. However, I have heard of folks submitting financials based on an interest rate they could afford (like 5%) or something like that. So, that answers your second question....you can definitely propose what you can afford to them and see what they say....it never hurts to ask.

What state are you in, your current interest rate, is it an ARM, when does it adjust, do you have a second?

[catt123]

Hi and thanks for your response. I am in Connecticut and current rate is 10%. It just adjusted (yes it is an ARM). The increase was from 9.5 to 10% and the increase in the monthly payment was only $80. My problem is that I cannot even afford the mortgage payment I had prior to the increase due to my husband having a stroke and being out of work. What I wanted to propose to AHMS is to get my monthly payment down to $1000 where I can afford it. I don't know what that would entail (lowering the interest rate most likely). That was what I was going to propose. Should I be more specific such as requesting a 5% interest rate? I just want to be sure I get this right the first time to increase my chances of approval. Just an FYI, last year when we had financial difficulties for other reasons, we fell behind. One of their reps from India (because I was so desperate to not go into foreclosure and because this was all new to me I believed I had to do what they said or risk losing my house) they talked me into raising my mortgage for a 6 month period to $2500 to get caught up. Needless to say, it was impossible to keep up with that large payment and only made matters worse as we fell behind on other bills. ONLY by the grace of God, did we manage to make each of those $2500 payments for the 6 months. I thought going back to the $1700 would be a breeze after that but then my husband had a stroke and well we are back to square one. I prayed and prayed for God to help me by leading me to something that would help. So one day I got on the computer and googled Option One and I found this forum. I am so grateful that other people are sharing their stories and that there is hope. There are other people to speak with other than these Indian guys who know absolutely nothing and must be reading from a script! Look forward to feedback. Thanks again!

[elpjohnson]

catt123.....

Wow....9.5% to 10% that's pretty high to start out with.....AHMSI has been modifying other members down to 5% or so (mine was modified to 6%) so it can be done.....I would write your hardship letter and request what you would like to be modified to in that letter.....there are online calculators that can tell you what your payment would be if your loan was modified to 5%.....like I said before, it doesn't hurt to ask and I'm pretty sure other members have taken that approach when requesting a modification from AHMSI.

[catt123]

Just wanted to update... I faxed over my documentation (loan mod. request letter, financials, bank statements, paystubs) on Tuesday to both Jeanne Drake and Jim Davis. If you can believe it, I got a phone call that same evening from Jackie (she works with Jeanne Drake). I unfortunately missed her call and she called me back the next day. I just spoke with her and she said everything looks good and is proposing to the investor a step fixed-rate over the next 4-5 years. She said she is 99.9% sure it will go through. Now while I don't want to count my chickens before they're hatched as they say, I truly cannot believe the quick response and diligence in trying to reach me. Jackie was extremely pleasant and helpful. If I hadn't come across this forum, I would still be dealing with the folks in India getting nowhere or worse.... Thank you, thank you to all who give of their time and experience to help all of us out there who need direction on what to do and just some plain old hope. Thank you!!! I will update as soon as I hear back from her (she said about a week or so with the holiday).

[elpjohnson]

Nice update....keeping my fingers crossed everything goes through for you. God bless and enjoy your holiday season!

[catt123]

Great, wonderul news!!! I just got a call from Jackie at AHMS who I've been working with. They have approved the modification - 5% fixed for the life of the loan. And I don't have to start over from 30 years. I'm about 2.5 years into my mortgage with them and that's where I'm staying! They are catching me up on the past due (2 months) and my first payment is not due until March 1st!! I can't even fathom this is happening. My payment went down by $500/month!! I don't know what I would have done if I had not found this site and for the good advise of you folks at Loan Safe. You are providing a wonderful, wonderful service for so many people. I'm grateful I found you and feel so blessed that my situation worked out. For those of you out there who are just getting started with a mod or who are scared to take that first step. Please have hope. Fax your doc's over to Jeanne Drake and Jim Davis. I did on 12/18 and it's 12/24. Only 6 days for me to get it done. Thanks to all at Loan Safe. Have a blessed holiday and I won't forget you in my prayers!

[Moe Bedard]

Congratulations!! What a great gift!!!



Please let us know when you receive the docs.............

[elpjohnson]

CONGRATULATIONS! Merry Christmas!