Approved for Mod!

[pacco]

First, I think stumbling upon this forum while researching AHMSI is a God send.

Here is my dilemma. I had one of the Option One "ticking time bomb" ARMS. My initial rate was 7.5% on a 1,500,000.00 note. Last January we received the adjustment letter sending my interest rate to 10.75. My payment went from $9,500.00 to over $13,000.00. We'll after some diligent work on my end I found the right person at Option One to help me, but it was not easy.
I was able to get a loan modification which froze my initial interest rate for 5 additional years.

My dilemma today is that due to business market conditions we are struggling to make our payment to AHMS this month and possibly moving forward. We have alway been current and I'm embarrassed to be in such a situation. Our payment was due on the 1st and will be late on the 16th. Should I call to let them know we might miss this payment and ask for some type of loan restructure? We can't continue to make these huge payments when our business is in the tank? Words of wisdom please! Thank you and thanks for this forum.

P. S. My home is not worth what we owe. Sound familiar, we live in CA. We love our home and want to stay.

[Dan Bailey]

pacco,
Welcome to the forum and thank you for joining..most of us got here in the same way, searching!
*** or moe will be by as soon as they can to give you some advice/direction. Hang in there!

[ls30mv]

Hey, Pacco

Welcome to the forum. I have a similar story. I just got my rate frozen by AHMSI for another five years and my home isn't worth what I paid for it right now. I think if I were you, I would call them to let them know that you may miss the payment. I don't know if you're going to catch up on your lates next month, but the sooner you try to eliminate late balance the better. That way you may not need to pay a lot of late fees. If you call, and I would call the same prson who did your rate freeze, if possible, they may know more about your options.

[pacco]

Thanks for your reply. I guess what I really want to accomplish with the lender is "Can they restructure my loan to get us a lower payment"?

[Moe Bedard]

pacco,

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

If you are trying to get a principle reduction on a first loan, that has not happened as of yet..........but call in to see what options are available on your loan.

[pacco]

Hi all,

Well I took your advice and faxed my hardship letter to Jeanne Drakes office and to my surprise I received a call back from an assistant to Jeanne by the name of Lindsay Lucas within 3-4 hours. Lindsay told me that they did receive my letter and it was forwarded to a Rosa McField (think that's her name) and Lindsay asked me to phone her tomorrow.

Anyone out there have any feedback regarding Rosa McField? Good or bad? Is my letter going to the right person? If not I will continue to try and talk to Jeanne. Also, tried to fax my letter to Jim Davis office with no sucess. It just rang and rang.

Anyway, I was pleased to get a quick response, now I need to make sure it gets to the right person. My loan is rather large at 1,500,000.00 @ 7.5% and $9500.00/mo. This may have gotten their attention. I will tell you I was successful with a rate freeze in March 2008 when they were still Option One, but since then had a job change making this payment unbearable. I will keep you posted on what happens next.

Thanks for all of your good advice.

[elpjohnson]

pacco.....

Thanks so much for the update.....I have not heard of Rosa but that doesn't mean that she is not a great negotiator....I would definitely follow up with her often, be persistent but nice.....

Please keep us posted on your progress.

Good luck and God bless you and your family during this holiday season....

[pacco]

Thanks for your reply. I left her a message first thing this morning and have not heard from her. I'll try her again shortly. Is it normal for Jeanne Drake to assign a negotiator? Or does Jeanne negotiate?

[elpjohnson]

I think typically she assigns negotiators.....

[pacco]

I just missed a call from ahmsi and it was Jeanne Drake. Called back and got voicemail. I will say that the communication from her office has been fantastic.

[elpjohnson]

Awesome! Just keep at them and on them and you will get results.....I can wait to hear what they have to say.....

[pacco]

I spoke with Jeanne Drake at length this afternoom and she couldnt be more helpful. Jeanne had me log her direct line in to my phone. She then introduced me to Rosa my negotiator. She was just as helpful. I'm self employed so she e-mailed me everything she needed and told me she went ahead and ordered escrow figures which is for taxes and insurance. So far so good. Hopefully, things will go quickly and smoothly. But very impressed with their quick responses to my problem.

Those are the contacts people! Thank you Loansafe I will keep you posted.

[pacco]

Thanks to you folks and your forum I was approved for a loan modification in about 20 days. Jeanne Drake was instrumental in getting the ball rolling. A gal named Rosa McZiel handled my mod and did a terrific job. Incredible communication and I really felt like she was on my side. Also, this was my second modification in one year! I had a 1,500,000 loan at 7.5% with a payment of $9500/mo. not including taxes and insurance. With taxes and insurance I was at about $11,000/mo. My new mod. came back at 3% year one, 3.5% year two, 4% year three, 4.5% year 4 and capped at 5% for remainder of loan. New payment with principal and interest is about $7100.00/mo. They paid all of my back property taxes, (about $15,000.00) and put the taxes and delinquent house payments on the back of the loan. Also, no payment due until April 1, 2009. So now my payment with taxes and insurance is $8716.00/mo. a savings of about $2300/mo. Not having made the house payments has really helped us catch up. So, to all of you out there keep the faith, get your docs in the right hands, follow-up, be courteous and good things will happen. Thanks again to all of you here at LoanSafe!

[RefusetobeStressed]

You are in great hands. Jeanne Drake, Rosa, and there is also a Gail Goodman who works for Jeanne Drake who was my negoitiator is just awesome.

She gave me her email and phone number which I have in my cell phone...just in case but all three are just awesome.

Congratulations

Refuse

[Coloradofury]

Sorry about that last post - wrong thread.... obviously. I did have a question for you Pacco and RefusetobeStressed - Hoping you can provide contact info for Lindsay Lucas, Gail Goodman and Rosa. Thanks and congrats on the workout!!! Curious if the quick workout was due to the size of your loan $1.5M wow - most are a fraction of that. Could it be your business is more meaningful??? I hope not as what an inspiring story!