My AHMSI hardship letter and questions

[tahoemoto]

Like everyone else I'm new to this site. It is very informative and has taught me that I can do this on my own. My loan is with AHMSI and my house is in Nevada. I owe $236,000 at 8.75% which adjusted today 1/1/09. The only saving grace in everything is that the market sucks so bad that my rate actually adjusted down from 8.89% I currently am behind by one month. That is after paying late (10-15 days) for six months now. My questions are when I fax my info should I fax everything or should I just fax the hardship letter? Also how many years for w-2, how many paystubs, and what else will I need? Thank you in advance and here is a copy of my hardship letter. Any input would be greatly appreciated.

To Whom It May Concern:

I am writing this letter to explain my unfortunate set of circumstances that have caused us to become delinquent on our mortgage. We have done everything in our power to make ends meet but unfortunately we have fallen short and would like you to consider working with us to modify our loan. Our number one goal is to keep our home and we would really appreciate the opportunity to do that.

The main reason that caused us to be late is the birth of our second child and Carly being on maternity leave. Also I work in the resort industry and have had a cutback in hours. Soon after being late and our income not being nearly enough, we had fallen further and further behind. Now, it’s to the point where we cannot afford to pay what is owed to AHMSI. It is our full intention to pay what we owe. But at this time we have exhausted all of our income and resources so we are turning to you for help.

Our intention was to refinance our loan after the first two years, but our equity has dropped and we have found that this is not a means that we can go about at this time. We feel that our only solution is a modification of our current loan.fficeffice" />>>

Our situation has gotten better because Carly has returned to work and we feel that a loan modification would benefit us both. We would appreciate if you can work with us to lower our payment so we can keep our home and also afford to make amends with your firm.

We truly hope that you will consider working with us and we are anxious to get this settled so we all can move on.

Sincerely and Respectfully,

[elpjohnson]

tahoemoto.....

Welcome to the forum and thanks so much for joining......I'm so happy you found us! Yes, you can do this all on your own with a lot of hard work and perseverance. You should fax ALL of your info (hardship letter, bank statements, w-2's, paystubs, and income/expense sheet) 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

Your hardship letter looks pretty good.

Good luck, God bless, Happy New Year and keep us posted on your progress!

[tahoemoto]

Well I was kind of hoping for a little more input, but I decided that I had read enough and sent all of my info to Jeanne. Jims fax would never answer for me. Any way I sent everything on 1/5/09 at 8:30 in the morning. I got a call at around 2:00 in the afternoon from Rob at AHMSI who left a message to call him. I called last night at 6 and again this morning (1/6/09) at 10:00. Still no reply. I called again at noon and got ahold of him. He said everything looked good and he had sent all of my info to my investor. He was trying to pull my info up while talking to me. Then he said wait he had a reply. The investor had accepted my mod at 5% fixed for the life of the loan. Dropping the payment from 1980 to 1530 for 334 months. (Or the remainder of my loan). First payment on March 1. He said I would have paperwork on Thursday to sign and send back. I was blown away. So the long winded question is is this beleivable? Does this ever backfire? Some input would help.

[Moe Bedard]

You can pinch yourself...........it is real.......no your not dreaming........

We don't mess around here

You were dealing with the office of the VPs........

Please let us know when you receive the docs and if you have any questions on them........
and what a great mod I might add!!!!

[elpjohnson]

tahoemoto....

*** is 100% right (as usual) CONGRATULATIONS! You did it! That's a solid mod if I ever saw one.....let us know when you get the docs.

[tahoemoto]

Well I got the docs today. Does four pages sound right? It looks like this whole process is going to take me a week and cost me $500 for mod and doc processing. All added on to the loan. Sounds like a deal to me.