Oh Heavenly Day!!

[missdaisy68]

Hello, I'm new here, but I've been reading the posts and they've been extremely positive in giving me hope when there seems to be none. My battle began nearly 2 years ago. Long story short- Bought house in 04. It was adjustable. In 06, the rate went up, a predatory lender lied, and inflated our income (didnt know this until recently). Gave us a loan we could not afford (after the interest rate went from 6%- 10%. Seperation of owners, lost job, put house up for sale- bank refused to accept the only 1 offer made (at the time, more houses than buyers)... Finally, AHMSI got the loan. I was on a "negotiated" payment plan for 1900.00 a month for 6 months. At the end of 6 months, AHMSI was suppose to refinance my loan at a lower interest rate fixed for 30yrs. I made my payments EVERY month. I gained 2 room mates, one child and 2 animals in order to make it happen (basically another family). In Oct, I recieved paperwork from First Guarantee (working with AHMSI) for the loan modification. They were going to reduce my principle balance, at a fixed interest rate so I could actually afford my home. My last payment for October, I called my "negotiator".... I left 3 messages at least. NO RETURN CALL. (she had to call me in order to reset the system- or the payment is rejected by AHMSI as a "partial payment").... NOTHING. I heard nothing. Every rep that I spoke with said I had to talk to my "negotiator" Then I talked to an extremely rude rep who stated that I had to start over even though I could have sent the money that day- AND I had a new negotiator!... I immediately faxed all the financial stuff again. I heard nothing- I recieved a letter requesting more info from my new negotiator and immediately faxed it in the next day. I heard nothing. I sent him an email. Nothing. FINALLY, I called and after harassing about 5 different reps, I was told that I had ANOTHER negotiator. The rep transfered me to a Voice mail box that stated it was either full or invalid and hung up on me! I guessed the spelling of his name, and send a blind email. I got a response. Basically now, what I'm being told, in order to stay in my home, I can pay them 1900.00 a month for the next 6 months CONTINGENT on me putting the house up for sale!!!!! How is it that they can offer me a 98k principle reduction one minute, and then "screw you" the next? Especially due to their "negotiators" NEGLIGENCE?! If my goal is to keep my home, why am I putting it up for sale?!!! The house across the street is boarded, and the one next to it is for sale for 48k. My investor is Citigroup but I know AHMSI has the ability to negotaite and keep me in my home. I make twice as much money now as I did when I bought my home! Please help! I have copies of everything. every email, every document, every thing I've ever faxed.....All they have to do is reduce my interest! I have now drafted hardship letters to Jeanne and Jim (VP info that I got from this site- THANK YOU!)... and I'm meeting with a HUD approved counselor tonight. Should I fax these letters before I speak to the HUD person?? HELP! I dont know what else to do at this point....The solution seems so easy, and yet no one is willing to buck up! I have done everything short of a miracle to do what they've asked. I feel like I'm being taken advantage of AGAIN....Thank you for ANY information, or advice... I'm not giving up!

[DAVetran]

Talk to the HUD counsler first, let them be the go-between so you can calm down. Make sure you take EVERTHING you have in writing so far to HUD.

I hope that you have the principle reduction in writing.

[missdaisy68]

It's a phone interview. I wish I could have met in person, so they could see how hard I'm trying to resolve this, but I will take what I can get at this point- They keep telling me there's no sale date, then they have one, then none again... What I have are their copies of the exact loan documents, they sent me, and I Fedex'd back to them. I even have the envelopes their paperwork came in! No one seems willing to invest the time. I dont want to drop the ball. I'll cross my fingers the HUD people call tonight, as promised. Thanks!!!

[elpjohnson]

Missdaisy68.....

Welcome to the forum and thanks so much for joining......I'm with DAVetran, talk to the HUD counselor first and then escalate your request to Jeanne and Jim.....Citigroup is your investor? Is it Citigroup trust? That's my investor and I was initially rejected a loan modification with them because they refused to modify any of their loans.....so I don't see them giving out principle reductions either as they are extremely difficult to deal with. AHMSI has not (no members have reported thus far) offered any principle reductions for their borrowers, so I would be really suspect of that.

See what the HUD counselor says and make sure you escalate your request to the vp's......they are very responsive and have helped a lot of members get loan modifications.

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

[missdaisy68]

Thank you so much for your replies. I was only told by my "negotiator" that the lender was "Citigroup". I've also requested the submitted origonal loan documents from AHMSI (I never got copies from the loan originator). Even if they just reduced the interest to current rate and put it on fixed, I'd be able to make payments. Seems a better option for everyone then foreclosure, and then trying to sell it for half of what I paid.
I'll keep you posted! I'm sure I'll have more questions! THANK YOU!

[elpjohnson]

You should write a QWR to request all documents associated with your loan. Check out the format in the Homeowner's toolbox.

[missdaisy68]

So per my previous post about being at my witts end..I recieved a phone call from my AHMSI "negotiator" (the 3rd one I've had so far).. who states my lender (citigroup) has made the following "suggestions": I about hit the roof.

Option 1: I can pay 1900.00 a month (at 10% for a 221k mortgage- 200 less than my normal payment) for 3 months contingent on me putting my house up for sale. If the house sells within 10k of what I owe, they will give me 10k (not specified if my closing costs would have to be paid with this, so the offer doesnt sound so sweet- plus, with the houses going for 48k across the street and not over 150k within a 10 block radius- I'm skeptical)... If the house doesnt sell in 3 months, I can deed the house back to them. Call it a day, And I'm out my house and 5 grand (that I'll probably need to move my family).

Option 2: I can do a deed in lieu of foreclosure. My lender will hold it for 12 months.. The catch? I can pay my normal monthly payment of 2165.00/month for 12 months. At the end of that 12 months if I make every single payment on time every month, they would consider modifying the mortgage to a lower interest rate, but for a monthly payment similar to 2165. If I miss a payment, They file the deed and call it a day. Again, I lose my house and around 24k! WHAT?!!

I cant even believe this! Those arent even options! My negotiator also stated, that on my original loan documents, it states that our household income was 6500/mo!!! We made 8 and 13/hr respectively! Completely IMPOSSIBLE!....

I'm declining their "offer" as my intention is to keep my home. I'm now working with NACA to see if they can negotiate for ME, not my greedy lender. If I could pay that much every month, I wouldnt be in the situation I'm in! I cant even believe they suggested it.
Does anyone have any suggestions? Helpful hints? a million dollars?! haha... Kidding, although I'm trying to keep my spirits up.... This has been a 2year nightmare! AHMSI is impossible to work with, as is my "lender"....

[elpjohnson]

Missdaisy.....

Wow! Those options sound like no options......My investor is Citigroup as well and I was told that they are extremely difficult to work with (per my attorney).

If I were you, I would continue to work with NACA and see what they can do for you. Maybe they can get you a better deal than the one that AHMSI is currently offering you......

[missdaisy68]

Well, I spoke to NACA last night. Although they are slow on the phone, they are now ready to submit their proposal to my lender for a mod loan at 5.7% and a payment of 1618.00 a month. FINALLY.. Something I can actually afford....
I also read on their website that they are partnered with citigroup and affiliates, so maybe this will work in my favor. Cross your fingers... This will probably mean the difference between me paying for and keeping my house, or me staying in my house for as long as possible, saving my money, and walking away... (last option).

My "negotiator" at AHMSI keeps saying median house value in my "area" is 206.....HAHA!! I couldnt get 195 for it in 2007 when all this started (at the time, the market was saturated).... I wonder if anyone in CA (where my AHMSI negotiator is located) is aware that I'm a block off an industrial/commercial area, and my "area" also includes 500k homes on the river parkway (No where near resembling the neighborhood I live in).... Even those houses are for sale at 350k max...
I just dont understand why reducing the interest rate to an affordable amount, is worse or so much more difficult than foreclosure? It just doesnt make sense.

elpjohnson.......... What became of your loan with citigroup? Did everything eventually work out? Or are you still battling?
Wondering what to expect, other than the unexpected, or if you have any tips for dealing with these bulls?!
Thank you!!!

[elpjohnson]

Missdaisy.....

I was successful in getting a loan mod only after 10 long months and after hiring an attorney to do the work for me. I hired the attorney to do the audit on my loan docs and he found some violations and that is what got us our mod......they denied us at first, stating Citigroup does not allow modifications on their loans. THAT IS A LIE! Don't believe everything AHMSI is telling you.....just push forward with NACA by your side and see what they can get worked out for you......I'm pretty confident they can get something done in your favor.

Sending you lots of prayers and positive thoughts......Good luck and God bless you and your family!

[missdaisy68]

Hello with a HUGE question mark! ????...
NACA submitted a workout on my behalf 2 weeks ago. I was contacted by my "negotiator" to see if I was interested in accepting my lender (CitiGroup) offer of paying them to put my own house up for sale (yeah right....)....
I then faxed my letter of hardship to Jeanne and Jim (Jim Davis fax does not work).... About 2 days later, I was contacted by a Mary. (I compared the number she called from to Jeanne and it was the same office, although she did not identify herself as such). In her message she said she had been assigned my case. I called her back, and was told by Mary that a person named Amy (Who I've never heard of) and my "negotiator" had told her they were taking care of it and to let her know if I had not heard anything. I emailed my "negotiator" and have not heard back as to the status of anything!

Meanwhile, I recieved a call yesterday from Alex, from (The same place that sent me my refi papers last October- that AHMSI screwed up- and then backed out of) "touching base" with where the ball was dropped. I called him back, and he told me to call my "negotiator" and offer a monthly payment plan for the next 6 months. after 6 consecutive payments, he could then refinance me with an FHA at a fixed rate, but not until 6 months.

At this point, no one will tell me what the heck is going on, where these people are comming from, and what the plan is.My "negotiator" hasnt returned my inquiries, and I'm not giving them a dime until I do. I'll be damned if I give them another cent without something in writing, saying they're not going to screw me over again.

Where do I go from here???!!!!!

[Moe Bedard]

It sounds like there are two open workout files for your loan and that may be why much isn't being done..........you would need to decide which workout you want to pursue...........NACA, AHMSI, or the refi route..........I can assure you that the rate that NACA will propose on a modification will be either equal to or lower than any FHA rate and without closing costs which a refi will have.........and it is fixed for the life of the loan..............see what AHMSI is proposing and what the refi will accomplish and make a decision from there based on what will be best for you.

[missdaisy68]

Thank you ***!
The confusion I think came from them not acknowledging that they even recieved the workout from NACA. I was under the impression that Alex had called me with yet another 6 month thing, to appease me for the time being, out of them recieving the NACA file... I will email my negotiator (which I hope hasnt changed again)... and let him know I want to go with the NACA workout. I am also at this point sending a packet to my Attorney General and a formal complaint on the practices of their company. (I read another post from someone stating that they may take you more seriously the more serious I get). I'm aslo sending letters to my State Senator, City Council member, and Representatives, respectively. Hopefully, someone will listen after nearly a year of battle. Thank you!!

[missdaisy68]

The last email I recieved last week from my "negotiator" was that my lender (CitiGroup) was not willing to drop my interest to the 5.7% NACA submitted- They would not help me. Honestly, after over a year of battling, faxing,mailing,calling,arguing. I was done. I was completely spent, and had finally accepted defeat. Part of me was actually trying to look at the bright side of squatting in my own home till the Sheriff came a knockin... I gave it to the universe, and began to plan for my inevitable move.
Yesterday, I get this email out of the blue from my "negotiator"... It says this:
P & I = $967.31
T & I = $255.08
Monthly Payment = $1,222.39 (starting 3/1/09)
Rate = 5%
Term = 360

Your new principle balance for this agreement will be $180,191.27, with a balloon principle amount of $90,000 that's not due until you either refinance your loan or sell the property (current unpaid principle balance is $270,191.27)

This is not a formalized mod until all 6 payments are made on the plan. If any payments are missed, you will only have the remaining option for a short sale/DIL.


I nearly cried. From 9.5% adjustable to 5% fixed. 2100/mo to 1222/mo seems next to a miracle....
What I have a question on- is the "balloon principal balance".

It states in the email I recieved that my principal balance is 270 . The original refi was for 221. right now, I'm about 47k behind on my mortgage payments.... If the "mod" amount is 180k, that leaves me with 48k in unaccounted for "principal balance"..... Would this include late charges, interest, and "attorney's fees"? And can they do that? Tack it onto my original loan amount of 221???

I'm taking the offer. I cant beat keeping my house at 1222/mo at 5% fixed. My credit is shot- I dont plan on selling or refi- ever..... But I'm wondering if there is anyone who is familiar with this situation?? Or what the rules are??

I DID IT!!!!!!! I fought!!!! I WON!!!!!! I get to keep my house!!!! I will sleep well finally!!!! Thank you Loan Safe for being there to help/guide/support me!!!!

[tryingtostay]

CONGRATULATIONS!!

We need little party smilies for posts like this!!!

[Moe Bedard]

missdaisy,


Congratulations!!!




Was this a NACA proposal then?
Did you receive the docs to sign?



In answer to your question..................yes they will put all of the delinquent payments, and fees back into the principal balance........it is amounts that were due and not paid on the mortgage.

[missdaisy68]

***,
No, actually- it's better than what NACA submitted! It was very strange...
As far as I know- NACA submitted 221k principal balance with 9.5% interest to be reduced to 5.7% totalling a monthly payment of 1600/mo....
A plan my lender denied for various BS reasons. Which is why- yesterdays "solution" came as such a shock. It's BETTER than the NACA proposal.

I advised my "negotiator" that I would not pay 2100 a month- and would not accept their "solution" (which was not a negotiation at all)... And expected to go to Sheriffs sale on March 23....

My negotiator advised me that he is sending paperwork overnight today for me to sign. Believe me- I will be looking at it with a microscope!

I dont know what it was that ultimately saved my home and my family from this. I sent packages to the Attorney General, my congressman, and Senator. VPs, CEOs, and Dept Heads of AHMSI. I contacted NACA, ACORN, and Habitat for Humanity. I saved every email corospondance, harassed my
negotiators via email, phone, fax..I begged, pleaded, and got angry (but not spaztic)..And I stopped paying in an efford to get my point across. (It was either that or go into foreclosure anyways- didnt make much difference to me at the time). I was relentless.. I requested original loan documents also, that were never produced to me (and still have not been)- I spit out some terms according to the law on that..... Maybe there is something there that they're hiding? Who knows....

I GOT MY HOUSE!!!

DO NOT GIVE UP!!!!!!!!!!!!!

[myredrobbin]

That is a very great story Im so glad for you, you worked your tail off and you deserve what you got on your new loan mod,

[Kirby'sMom]

Congratulations! That is awesome! Gives me hope to start my loan mod request!

[Coloradofury]

Miss Daisy - what a wonderful ending. It is a miracle - Praise the Lord!!!!!!!! So very thrilled for you. I swear to you - once Jeannie Drake gets involved she makes amazing things happen (I believe both Amy and Mary work for/with her).

[elpjohnson]

Congratulations, Miss Daisy.....this is great news and a great workout! Enjoy!

[missdaisy68]

After my new loan modification plan with AHMSI, Witch basically said I have to make 6 payments of X amount and then they will modify the loan. I signed an agreement stating I accepted this, and today, a broker came out and did a BPO on the property. He took pictures and was gone in about 5 min. When I asked him what this was for, he kind of skirted around the issue, said it was just a quick valuation of the property. Why would AHMSI need a BPO? Would it be to validate the modification? Basically, is this done to help me modify- or are they doing something sneaky? I'm kinda freaking out. Anyone know anything? Thanks a bunch!!

[Moe Bedard]

The will usually do BPOs as a part of the modification process......on all files.