need help filling out applications

[iwontgiveup]

Hi I m trying to get approved by the power of be. i started this process in Mar of 08 and was in the system for 3 months after saying I made not enough money , then I added my husbands income on then we made too much! So I was denied now my interest in going up to 9.625% and I have a very large loam amount so it has gone up over 1700.00 this year.
If anyone could let me know how to fill out the forms so you can get approved I would greatly appreciate it

[Moe Bedard]

Hi iwontgiveup,

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

Unfortunately with the approval of the modifications lying with the investors on these loans.........there really isn't a formula for approval. I wish we did know that, then everyone on the forum would get approved, which is what I would love to see happen.............

You send in your w2's, bank statements, tax returns............and some lenders will pull your credit report to cross reference the revolving debt.
In general what they are looking for is to make sure that you are able to afford the house and all expenses and not just the mortgage alone......most would like to see a small surplus of disposable income left at the end of the month of $100-$250...........but that doesn't apply to all investors.............it is a guide based on averages of successful outcomes.

[iwontgiveup]

Thank you for replying. I got the numbers for Jeanne Drake and Jim Davis and called them so I am working with Martina Gonzalez I don't know if she works for Jeanne or Jim, so far she has told me alot of things she can do for me but until I see it in black and white I won't get my hopes up. My husband is a contractor and they want six months of his profit and loss statements which they already have from March, April, May, and June of this year, but he is now making alot less money. So I just want to make sure that we get this modification. So any feedback would be greatly appreciated.

[Moe Bedard]

Those six months would be outdated..........they will definately need the most recent ones because they will not be able to submit a modification to the investor for approval with financials from 6 months ago........because if they were to modify your loan based off of that income and his income has since dropped.......you will not be able to afford the modification either....... if you did call into Jeanne's office, then you are in good hands with whomever you are working with out of her office. The modification approvals are up to the investors..........so you would need to get your info into Martina and see what options there are.


Please keep us posted on your progress..........

[iwontgiveup]

Thanks for replying.
When you say there should be a surplus of 150-200.00 after I make my large house payment or on a lower house payment. I m sorry I very confused because we dont have any surplus after makiing the house payment , because we cant afford that house payment 5900.00. Please let me know what I should put down on paper.
Thanks for all your help

[Moe Bedard]

the surplus is just a guide.............there isn't a definitive answer as to what it should be at. But ask AHMSI if they want you to use your current payment or a modified payment.......

[iwontgiveup]

Thanks for you help. I will ask them that
Thanks again

[iwontgiveup]

I was wondering I hear that Citibannk is the investor on AHMSi . Is that all the loans at AHMSI

[elpjohnson]

No....that is probably your investor.....for example, mine is Citigroup Trust.

[iwontgiveup]

Does it matter if you have issues with Citigroup before (their credit card)
or is it a different group of people

[elpjohnson]

It's totally different, totally separate.....

[iwontgiveup]

Im glad about that. I am waiting for some di=ocuments that I need to get from my husbands bank becausae he is self employed. Even though he is not on the loan or the deed, they want all his information, does that sound right?

[elpjohnson]

Yes, they will need all household income and expenses.

Good luck and God bless!

[iwontgiveup]

I sent in all documents and last Friday I got a verbal that they could rduce my interest rate to 5.99% for the remaining of the loan. On Tuesday I got the loan documents. I am having looked over and overniting them.
I couldnt have done it without the telepohne numbers that you all have given to me
The president office personnel were wonderful and very professional and very very helpful

Thanks again

[elpjohnson]

Your welcome! Congratulations on your success!