Need Advice for ASC Load Modification - Aquarian29

[kimberbb]

I'm hoping that Aquarian29 reads this posting. She recently posted a success story with ASC and I'm hoping that she can offer more information on the steps that she took to make this happen. Like Aquarian29, I am in the second year of my ARM with ASC and my rate is scheduled to jump in August. I have not missed or been late on one payment to date, but will be sunk if my rate increases beyond the current 7.65% rate. Also, my house is worth $50,000 less than what I paid - refinance is not an option. I read where Aquarian29 was able to work a deal where they reduced the terms of the loan from 40 years to 30 years and her rate stayed the same and she was even able to skip 3 payments. Sounds great...almost too good to be true. To date, I have contacted the toll free "hope" hotline (Springboard). I received written confirmation from ASC two weeks ago that they rec'd the Springboard budget and are reviewing my request for a possible loan modification. I called today to follow up and was told that the request is still being reviewed. I have read too many horror stories where these requests fell into a black hole and were ignored or denied. Does Aquarian29 or anyone else have tips for success? How do I get the type of deal that she managed? Any advice is welcome and appreciated.

Thank you!!!

[Moe Bedard]

The modifications are offered by the individual investors on the loans and ASC is just the servicer........so what comes from the investor on your loan is what you will receive......

Aquarian was helped by one of the original ASC Success stories Mar639 (Lina) and you can read her story in the Success Section too.........she is the one that helped......

Here are the contact numbers for ASC to get started...........
When you do your household income versus the household expense you will need to show a surplus of $100-$250 at the end of the month.......
Put together a Hardship Letter........there are examples in the Homeowner Tool Box to the left of the forum........

Hope this helps get you started.......
Please keep us posted on your progress.......

Lina used the
ART TEAM
1-866-398-7569
Accelerated Fax #
1-866-453-6315

ASC
Loss Mitigation
1-866-398-7568
1-877-222-7875

[kimberbb]

***,

800-Hope is actually showing that I have an excess of $950 per month, but this is with the suggestion that I stop making my minimum credit card payments, student loan payments and payment on one of my two cars. My husband and I need both cars to commute to work. Does this sound realistic to you? If I detail why these expenses are necessary in my hardship letter, do you think that ASC will still consider me for a loan modification?

[mar639]

Hi,

You did good that you have contacted hope and you have recieved a confirmation letter from ASC. Now keep in mind that a review does takle 45 days, since your rate won't adjust till August you will probably know something a few days before your rate goes up if not a few weeks sooner.
All depends on the investor, not ASC and most of all each loan is structured differently and each and everyone of us have different loan terms and none the less different income.
So each and individual loan modification is different. ASC is overwelmed with loan modification requests, but they are working on each one, some have been modified sooner than others. Mine took 6 months , my rate didn't adjust till March 1st and I recieved conformation of a modification on March 5th.
They told me not to pay March and what they did is capitalize the March and April payment inot the loan with modification and my first payment wasn't due till May 1st. They did request a good faith payment of $1400.00 to finalize the modifcation.

Keep calling the Art Team, *** posted the #'s I used, call them...I called everyday at times even three times a day.

I still call them once a week , becuase I haven't recieved my statement for June, but it is showing that my May payment was applied to the principal but I still have $1400.00 into a suspense account.... That I don't know why but its there.

You can read my posts in the success board just to get an idea of the whole thing.

keep us posted ....

Keep calling ASC

[Moe Bedard]

Lina,

How much surplus did you have on your income/expense sheet........ I am not sure about that with ASC.....

She has an excess of $950........but she said the HOPE person took off a car payment and other items.........that might show in bank statements.....

[mar639]

Honestly When hope did my surplus it was showing about $1000 but I called ASC to change the financial worksheet added a few more payments which I forgot to add while on the phone with Hope, which I didn't know I could add to. So when I re- submitted my financials I had a surplus of about $330.
The thing is that I submitted the rental income as well plus they accepted my husbands gross income with the overtime. The paystubs proved steady overtime... I remember one of the ladies in the art team reading to me the note she had on the computer which stated:" Modification approved, income supports the loan, investor verified.
So they probably verified through my husbands company and union.
I
As for the surplus of 950, I dont' know what the investor would say all depends on how the loan is structured.
The car payments etc. might show on the bank statements, but they might not even ask for the statements. Asc never asked me for one. I simply sent in pay stubs, proof of rental income and financial worksheet.

maybe adding a few more expenses like dry cleaning, tools, repairs, charities detergents for laundry , day care ( if applicable) baby diapers ( if applicable)...I added my monthly pet food exp.and annual veterinary bill for two dogs. I also added my sons weekly bus fare of $10.00 and weekly lunch money for both my son and daughter $30.00 (they both pay full lunch), because they don't qualify for either free or reduced lunch.

[Moe Bedard]

kimberbb,

Are you showing a surplus of $950 or a negative $950?

[Aquarian29]

Hi Kimberbb,
Sounds like you are getting a lot of good info from everyone on here. It seems to be every situation is different. When I called the hope-now number they did my budget and I only had a surplus of about $144.00 per month. This is based off of my husbands job, since I stay at home with the kids and he is the only one on the loan. Once I did the paperwork with them, I received a letter stating that they were reveiwing my loan and would get back to me within 30 days at the latest. They actually sent the mod papers within that 30 days (about two weeks after I talked to the hope-now people) That seems strange about the car payment etc. They said nothing about that when we did our budget. We have two car payments and also credit cards and some other loans. We added it all payments into the budget and it came back with the $144 surplus. I was dealing with a company at hope-now called money management international. I actually never did a budget with ASC. The MMI people just sent it to them. All I sent them was two different hardship letters and my husbands paystubs. (and of course called them a bunch of times)
Are you ok with your current payment? That is what we told them. We said we didn't want to lower the interest rate, just keep it the same. I think that is why it went pretty quickly, we weren't asking for a reduction and we were very clear, that we either wanted them to freeze the rate (for at least 5 years or change it to a fixed rate loan) They actually are the ones that changed it to the 30 year fixed.

Just make sure you keep calling them......as everyone says on here, you just have to keep on top of the situation and don't get too stressed. It sounds like they are working with you and they have all your info which is great... Keep us updated!