Streamline or modify - Mortgage Forum

rabbit218 · 02-25-2009, 12:13 PM

Hi, need some opinions and help, am new to this forum.

I have owned my home for 23 years...never have missed or been late on a mortgage payment. 3 years ago I needed to refinance due to a divorce, to buy my ex out. I found that a company called Ameriquest could give me a good rate for 3 years on a mortgage that would adjust. I was told I could refinance at any point (WRONG!!!) Anyway, Ameriquest went belly up about 2 years ago, and my mortgage was sold to Citi group. My rate is ready to reset in May, and I lost so much equity and had a pre-payment penalty on my loan that I can not refinance. When I contacted Citi residential to find out if I could modify my loan last month, I was told no...if they did my financials on straight salary, I made too little money to qualify, and if they added my bonus (only 3k) I was told I made too much to be eligible. I think that makes no sense...a 3 thousand dollar difference. When I asked them what I should do, they said I should have read the terms of my mortgage more carefully...great...see where where our tax dollars are going, to bail out these morons!!!
Anyway, I just got notified that my mortgage was sold to American Mortgage Servicing. I called yesterday, and they didn't seem to helpful. I told them I can afford my payments now, but will struggle with the reset. The woman I spoke suggested "streamline process" that will freeze my interest rate. I am current now...any suggestions with this process? Is is easy to qualify for?

Rabbit218

Moe Bedard · 02-25-2009, 08:48 PM

Hi rabbit218,

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

What you may want to do is to fax your hardship letter to the office of the VP of Home Retention and let that office help you through the process..........also follow up with a call as well..........

Jeanne Drake (VP Home Retention)
phone 1-949-784-6011
fax 1-866-642-4196

rabbit218 · 02-26-2009, 08:57 AM

Thanks ***, just faxed a letter off...everyone keep your fingers crossed!

azteachmama · 02-26-2009, 03:41 PM

I was told by Andrea (who I believe is from Jeanne Drake's office) that the streamline process is automatic if you request it. She also told me that given my situation (similar to yours in that we've never missed, never been late, rate reset will hurt us but we'd always planned to refi, which is impossible in the current market), we probably would not qualify for anything other than the streamline modification. They told me that they will only do the process within a certain window. Two months before to two months after the rate freeze, she said to call back and it would be just a matter of doing up the papers...that it would be an automatic 'go' once the call was made.

I'm not sure if you got the same spiel, but that's what I was told. Good luck to you! I wish there was more assistance for people who are making payments on time but just need help because the market around us has crashed. Seems we're being left in the cold!

ham1977 · 02-26-2009, 09:00 PM

Aztecmama the new program that the president outlined this week called The Homeowner Affordability and Stability Plan, if you read the press release from HUD looks like its for people in your situation who are not behind. People should read it and not listen to the media, it has "responsible homeowners" in the plan about 10 times. I think there are two parts to it so read and see what you think.

rabbit218 · 02-27-2009, 12:22 PM

Thanks everyone for the feed back and info. I got a call back last nite from a guy named Bob France from Jeanne Drake's office. I missed the call because I was in the shower, but he asked me to call him back Monday. Has anyone ever worked with Bob, just wondering how helpful he will be?

rabbit218 · 03-04-2009, 10:09 AM

Hi all, I am stuck in an ARM due to a divorce buyout that I can not refiance due to a prepayment penalty and home devalution. I am current on my payments, but when the reset hits in May, I am hosed! I am trying to work with AHMSI to streamline or freeze my interest, but would I possibly qualify for the new housing plan Mr. Obama just rolled out today??? Any feedback is appreciated>

Moe Bedard · 03-04-2009, 04:07 PM

All the information and guidelines on the new program can be found here...........look through it and see if you fit the criteria and then contact AHMSI about the program.

FinancialStability.gov

rabbit218 · 04-14-2009, 10:46 AM

Hi all, i first contacted Jeanne Drakes office the end of Feb., sent over my letter and financials the first week of March.My neg. Bob France said I should hear by the 2nd week of April...still waiting!!! I just left another message, did anyone have to wait longer than promised?

myredrobbin · 04-14-2009, 11:11 AM

Yes I have and have also read that several other forum members are also waiting longer for replies, I heard that they are severely swamped with Loan Mod requests since Obama has released his new plans.

rabbit218 · 04-17-2009, 10:42 AM

Just got off the phone with Tanya from customer service. I called to get a status update because I had not heard back from my neg. Bob France in almost 2weeks! Anyway, Tanya said that my loan mod looked good, it was submitted by Bob yesterday and is waiting for management to sign off on it. 5% fixed for the remainder of the loan, payments (including taxes) changed from 1616.23 to 1245.66 per month. No payment due until July! I should be getting papers overnighted to me late next week! I am assuming that this is a done deal....anyway, thought I would share the good word!

Moe Bedard · 04-17-2009, 11:31 AM

That is good news!!

Please let us know when you receive your docs..........

myredrobbin · 04-17-2009, 12:13 PM

Great news sounds like a done deal to me, mine was approved today and I'm just waiting for the docs.

strive2win · 04-19-2009, 12:54 PM

Congratulations! This is great!

rabbit218 · 04-28-2009, 10:04 AM

Hi, I am still waiting for final approval.....seems my paperwork has not been signed off yet. I was told to call if I did get papers by the 28th...the problem is my neg. is out of town until next month, and I am told he is the only one who can give me the updated info. Looks like I will need to make the May payment at the reset rate!!! Is there anyway someone other than Bob France can help me out.....

Customer service just reads their computer and tells me I am still waiting for final sign off and can't help other than that. Any suggestions would be most appreciated!

Moe Bedard · 04-28-2009, 10:53 AM

have you tried calling Jeanne's office and asking.........
Jeanne Drake (VP Home Retention)
phone 1-949-784-6011

greenpanther · 04-30-2009, 05:10 AM

Quote:

Originally Posted by rabbit218

Hi all, i first contacted Jeanne Drakes office the end of Feb., sent over my letter and financials the first week of March.My neg. Bob France said I should hear by the 2nd week of April...still waiting!!! I just left another message, did anyone have to wait longer than promised?

FYI: I started the Mod. process at the end of Feb. Just received my docs yesterday via UPS. They added all the $ I was late, jan - may, first payment is July 09. They didn't extend the number of years, but started at 4.0% 1st yr, 4.25 2nd yr, 4.5 3rd yr, 4.75 4th yr, and fixed at 5%. Yes, it did take a little over 2 months...be patient. As long as you aren't receiving any foreclosure or other paperwork asking for payment in the mail, then the process is moving along.

Another way to get info is to call Amer. Home Mort. 800 number and ask the rep if there has been any "notes" added to your file.

Hope it helps. Don't give up!

rabbit218 · 05-06-2009, 01:50 PM

well I finally got my negotiator to return my call after 2 weeks. He says we are still waiting on management approval. Worst part is, he sounded annoyed that I was calling...he says when he hears something he will let me know. Oh well, just another anxious week here at the homestead. I really don't want to be a pest, but not to return phone calls when promised or at least give an update is really stressful on me. Reading the posts on this forum, most people seem to hear back alot sooner! Guess I just have to keep praying....

rabbit218 · 05-14-2009, 07:52 AM

Help!

I applied for a loan modification late in Feb. I sent over all requested information the first week of March and was told it looked good by my negotiator Bob France and I should hear by the 2nd week of April. Well nothing...it is still waiting for final approval. I have been calling everyday since April 28 and nothing. I finally got Bob to return my phone call last week and got a somewhat irritated and sacastic message that he has not called because there is nothing to tell me yet. When I call customer service, they look in the notes and say no update. I got a concerned customer service rep yesterday who said it seemed like this was much longer than ususal and they left a message for Bob to send an update. Just got off the phone with customer service and the notes states "returned Barbara's numerous phone calls, just to get voice mail (no, i have caller id, no return calls!) she needs to be paitient, I am still waiting for approval and will call her when I know something. The customer rep I spoke with today was not very nice, and told me I should not keep calling until I hear something. I said I only called once a day for any update, because it was nerve wracking for me to be not knowing for so long. I told him he really didn't seem to care with that additude, and then he went of on me telling me I was rude and I needed to send in May's payment (reset amount) ASAP. I am in my office crying right now. Any advise....this has been in the approval mode for over a month...anyone else have these issues?

rabbit218 · 05-14-2009, 08:35 AM

Just another note on this whole thing...the customer service rep I spoke with today (Robert, who told me I was rude) said the whole process can take up to 90 days....guess what..it is over 90 days, and my new payment is due! He really wasn't even reading the notes, because he told me my account was assigned to a new negotiator on April 28th and she had no updates for me. I asked for the name of the new negotiator, and he said Bob France!!!! (She? he was the guy who I was assigned to in Feb!) I don't feel I am getting good service from this company and I don't think calling once a day to find out status is wrong or unreasonable at this point. What should I do????

nc4sc10 · 05-14-2009, 08:49 AM

*** will probably chime in here soon, but I would call Jeanne Drake's office

Moe Bedard · 05-14-2009, 09:44 AM

When you call in for updates.......once a week on a Friday is usually a good time to try..............things will not usually change on a file day to day..........these reps work on 300-500 files at a time each..........I know that the not knowing is hard.........as I have been there...........but patience and understanding of the work load that these reps deal with on a daily basis was the motto I used to get me through it...........

Call Jeanne's office and ask Lindsay if there is any updates on your file....

Jeanne Drake (VP Home Retention)
phone 1-949-784-6011

rabbit218 · 05-18-2009, 09:01 AM

Thanks ***, I did leave a message this morning for Jeannie Drake. Even the customer service rep I spoke with on Friday said 4 months without anytype of requests for further paperwork or anytype of update was not good. I am trying to get my late fee for May waived as well, since I was told if I sent in May's payment, it would further delay my modification numbers which were calculated and submitted in early April for first payment of my mortgage in July!

rabbit218 · 05-19-2009, 07:31 AM

Hi all, after leaving a message for Jeannie Drake, I got a call back last nite from my negotiator, who now is being very nice. He said he was not sure what the hold up was on the approval, but he knew they were very "backlogged". He was going to follow up today with management. He made sure I had his direct number and told me to touch base with him on Thursday or Friday. I told him my May payment was pass due and was worried about late fees, should I send in a payment? He assured me all late fees will be waived and he would prefer I don't send in my May payment as it would change my modifcation calculations. That is fine, but right now I am getting these computer generated calls from AHMSI looking for my May installment!!! I feel a little better about the wait, but the collection calls have me nervous......Has anyone else had this problem?

rabbit218 · 06-09-2009, 08:03 AM

Finally, after 4 months, I got my doc via UPS yesterday! They are signed and dropped off at the UPS store this morning. First payment is due on 7/1/09. Wow, I can't believe it, I thought this was never going to happen! I want to thank everyone at this forum for their good wishes and good advice! My prayers go out to those still waiting, hang in there, patience, persistance and prayers seem the winning combo with the modification process. Best of luck to all!