Loan Modification with Bankruptcy

[taffy1]

I'm so glad I found this forum.I read some hopeful stories and then some really scarey ones. None of them match me. I felt that maybe their are those out there with similiar circumstances and just feel like they've been hit by a Mack truck.
I had a very bad experience with Option One early 2008. I went to them for a LM and they took 2 months and many faxes to return my calls. By then I was considering Bankruptcy , but had not retain an ATY or really made that final decision. However in the discussion I said the B word and boy did they begin threatening me. I was 2 months behind when I retained my Aty. I called them and and they sent me a letter of forecloser three weeks later as if to beat the filing. This was in May. My Chapter 13 protects me while incorporating the 3 months ad huge fees added on.
Of course I have one of those lovely ADJ loans and it increased in June. The court does not allow for increases once they have blessed the BKO. Now once again, I can't begin to make the 5000.00 month payment. Bankruptcy is very complicated, but I'm an expert today. As I look at finally losing this battle, Ahsmi ATY calls mine and request that my husband and I file Loan Modification. Surprise, they do these on BKO!!! Also, I'm talking to Florida ad not India.
Your site helped me fill out my package and I've sent several faxes answering their questions. I have yet to talk to my negotiator, but I call every three days. They have a Call Center iof 25 and they tell me they receive 100's daily. My last call I was told they are pulling tax info and Is info. Is this good???
I wanted to make sure others in my situation are aware they do work with you in BKO. i'M NOT SURE HOW THIS WILL TURN OUT, BUT WHAT DO YOU THINK?

[Moe Bedard]

Hi taffy1,

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

Yes most servicers will work with you in a Chapter 13 with the permission of the court and some will require that the stay be lifted.......but they will not in a Chapter 7 until it is discharged.....the only dept. that you can speak with under that bk is the bk dept............two very different circumstances.

[taffy1]

This is an update for my Loan Mod. Well I was contacted today. They added all to the loan amount including all that is in Chapter 13. Here's the kicker. The

[taffy1]

Sorry, I wasn't paying attention to the screen. The interst is 8.22 and the payments came in 27.00 more than today's payment. The deal gives me a break in 18 months of not increasing or should I say before foreclosure. Also added about 20k not associated with back payments. Misc. fees.
Here is the interesting part ..the original loan docs had Riders for Balloon and looks like Adj is limited to 4 times and then converts to Conventional. The Negotiator said that is not what she is looking at and does not recognize.What!!!You mean my terms have been lost from Option One to AHSMI???
I have put together a letter for Jeanne that I will fax tomorrow. All I'm looking for is lower payments so I have a fighting chance to keep the house.
Has anyone else experienced this???Do you think Jeanne's office will assist me/

[Moe Bedard]

All I can say is it won't hurt to try her office and see what can be done.

Good Luck!

Keep us posted...........

[taffy1]

hello everyone, here is an update. Not very pretty and looks like a long drawn out battle. First of all when you are in Chapter 13 everything is different. Those of you that are in BKO you understand what I am saying. We have been served AGAIN with papers threatening Foreclosure if we don't sign on the dotted line. Our LM is terrible, interest 8.22 and payment actually went up. This is a Adjustable for 40 years. My attorney could not believe after I have more than proved need for lower payment. We would have a new loan and give up this current loan that will have one more adjustable before converting to a conventional. Strange as it sounds, I have loan docs that we signed stating this. Now AHSMI does not recognize this schedule, but how can they legally change what we signed. Very fishey!!!
I have faxed to the negotiater copies of said docs. I have also written a letter to Jeanne Drake. Tomorrow I will follw up with Jeanne's office.
Meantime, I am sending 2 payments per my attorney recommendation. He will speak to the court about the shenanigins of AHMSI and we'll go from there. He wants me to continue to fight for a better LM. I don't sleep at night and my health is deteriating due to this stress. Here's the kicker, I am a bill collector during the day. I can tell you, I help everyone I can !!!!Those I can't, I pray for.