PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification - Loan Modification Forum

karenlehman · 01-11-2009, 09:29 AM

Hi, new to this site and thanks for all the info!!!!!!! We are in a similar situtatuion and have an ARM with AHMSI. We tried to go through Lend America to get the H4H program and AHMSI said they would not work with that program. I have submitted all the documents andthey told me that our loan has been sent to someone in Loan Mods. I have also called the numbers (left messages) for Jeanne Drake and Jim Davis, I tried to fax them the info but there was no answer. I will try them again on Monday. Our Modification person name that I was given was Richard Johnson, anyone ever heard of him?
We are desperate to keep our home, we live in Michigan and the values have dropped dramatically, there is nothing selling so I am praying that AHMSI will work with us. Any input or help from all of you will be wonderful.
We also have a second mortgage that was originally with Option One, was sold to GMAC then sold to some other company and now is with a company in Miami called Assets Recovery Systems, anyone know of them and what to do about the second? It is at a 10.75% rate and I have written and faxed them all our info.
I also wanted to ad that our income/expense in no way shows a surplus, at leas not with our total mortgage payments being almost $2000. Our payment to AHMSI is $1500 and the 2nd is $490, my husband is lucky to bring home $3000 a week and so out of that we have to pay for gas, food, phone, utilities, and a family of four that is not cheap. We do NOT eat out at all or spend on anything extra, pinch every penny until it sceams. My husband was laid off several years ago from a job that paid $70,000 a year and now is in a job that pays around $42,000 so we struggled each month to just make the house payments. We are 3 months behind with AHMSI and they refuse to take partial payment, we are 2 months behind with the 2 mortgage. We are desperate for a modification taht will allow us to keep our home, I read on one of the post that someone had a rate of 3%! Now that is what we need!! Any helpful advice would be great.
Also do we HAVE to show a surplus? I also used the net income not gross when doing the financial worksheets.
Please help!!!!! Thanks Karen

karenlehman · 01-11-2009, 09:37 AM

I wanted to also ad that our taxes and insurance are included in the payment. We had never been behind in payments before, we let our cc payments go into collections so we would be able to make our house payment. My husband drives truck and things really slowed down this last fall and so we fell behind on our payments, but before that we were always current. Thanks for the help and advice in advance. I praise God for this site, I have hope that we can keep our home.

swordvsahmsi · 01-11-2009, 06:15 PM

We are with you and the waiting it more then tough. Not sure if you are following my story on the boards but we also just faxed over all of our docs to Jeanne Drake's office. We have 4 kids and my husband was laid off last month, luckily finding another job but making no where near what he used to make. Andrea Plum is our negotiator and she seems very nice so far, I just hope to God she can help us knowing though it's up to the investor of your loan. Our home values here in Florida have dropped so much too, it's ridiculous.

There is so much hope on these boards though and it seems as though AHMSI is granting modifications, which is good. I noticed you said your income level was 3,000 a week. Is that correct or a typo? It's hard because if you have to much income they will say you can afford to make your current pymts, if not enough they can deny you just as quick.

Please don't give up hope.....

karenlehman · 01-11-2009, 06:55 PM

Oh thank you for your reply, I do have some hope now. I want to fax our docs to Ms Drake but the fax would not go through all weekend so Iwill try tomorrow.
I must of made a mistake, the income is $3000 a month, I WISH it was $3000 a week!LOL Wouldn't be needing a modification if we made that kind of money. lol
I also wondered about the surplus that people have posted that we need to show....... if we had a surplus we would not need to have a modificaition. We need the payments reduced so we can pay our bills and eat.
Thanks for all the help! Karen

swordvsahmsi · 01-11-2009, 07:05 PM

LOL-I figured that was a typo but had to ask.... The fax number I used was 866-642-4196 (Jeanne Drake), I tried the other one that is usually listed on the board and had no luck with it...but they could be off or something on the weekend. The surplus mentioned on the board here is $200-250, yes that can be tough especially with kids... It seems as though all my husband and I have been doing is playing the juggle game wiht our bills which I completely hate...

I am new at this too but seem to live on this board lately so let me know if you need anything else at all...

elpjohnson · 01-12-2009, 08:55 AM

Karen.....

Welcome to the forum and thanks so much for joining......you should keep trying to fax your info to the following fax numbers, if you can't get through, place a call to them and verify the fax number (please post any changed numbers)

Jeanne Drake
phone 949-784-6011
fax 866-642-4196

Jim Davis
phone 904-996-9696
fax 904-996-9653

You do need to show some type of small surplus at the end of the month to prove that you can afford to stay in your home.....however, some investors have approved a mod with a deficit, so it depends on the investor.....but in most cases they require a surplus of $100-$250 per month.

Good luck, God bless and please post any other questions you may have.

karenlehman · 01-12-2009, 01:59 PM

Hi, I faxed and called and today I got a call from Jenny in Mr. Davis's office and from Rosa in Ms. Drake's office.
I told them everything flat out and I cannot show a surplus because then I would be lying and there really is no way to show one with just the basics even. However, I am using the take home pay so I am not sure if that is what they use. I also called Hope Now and talked to a woman there and she took my info and is calling AHMSI and my second mortgage co. So the ball is rolling and I am being very persistant, I told them we just cannot swing a mortgage payment of $1900 a month when Brad only brings home around $3000. It does sound hopeful and everyone was very nice and wanting to work with us. I will keep everyone updated. My concern is the second mortgage, some company in Miami that no one has ever heard of...... Karen

swordvsahmsi · 01-12-2009, 02:09 PM

That is great-keep being persistant, that is what I am certainly doing too. I called Hope for Homeowners main number too and the lady that answered told me to wait and see what happens with the modification first. She did give me a number to the local HUD office here in Clearwater, Fl. which I did not call yet. Did you talk to someone local in your area as well? I am wondering if I should call our local office too. Anyone's thoughts would be great.
You know I was just watching the news and they talk about this stimulus package but not in that package as to mortgages. What is up with that?? It makes me so mad....

karenlehman · 01-12-2009, 02:16 PM

Sword, I would call Hope again and talk to someone, tell them that you want to get a modification. Don't let them tell you to wait, the lady I spoke with was super, she took all the info from me, said she works with AHMSI and has seen some good results. She took down the income/expense and saw that we were about $400 short each month and she was working with that; I told her if I had a surplus I would not need my payments lowered. We even let our credit card bill go into collections so we could make our house payment, credit is shot but it is more important to keep the house. I would call Hope Now again and try talkign with someone, no one even mentioned waiting, they were ready to help. Karen

swordvsahmsi · 01-12-2009, 02:24 PM

Can you provide me the number or did they send you to your local office???

karenlehman · 01-12-2009, 02:28 PM

I called 1-888-995-4673 it was just the number on the site. Now when it ask for English press one, don't, just stay on the line because everytime I woud press the number it would ring busy. SO I just called back and went through all that and waited, then someone picked up. Let me know if you get someone, I would give you the ladys name and info if I had it, she is going to email me though. I am praying for you!

swordvsahmsi · 01-12-2009, 02:40 PM

Thank you so much. The person I spoke to was great but unfortunately I have to call back tomorrow because it's so late in the day already. They sound great over there and hopefully they can help with AHMSI too. I called another number last week for the H4H so not sure what happened but much more positive now.

I will keep the faith for my family and yours.

Thanks again

karenlehman · 01-12-2009, 02:46 PM

I tried the H4H program and AHMSI is not doing that, but they are working with Hope Now doing the modifications, after all the research it looks that it might be a better deal to go with a loan modification. Just from what I can see anyway. The H4H program requires they do a short sale and then if you sell you have to pay the gov. and a bunch of other things, if you need to have links to some of the info just email me directly. K

swordvsahmsi · 01-12-2009, 02:57 PM

OK-That is where I was confused. I did not know they were seperate entities...I thought they (H4H and Hope Now)were the same... LOL-no more bleach on my hair.....I need the modification and DO NOT want to move. I will google it real quick, if I need the information I will let you know... You have been TERRIFIC. I love this board and the people on it...

Thanks again

socaljager · 01-13-2009, 12:06 PM

Hi, Karen -
You are correct in using your take home pay. When being considered for a modification, it's all about your monthly budget. I didn't read all of the posts, but your surplus AFTER a modification at a 5% rate should be around $200. DONT forget to factor in your monthly tax and insurance payments into your budget. This is where so many go wrong and get denied.

If you are having trouble getting to the $200 surplus at a 5% rate, then decide where you can cut back in your montly expenses. Without at least a $200 surplus, your chances of being approved greatly decrease.

karenlehman · 01-13-2009, 07:19 PM

Well I can do a 5% rate w/a surplus, I was doing it at the original amount with the full payment we have now with a 7.5% and the second mortgage at 10.75. I had already did the numbers and we can do a 5% and I am going to be so bold as to ask for a 3% for the first few years. Anyone know the fax number for Rosa out of Jeanne Drakes office? I will call her tomorrow and send her a new financial work sheet.

Has anyone had a second mortgage and gone through this? Thanks Karen

socaljager · 01-15-2009, 11:26 AM

Is the 2nd with AHMSI? If so, and you want to modify that as well you must apply for the modification on the 2nd at the same as you apply on the 1st.

If the 2nd is with another servicer, it shouldn't affect the mod with AHMSI.

karenlehman · 01-15-2009, 12:15 PM

The second was with Option one, sold to GMAC, then sold to someplace else and now is with a company called Assest Recovery Systems in Miami. Now I have my doubts about this company since their mailing envelopes have the return address lables that you print at home off your computer, the invoices also look like they have been printed off the same, can't find any info online about them. I have called and faxed them, I am hoping they do not put up much of a fuss for a modification. A lot of the seconds these days I hear are being written off or taking major losses.......... just some of the info I have read online. K

karenlehman · 01-26-2009, 03:53 PM

Our modification went through today, got the call this morning! Praise GOD and thank you all for the info onthis site. I am shocked at how fast it was, only about three weeks. So there is hope out there, everyone keep calling and letting them know you do not want to loose your house! I even faxed them a budge with a modification that we could afford and they pretty much went with it. I start at 3% and go up a half point each year until 5 and then after that it is fixed at 5%. K

elpjohnson · 01-26-2009, 05:18 PM

Karen.......

Congratulations on a great modification! Let us know when you get the docs!

01-11-2009, 09:29 AM	#1 (permalink)
karenlehman Member Join Date: Jan 2009 Posts: 13	PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification Hi, new to this site and thanks for all the info!!!!!!! We are in a similar situtatuion and have an ARM with AHMSI. We tried to go through Lend America to get the H4H program and AHMSI said they would not work with that program. I have submitted all the documents andthey told me that our loan has been sent to someone in Loan Mods. I have also called the numbers (left messages) for Jeanne Drake and Jim Davis, I tried to fax them the info but there was no answer. I will try them again on Monday. Our Modification person name that I was given was Richard Johnson, anyone ever heard of him? We are desperate to keep our home, we live in Michigan and the values have dropped dramatically, there is nothing selling so I am praying that AHMSI will work with us. Any input or help from all of you will be wonderful. We also have a second mortgage that was originally with Option One, was sold to GMAC then sold to some other company and now is with a company in Miami called Assets Recovery Systems, anyone know of them and what to do about the second? It is at a 10.75% rate and I have written and faxed them all our info. I also wanted to ad that our income/expense in no way shows a surplus, at leas not with our total mortgage payments being almost $2000. Our payment to AHMSI is $1500 and the 2nd is $490, my husband is lucky to bring home $3000 a week and so out of that we have to pay for gas, food, phone, utilities, and a family of four that is not cheap. We do NOT eat out at all or spend on anything extra, pinch every penny until it sceams. My husband was laid off several years ago from a job that paid $70,000 a year and now is in a job that pays around $42,000 so we struggled each month to just make the house payments. We are 3 months behind with AHMSI and they refuse to take partial payment, we are 2 months behind with the 2 mortgage. We are desperate for a modification taht will allow us to keep our home, I read on one of the post that someone had a rate of 3%! Now that is what we need!! Any helpful advice would be great. Also do we HAVE to show a surplus? I also used the net income not gross when doing the financial worksheets. Please help!!!!! Thanks Karen

01-11-2009, 09:37 AM	#2 (permalink)
karenlehman Member Join Date: Jan 2009 Posts: 13	Re: PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification I wanted to also ad that our taxes and insurance are included in the payment. We had never been behind in payments before, we let our cc payments go into collections so we would be able to make our house payment. My husband drives truck and things really slowed down this last fall and so we fell behind on our payments, but before that we were always current. Thanks for the help and advice in advance. I praise God for this site, I have hope that we can keep our home.

01-11-2009, 06:15 PM	#3 (permalink)
swordvsahmsi Senior Member Join Date: Dec 2008 Posts: 39	Re: PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification We are with you and the waiting it more then tough. Not sure if you are following my story on the boards but we also just faxed over all of our docs to Jeanne Drake's office. We have 4 kids and my husband was laid off last month, luckily finding another job but making no where near what he used to make. Andrea Plum is our negotiator and she seems very nice so far, I just hope to God she can help us knowing though it's up to the investor of your loan. Our home values here in Florida have dropped so much too, it's ridiculous. There is so much hope on these boards though and it seems as though AHMSI is granting modifications, which is good. I noticed you said your income level was 3,000 a week. Is that correct or a typo? It's hard because if you have to much income they will say you can afford to make your current pymts, if not enough they can deny you just as quick. Please don't give up hope.....

01-11-2009, 06:55 PM	#4 (permalink)
karenlehman Member Join Date: Jan 2009 Posts: 13	Re: PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification Oh thank you for your reply, I do have some hope now. I want to fax our docs to Ms Drake but the fax would not go through all weekend so Iwill try tomorrow. I must of made a mistake, the income is $3000 a month, I WISH it was $3000 a week!LOL Wouldn't be needing a modification if we made that kind of money. lol I also wondered about the surplus that people have posted that we need to show....... if we had a surplus we would not need to have a modificaition. We need the payments reduced so we can pay our bills and eat. Thanks for all the help! Karen

01-11-2009, 07:05 PM	#5 (permalink)
swordvsahmsi Senior Member Join Date: Dec 2008 Posts: 39	Re: PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification LOL-I figured that was a typo but had to ask.... The fax number I used was 866-642-4196 (Jeanne Drake), I tried the other one that is usually listed on the board and had no luck with it...but they could be off or something on the weekend. The surplus mentioned on the board here is $200-250, yes that can be tough especially with kids... It seems as though all my husband and I have been doing is playing the juggle game wiht our bills which I completely hate... I am new at this too but seem to live on this board lately so let me know if you need anything else at all...

01-12-2009, 08:55 AM	#6 (permalink)
elpjohnson Successful Homeowner / Loan Safe Guide Join Date: Dec 2007 Location: Gold Country, Northern California Posts: 1,025	Re: PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification Karen..... Welcome to the forum and thanks so much for joining......you should keep trying to fax your info to the following fax numbers, if you can't get through, place a call to them and verify the fax number (please post any changed numbers) Jeanne Drake phone 949-784-6011 fax 866-642-4196 Jim Davis phone 904-996-9696 fax 904-996-9653 You do need to show some type of small surplus at the end of the month to prove that you can afford to stay in your home.....however, some investors have approved a mod with a deficit, so it depends on the investor.....but in most cases they require a surplus of $100-$250 per month. Good luck, God bless and please post any other questions you may have. __________________ Erika 10 Month Success Story With Option One.

01-12-2009, 01:59 PM	#7 (permalink)
karenlehman Member Join Date: Jan 2009 Posts: 13	Re: PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification Hi, I faxed and called and today I got a call from Jenny in Mr. Davis's office and from Rosa in Ms. Drake's office. I told them everything flat out and I cannot show a surplus because then I would be lying and there really is no way to show one with just the basics even. However, I am using the take home pay so I am not sure if that is what they use. I also called Hope Now and talked to a woman there and she took my info and is calling AHMSI and my second mortgage co. So the ball is rolling and I am being very persistant, I told them we just cannot swing a mortgage payment of $1900 a month when Brad only brings home around $3000. It does sound hopeful and everyone was very nice and wanting to work with us. I will keep everyone updated. My concern is the second mortgage, some company in Miami that no one has ever heard of...... Karen

01-12-2009, 02:09 PM	#8 (permalink)
swordvsahmsi Senior Member Join Date: Dec 2008 Posts: 39	Re: PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification That is great-keep being persistant, that is what I am certainly doing too. I called Hope for Homeowners main number too and the lady that answered told me to wait and see what happens with the modification first. She did give me a number to the local HUD office here in Clearwater, Fl. which I did not call yet. Did you talk to someone local in your area as well? I am wondering if I should call our local office too. Anyone's thoughts would be great. You know I was just watching the news and they talk about this stimulus package but not in that package as to mortgages. What is up with that?? It makes me so mad....

01-12-2009, 02:16 PM	#9 (permalink)
karenlehman Member Join Date: Jan 2009 Posts: 13	Re: PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification Sword, I would call Hope again and talk to someone, tell them that you want to get a modification. Don't let them tell you to wait, the lady I spoke with was super, she took all the info from me, said she works with AHMSI and has seen some good results. She took down the income/expense and saw that we were about $400 short each month and she was working with that; I told her if I had a surplus I would not need my payments lowered. We even let our credit card bill go into collections so we could make our house payment, credit is shot but it is more important to keep the house. I would call Hope Now again and try talkign with someone, no one even mentioned waiting, they were ready to help. Karen

01-12-2009, 02:24 PM	#10 (permalink)
swordvsahmsi Senior Member Join Date: Dec 2008 Posts: 39	Re: PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification Can you provide me the number or did they send you to your local office???

01-12-2009, 02:28 PM	#11 (permalink)
karenlehman Member Join Date: Jan 2009 Posts: 13	Re: PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification I called 1-888-995-4673 it was just the number on the site. Now when it ask for English press one, don't, just stay on the line because everytime I woud press the number it would ring busy. SO I just called back and went through all that and waited, then someone picked up. Let me know if you get someone, I would give you the ladys name and info if I had it, she is going to email me though. I am praying for you!

01-12-2009, 02:40 PM	#12 (permalink)
swordvsahmsi Senior Member Join Date: Dec 2008 Posts: 39	Re: PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification Thank you so much. The person I spoke to was great but unfortunately I have to call back tomorrow because it's so late in the day already. They sound great over there and hopefully they can help with AHMSI too. I called another number last week for the H4H so not sure what happened but much more positive now. I will keep the faith for my family and yours. Thanks again

01-12-2009, 02:46 PM	#13 (permalink)
karenlehman Member Join Date: Jan 2009 Posts: 13	Re: PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification I tried the H4H program and AHMSI is not doing that, but they are working with Hope Now doing the modifications, after all the research it looks that it might be a better deal to go with a loan modification. Just from what I can see anyway. The H4H program requires they do a short sale and then if you sell you have to pay the gov. and a bunch of other things, if you need to have links to some of the info just email me directly. K

01-12-2009, 02:57 PM	#14 (permalink)
swordvsahmsi Senior Member Join Date: Dec 2008 Posts: 39	Re: PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification OK-That is where I was confused. I did not know they were seperate entities...I thought they (H4H and Hope Now)were the same... LOL-no more bleach on my hair.....I need the modification and DO NOT want to move. I will google it real quick, if I need the information I will let you know... You have been TERRIFIC. I love this board and the people on it... Thanks again

01-13-2009, 12:06 PM	#15 (permalink)
socaljager Member Join Date: Oct 2008 Posts: 15	Re: PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification Hi, Karen - You are correct in using your take home pay. When being considered for a modification, it's all about your monthly budget. I didn't read all of the posts, but your surplus AFTER a modification at a 5% rate should be around $200. DONT forget to factor in your monthly tax and insurance payments into your budget. This is where so many go wrong and get denied. If you are having trouble getting to the $200 surplus at a 5% rate, then decide where you can cut back in your montly expenses. Without at least a $200 surplus, your chances of being approved greatly decrease.

01-13-2009, 07:19 PM	#16 (permalink)
karenlehman Member Join Date: Jan 2009 Posts: 13	Re: PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification Well I can do a 5% rate w/a surplus, I was doing it at the original amount with the full payment we have now with a 7.5% and the second mortgage at 10.75. I had already did the numbers and we can do a 5% and I am going to be so bold as to ask for a 3% for the first few years. Anyone know the fax number for Rosa out of Jeanne Drakes office? I will call her tomorrow and send her a new financial work sheet. Has anyone had a second mortgage and gone through this? Thanks Karen

01-15-2009, 11:26 AM	#17 (permalink)
socaljager Member Join Date: Oct 2008 Posts: 15	Re: PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification Is the 2nd with AHMSI? If so, and you want to modify that as well you must apply for the modification on the 2nd at the same as you apply on the 1st. If the 2nd is with another servicer, it shouldn't affect the mod with AHMSI.

01-15-2009, 12:15 PM	#18 (permalink)
karenlehman Member Join Date: Jan 2009 Posts: 13	Re: PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification The second was with Option one, sold to GMAC, then sold to someplace else and now is with a company called Assest Recovery Systems in Miami. Now I have my doubts about this company since their mailing envelopes have the return address lables that you print at home off your computer, the invoices also look like they have been printed off the same, can't find any info online about them. I have called and faxed them, I am hoping they do not put up much of a fuss for a modification. A lot of the seconds these days I hear are being written off or taking major losses.......... just some of the info I have read online. K

01-26-2009, 03:53 PM	#19 (permalink)
karenlehman Member Join Date: Jan 2009 Posts: 13	Re: PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification Our modification went through today, got the call this morning! Praise GOD and thank you all for the info onthis site. I am shocked at how fast it was, only about three weeks. So there is hope out there, everyone keep calling and letting them know you do not want to loose your house! I even faxed them a budge with a modification that we could afford and they pretty much went with it. I start at 3% and go up a half point each year until 5 and then after that it is fixed at 5%. K

01-26-2009, 05:18 PM	#20 (permalink)
elpjohnson Successful Homeowner / Loan Safe Guide Join Date: Dec 2007 Location: Gold Country, Northern California Posts: 1,025	Re: PLEASE HELP! AHMSI w/2nd with Assets Rec. Systems, desperate to get modification Karen....... Congratulations on a great modification! Let us know when you get the docs! __________________ Erika 10 Month Success Story With Option One.

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