Short Sale Success with AHMSI!!!

[mustangpg]

I'm currently working on a loan modification. I've been waiting to do this since I refinanced in August 2006. (because my rate is high already) My ARM is scheduled to reset October 1st. I've requested to have my ARM changed to a fixed rate and to lower my rate so my payments will go down. I'm not behind on my mortgage nor have I been since refinancing, only by the grace of GOD. I have worked hard to get my credit score up and to make sure I've kept a good credit record.

I was floored when I found out that there's a $500 processing fee if my modification is approved. If you're having a hardship, why not just kick you while you're down too.

After reading some of the stories I am concerned that it won't be approved because I am current. If it's not approved, then I'm done fighting and I'm going to sell my home and since I owe more than it's worth, then it will be a short sale, which by the way, there isn't a $500 processing fee with that. I've spent many sleepless nights worrying about this and I've decided one way or another, I'm getting a lower payment soon. If it's by keeping my house and my modification going through, that would be great. If it's because it's denied and I sell, then rent a house comparable to mine for about $600 less a month, then, I'm ready to do that.

A house isn't worth it if you never have extra money to go out to eat with your family, be able to buy your kids new clothes or just have some fun!

Hopefully, this doesn't come off as just throwing in the towel, I just wanted to share.

Thanks to everyone who posts their stories!

[Moe Bedard]

Hi mustangpg,

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

Thank you for sharing...............

Good Luck on your mod!!

Please keep us posted on your progress.........

[elpjohnson]

Mustangpg....

Hi there! I'm an AHMSI borrower as well....I am not late yet (my rate adjusts in August) and I have applied for a loan mod and was denied, I have an attorney doing this for me because I felt like OOMC was too difficult to deal with (especially if you're current)....you definitely have your work cut out for you because AHMSI is very difficult to deal with and there have been a few denials as of late......with that said, it's not impossible, it's just A LOT of time and effort....so, dig your heels in and prepare for a fight. Don't worry you have us here at the forum to advise you and help you through the process. We have your back!

If there's anything I can do to help holler and I'll do my best to help you out BUT ***, Moe, and Andrew are the experts and can advise you on exactly what needs to be done.

Good luck and God bless!

[mustangpg]

Thank you ***! I'm glad I found this forum. I'll post as new events happen.

Elpjohnson-Thank you for your support. I've been reading your posts while I've been lurking. If they deny us, then they will have a short sale, which you would think they would rather avoid. They would make more money if they approve us. We'll see!

[mustangpg]

I did find out the investor is Lehman Sasco and the AHMSI rep said they do loan modifications, so we'll see!

[elpjohnson]

Mustangpg.....

I think it's good that you have a plan B.....plan B's are very important because you just never know what's going to happen, these lenders/investors are SO unpredictable.

Good luck, God bless and keep us posted on your progress......check out the thread called I'm stunned by Caligirlsteph....it looks like she the first or second AHMSI success story.....that will motivate you and give you the hope you need to get through this process.....it's so difficult and takes so much time....but as you can see it can be done.

Wishing you the best!

[elpjohnson]

Great news....I'm so happy the investor will work with you! Sounds like you're on your way!

[mustangpg]

UPDATE:
My loan modifiction was moved to the streamline modification dept which is basically just freezing my ARM for a few years. I asked the rep what about the request to reduce my interest rate and she said my hardship letter didn't request that.

Um, bull! I read my hardship letter to her, then she looked at her scanned copy of it and said yep it's there but not in the first paragraph. She kept talking about my ARM resetting October 1st, which I had mentioned in the first paragraph. She admitted that they probably didn't read past the first paragraph. Nice!

She did whatever she had to do to push it back to the loan modification dept and I should call back if I don't hear anything within 14 business days.

Now is the time for patience to kick in!

[caligirlsteph]

I know, It doesn't give you much confidence in the system especially when they don't seem to be paying attention. Hang in there. The toughest part is WAITING!!!

Best of luck to ya

[elpjohnson]

Mustangpg.....I know how hard the waiting is.....I've been at this for over 7 months! The waiting game sucks! BUT have you tried to escalate your request through the VP's office like steph did? Maybe you ought to try that....it can't hurt.

In the meantime, I'm praying for you and your family...God bless.

[TXHomeowner]

I agree, the waiting is THE WORST!!

-TX

[mustangpg]

The wait is the worst! I haven't esculated my request yet. I'm jumping through their hoops for now. The moment I'm denied though, then I will be faxing and calling the VP. Thank you Steph for those numbers! Btw, my daughter's name is Stephanie and we call her Steph.

[elpjohnson]

Thanks for the post of encouragement in my thread....I appreciate it.

Yes, I would jump through their hoops for now but maybe you should let them know that you're willing to escalate your request if you have to......it's like playing poker, you have to bluff your way through sometimes to get things moving. When did you turn in your mod paperwork? I would give them the 30 to 45 day time frame BUT I would still call them a minimum of a couple times a week to get an update and to stay on top of them. Also, make sure they have your financial information correct so they don't deny you based on income or lack thereof.....Oh and get your negotiator's name and e-mail address if possible so you can contact them directly.

God bless you and I'm praying for a successful outcome for you and your family. Take care.

[mustangpg]

"Thanks for the post of encouragement in my thread....I appreciate it."
You're very welcome!

July 7th is when they received the paperwork. They told me it would take 30-60 days. I have my negotiator's name but I don't know if it's the same person now since he forward it to the streamline modification and now it's been forward back to the loan modification dept. They never gave me his email, and I can't remember if I asked for it. I'll call back tomorrow and see who the negotiator is.

Thank you for your prayers!!!

[caligirlsteph]

Mustang...your smart to do what you are doing by going through the "proper" channels. In my opinion it will only help you build more of a case if you do decide to "escalate" your situation.

Thinking about ya....hang in there!!

Hi Erika

[scarednmontana]

mustangpg, hello..just reading thru your post, and im glad to see you decided to stay ontop of them...i guess my advice would be don't wait for an answer..only because this is a situation where you need to be ahead of them, so fax your hardship letter to your local senators, congressman, i think *** posted a ton of emails where you can send it to also..do this while your waiting your initial 14 days then call until you get an answer..We have been doing this for months and you will get served some nice GOLD crap on a platter believe me...but if you really feel something isnt right..then it isn't and QUESTION IT.....And remember they DONT deserve to take your house...the more of us that stand together on this and make others see whats happening here..IT CAN CHANGE....Sorry for the speech..it just gets to me because ive watched so many new stories come in and What NEW BS they are feeding everyone...sorry just know how mentally tiring this process is...now they say IF you are approved you have to pay a $500 fee....ooooohhh this is sooo wrong on so many levels....ok time to go to my own thread....nice to meet you mustangpg...

[elpjohnson]

mustangpg....

Just keep on them and at them...you'll get somewhere eventually. Be sure to keep us all posted on your progress.

Still praying for you! God bless.

Hi Steph.....Hi Mikka

[mustangpg]

scarednmontana-I think I've read through your post, I'll have to check youurs out too. Did you get your mod approved? I think it's a good idea to contact my local senator. The last 14 days I had to wait, I never got a call within the 14 days. I actually called them today and it's being reviewed.

elpjohnson-Yep I'll eventually get somewhere, and it has a lower payment written all over it!

Thanks for the encouragement!
Pam

[mustangpg]

UPDATE:
I am working on my 30 days into this process. I was told it would take 30-60 days for the process. So far AHMS has spent the first 30 days trying to move me from a normal mod to a streamline mod, then back to a normal mod.

If these lenders would get a system in place to handle this, they could very well help alot of homeowners, drop the number of foreclosures and in turn help the sluggish housing market, not to mention the economy.

I know many of you have been doing this process for months and months and it's just plain ridiculous! There should be no reason that people should have to spend 7 months to get this resolved, as I've read about on this forum.

I'm giving them the 60 days and if it's not approved or denied, I'm going to to become the skeaky wheel. I am going to call the VP, I will contact the 3 news stations in my area and I will contact the attorney general as well as Senator Nelson and Senator Martinez (I'm in Florida). These mortgage companies are losing money but if they would get it together they have the ability to stop their own bleeding. Not to mention ease the stress of thousands of homeowners.

Sorry for the rant!

[nitag]

Don't be sorry... You get a big AMEN from me... I compleatly agree....

[scarednmontana]

hello, yep i felt just like you ooooh about..lets see 8 months ago....they will try anything they can to push you off so be ready..you respond or disagree you'll keep in this process...i was just reading the news on the bill they passed about giving money to cities to pay lenders to help...umm that sound funny to anyone else....screw the lenders let the strong survive their own mess....give the money to the homeowners....then they offer the updated FHA loans...think its great if it actually helps some people...but the sad reality of that loan is "YOUR HOME now becomes owned by the government" and now they will be able to tell you when,where and what you can and can't do with your home.....not to mention later you could end up owing them money....GIVE ME A F$$$$$ BREAK....don't we realize this is crap....they keep changing it so we can't keep up...

[scarednmontana]

mustangpg, my advice DON"T give them 60 Days...start sending your info to those people now or you could be where iam...one reason or another it was always something to push me off another week,month...etc...now they want to add up all the EXTORTED payment amounts since March to my loan...NO WAY they can take what the new payment would be and charge that amount to the back of my loan, from the date of my HARDSHIP letter....I believe this is fair and square....

[mustangpg]

scarednmontana-I agree about the housing bill. I don't think it's a good thing at all. The lenders still have to agree to a loss. If I read it correctly even after having the new loan (FHA) for 5 years, if you sell or refinance it, you still owe FHA 50% of the profit back to them.

For you to have to be working on this for 8 months is crazy. You must feel like your life has been on hold this whole time.

I think I'm going to take your advice. I'm sitting on hold now waiting for the CSR to read through the notes, so she can tell me the same thing. I'm tired of the run around already.

[mustangpg]

UPDATE
I've spent over an hour on the phone today (disconnected once) and I got to speak to a supervisor who is sending a priority email to the negotiator and his supervisor. I "should" hear from him by Friday. They can't seem to get past the first paragraph of my hardship letter and think that I'm requesting a streamline modification (freezing of the rate for a few years) when I'm not.

FYI-When you do the hardship letter and you're wanting to change your ARM to a fixed rate and request a lower interest rate, state that in the very first paragraph or they will never read past the first paragraph.

I also told him if I don't hear back from anyone by Friday, that I was going to call Jeanne Drake. I'm such a tattle tale!

[elpjohnson]

Good for you! You have to stay on them and stay on them.....if you don't hear from them by like let's say 3 pm of Friday afternoon, I'd call Jeanne Drake on Friday before close of business. I've been at this a long time (just like Mikka) and you have to push to get what you want...don't stop until you get some answers!

Good luck and God bless...I'm still praying for you!