Non-profit w/ 5 prop. for disabled adults - Need Help - Page 2 - Loan Modification Forum

elpjohnson · 11-11-2008, 02:48 PM

Safford....

I think it's smart that you figured your income/expense report with a 5% modification because that basically shows them what you can afford. I wish you all the best and hope they modify your loan at 5% for you.

Safford · 11-12-2008, 09:48 PM

Thanks....

The Law Firm called me today. They are working on my mod for ASC. They are expecting a status report from ASC on the 14th. I'm just guessing, but I think status means did I make it through the first hoop. I have to say I am very impressed with the Law Firms proactive communication. They always seem to call a day or so before I had intended to contact them....

I received a message from AHMSI for two on my other loans on Friday. I will touch base with them this Friday if I don't hear anything.

Finally, I am suppose to hear from SPS before the end of the week regarding my fourth loan.

Juggling four mods at once is a lot, but the Law Firm (host of this site) and forum members have made it a lot easier.

Safford · 11-20-2008, 10:58 PM

Great News!!! AHMSI has offered to modify two of my loans. I was driving when they called, so didn't get all the details. What she said was they are giving me 5% fixed, paying all my back due taxes, and my first payments won't be due on January. She is overnighting everything and I will call her Monday to go over all the details. I started the process approximately 3 weeks ago and am very happy with the easy process, good communication, and quick turn-around.

I have two more loans I am working on ASC and SPS and we'll see what happens.

Once I see everything is writing I will update everyone with the details....

Thanks again for all the input from this people on this site....

Moe Bedard · 11-20-2008, 11:01 PM

Safford,

Great News!!
Congratulations!!

Good Luck on the others!!

Please keep us posted!

elpjohnson · 11-21-2008, 07:08 AM

Congratulations! That's wonderful news! Like *** said, keep us posted and good luck on your other mods.

Safford · 11-21-2008, 04:47 PM

Well, SPS said no to the loan mod, but suggested doing a "short pay". I hadn't heard that term before. Essentially, he said to apply for refinancing, with a new appraisal, etc... Then they may forgive the amount necessary to get approved for a new loan...

It actually sounds like a good concept. Instead of having someone go through the entire foreclosure/short sale process...which can cost the lender a lot of money. I can much more quickly get approved for new financing at a lower rate, they get some cash faster and don't have to deal with the holding onto a property until is sells.

It can't hurt to try...

I'll let you know. Has anyone else had any experience with this?

Thanks

Safford · 11-26-2008, 03:28 PM

Quick update, I received my AHMSI loan mod paper work. I haven't gone through them with a fine toothed comb yet, but the basics are just as they stated 5% fixed for the remainder of the loan, they brought my back due property taxes current, my next payment is Jan. 2009 (get to skip both Nov. and Dec.) 5% fixed rate on two non-owner occupied 4-plexes is an EXCELLENT rate. I am extremely happy with the offer.

Regarding ASC - The Law Firm I am working with has submitted the paperwork and touched base with ASC. ASC is saying they will have an answer this coming Monday...that is a quick turn-around time. I'm keeping my fingers crossed and am hopeful of a good result. I have to say the Law Firm has been very responsive/proactive. I had to provide them with a LOT of paperwork, but it just makes is easier for them to really understand my situation and better negotiate with the lender. I have been working with them for approx. 30 days and am impressed with how quickly things have progressed.

I can't thank this forum enough for the help. I didn't know where to start and with the help of folks here things happened really fast.

Happy Thanksgiving everyone!!

elpjohnson · 11-26-2008, 03:58 PM

Safford....

Excellent update! Congratulations (again) and have a very Happy Thanksgiving!

Moe Bedard · 11-26-2008, 05:16 PM

Safford,

That is awesome news!!

I am so happy that we were able to help......

Happy Thanksgiving to you too!!

hamhead69 · 09-18-2009, 09:38 PM

Stafford could you please provide the name of the law firm that you used? You seem to be quite satisfied with them and I had a poor experience with another company attempting a loan mod.

Thank you and congrats on your outcome!

11-11-2008, 02:48 PM	#26 (permalink)
elpjohnson Successful Homeowner / Loan Safe Guide Join Date: Dec 2007 Location: Gold Country, Northern California Posts: 1,025 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Non-profit w/ 5 prop. for disabled adults - Need Help Safford.... I think it's smart that you figured your income/expense report with a 5% modification because that basically shows them what you can afford. I wish you all the best and hope they modify your loan at 5% for you. __________________ Erika 10 Month Success Story With Option One.

11-12-2008, 09:48 PM	#27 (permalink)
Safford Senior Member Join Date: Oct 2008 Posts: 52 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Non-profit w/ 5 prop. for disabled adults - Need Help Thanks.... The Law Firm called me today. They are working on my mod for ASC. They are expecting a status report from ASC on the 14th. I'm just guessing, but I think status means did I make it through the first hoop. I have to say I am very impressed with the Law Firms proactive communication. They always seem to call a day or so before I had intended to contact them.... I received a message from AHMSI for two on my other loans on Friday. I will touch base with them this Friday if I don't hear anything. Finally, I am suppose to hear from SPS before the end of the week regarding my fourth loan. Juggling four mods at once is a lot, but the Law Firm (host of this site) and forum members have made it a lot easier.

11-20-2008, 10:58 PM	#28 (permalink)
Safford Senior Member Join Date: Oct 2008 Posts: 52 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Non-profit w/ 5 prop. for disabled adults - Need Help Great News!!! AHMSI has offered to modify two of my loans. I was driving when they called, so didn't get all the details. What she said was they are giving me 5% fixed, paying all my back due taxes, and my first payments won't be due on January. She is overnighting everything and I will call her Monday to go over all the details. I started the process approximately 3 weeks ago and am very happy with the easy process, good communication, and quick turn-around. I have two more loans I am working on ASC and SPS and we'll see what happens. Once I see everything is writing I will update everyone with the details.... Thanks again for all the input from this people on this site....

11-20-2008, 11:01 PM	#29 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Non-profit w/ 5 prop. for disabled adults - Need Help Safford, Great News!! Congratulations!! Good Luck on the others!! Please keep us posted! __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

11-21-2008, 07:08 AM	#30 (permalink)
elpjohnson Successful Homeowner / Loan Safe Guide Join Date: Dec 2007 Location: Gold Country, Northern California Posts: 1,025 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Non-profit w/ 5 prop. for disabled adults - Need Help Congratulations! That's wonderful news! Like *** said, keep us posted and good luck on your other mods. __________________ Erika 10 Month Success Story With Option One.

11-21-2008, 04:47 PM	#31 (permalink)
Safford Senior Member Join Date: Oct 2008 Posts: 52 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Non-profit w/ 5 prop. for disabled adults - Need Help Well, SPS said no to the loan mod, but suggested doing a "short pay". I hadn't heard that term before. Essentially, he said to apply for refinancing, with a new appraisal, etc... Then they may forgive the amount necessary to get approved for a new loan... It actually sounds like a good concept. Instead of having someone go through the entire foreclosure/short sale process...which can cost the lender a lot of money. I can much more quickly get approved for new financing at a lower rate, they get some cash faster and don't have to deal with the holding onto a property until is sells. It can't hurt to try... I'll let you know. Has anyone else had any experience with this? Thanks

11-26-2008, 03:28 PM	#32 (permalink)
Safford Senior Member Join Date: Oct 2008 Posts: 52 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Non-profit w/ 5 prop. for disabled adults - Need Help Quick update, I received my AHMSI loan mod paper work. I haven't gone through them with a fine toothed comb yet, but the basics are just as they stated 5% fixed for the remainder of the loan, they brought my back due property taxes current, my next payment is Jan. 2009 (get to skip both Nov. and Dec.) 5% fixed rate on two non-owner occupied 4-plexes is an EXCELLENT rate. I am extremely happy with the offer. Regarding ASC - The Law Firm I am working with has submitted the paperwork and touched base with ASC. ASC is saying they will have an answer this coming Monday...that is a quick turn-around time. I'm keeping my fingers crossed and am hopeful of a good result. I have to say the Law Firm has been very responsive/proactive. I had to provide them with a LOT of paperwork, but it just makes is easier for them to really understand my situation and better negotiate with the lender. I have been working with them for approx. 30 days and am impressed with how quickly things have progressed. I can't thank this forum enough for the help. I didn't know where to start and with the help of folks here things happened really fast. Happy Thanksgiving everyone!!

11-26-2008, 03:58 PM	#33 (permalink)
elpjohnson Successful Homeowner / Loan Safe Guide Join Date: Dec 2007 Location: Gold Country, Northern California Posts: 1,025 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Non-profit w/ 5 prop. for disabled adults - Need Help Safford.... Excellent update! Congratulations (again) and have a very Happy Thanksgiving! __________________ Erika 10 Month Success Story With Option One.

11-26-2008, 05:16 PM	#34 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Non-profit w/ 5 prop. for disabled adults - Need Help Safford, That is awesome news!! I am so happy that we were able to help...... Happy Thanksgiving to you too!! __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

09-18-2009, 09:38 PM	#35 (permalink)
hamhead69 Member Join Date: Jul 2008 Location: SoCal Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Non-profit w/ 5 prop. for disabled adults - Need Help Stafford could you please provide the name of the law firm that you used? You seem to be quite satisfied with them and I had a poor experience with another company attempting a loan mod. Thank you and congrats on your outcome!

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