loan modification success - Loan Modification Forum

blasto · 03-05-2009, 11:54 AM

Thank You all for all the input and your experience. I'm going through the same transition as all of you, my loan was sold to AHMSI in Feb., from citiresidential recv'd a letter from AHMSI in re: to hope now conention in my area, that I should attend and so I did. I have faxed all my paper work(hopefully) all my financial doc hardship letter to jim davis, thanks to this form I have learned alot of valuabe info. I have owned my home for 10 yrs now have interest rate of 10 and A.R.M changing every 6mths, and have had this situation for a couple of yrs now. alot of stress trying to make ends meet, have been 30 day lates about a dozen times late at least in the last couple of years affecting my credit score considerably, not able to refinance. what do you think my chances are of getting a modification, and if so, what do you think they will offer

Moe Bedard · 03-05-2009, 01:45 PM

Hi blasto,

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

The modification given will be up to the investor on the loan and what they are willing to do...........but at a rate of 10%......you should be able to get a rate reduction and possible fixed term to make the payment more affordable.

You are in good hands with Jim's office..........

Keep us posted on your progress............

blasto · 03-05-2009, 05:21 PM

thanks for the post. i've already recv a call from rhonda, work in progress. well keep you updated

myredrobbin · 03-05-2009, 05:51 PM

Good luck blasto, You will find alot of help here everyone is nice and they don't judge you. Good Luck.

GirlsMom · 03-06-2009, 07:32 PM

Just wanted to agree with blasto. You guys are awesome. I am at the beginning of my quest for a loan mod. I haven't even faxed my hardship letter yet. I'm reading thru all these posts to glean every bit of advice I can. I feel hopeful for the first time in a long time. Thanks so much!

blasto · 03-11-2009, 05:32 PM

So my mortgage pymnt is 1044.00 my gross income is 2200.00 am i over the 31%

Kirby'sMom · 03-11-2009, 06:28 PM

Is this before or after a loan mod?

blasto · 03-11-2009, 06:32 PM

I have never had a loan modification before, this is before. I'm in the process now. I should no the outcome soon, spoke w/my negociator today rhonda. sounds pretty hopeful, well let you know

markmc2000 · 03-11-2009, 06:40 PM

1022/2200=46% (your current percentage)

31% of 2200= $682 ($682 would be your new payment if you can get down to 31% of your gross)

Sounds like you you are paying a high percentage of your income, maybe you have some hope!

good luck

myredrobbin · 03-11-2009, 06:54 PM

You will also have to do a financial worksheet to show your household expenses utilities,loans,credit,food,and everyday living expenses and then prove you have the income to pay the new loan mod.At least that is what I had to do. Good Luck.

rose450 · 03-11-2009, 07:08 PM

Does anyone know at what point the mtg companies say that you do not have enough money to do a modification? For example, if you are only making $2000 now, then 34% of that would be only approx. $680. While that is a great payment, it is not that much. When does the mortgage company say it is not enough?
rose450

blasto · 03-11-2009, 07:14 PM

I was well prepared attended a hope now convention in my area and they provided me w/all the info I needed an what documents and the help of this forum, I provided check stubbs ,at list of all my expenses 2mths worth of bank statements hardship letter, rhonda informed today, that it is w/ a private investor and I should know something in 7 to 10 days. I will keep you updated.I'm feeling good about it

rose450 · 03-11-2009, 07:50 PM

Thanks for the quick reply. our income is much less than when we applied for the loan a few years ago. My concern is (the hope now counselor could not give us much feedback on) that the new income will not be enough. Just because the mtg companies are encouraged, by the Obama stimulus, etc., to do a 31% of income loan mod, at what point would our income be too little to justify?
rose 450

blasto · 03-11-2009, 08:23 PM

rose 450
I first entered a amt. of 1,700 a mth. has my income which is my income, rhonda the negociator called me back and asked if I had any other source of income ,2nd job I informed that my boyfriend lives w/me and he does contribute to the household, she asked any set amount, I said no, which is true, there is no set amt, it varies. she came back and said according to all the documents provide we show that you only have 15.00 left over which at this point you do not qualify, if you can have your boyfriend send me a letter stating how much he pays you a month, this will help and I did,contacted her and asked her if this helped my circumstances, she said perfect. I dont know your situation, but hopefully this helps

blasto · 03-17-2009, 05:24 PM

Got the call today from my negociator today, this is wahat it is 1st 5.00 2nd yr 5.50 3rd yr. 6.25 and 4th and the life of the loan 7.00 and no pymnt. til May 1 which makes my house pymnt. for the 1st yr 758.00 which is a savings of almost 300.00 dollars a mth., was hoping for a 3.00 and the life of the loan 5.00. I'm still happy though!!!!!!!!!!!! this process only took 2 weeks, not bad. THANK YOU LOAN SAFE FORUM AND AND EVERYBODYS INPUT AND GREAT KNOWLEDGE THAT YOU HAVE PROVIDED...........

myredrobbin · 03-17-2009, 07:01 PM

That's great news Blasto, I'm so happy for you now maybe you can get back to enjoying life again.

blasto · 03-17-2009, 07:04 PM

THANK YOU!!!!!!!!!!!!!! the anticipation is over

blasto · 03-30-2009, 07:10 PM

I owe 79,000.00 on my home right now I'm at 5.00% with a pymnt of 758.00 a month, if it goes up to 7.00% what will my pymnt be a mth.

Moe Bedard · 03-30-2009, 07:22 PM

The negotiator should be able to let you know what the payment will be close to at that time according to the amortization schedule.

tryingtostay · 03-30-2009, 10:19 PM

Blasto...

what I would do to calculate payments is I would go google a mortgage calculator. I like bankrate.com's calculator.

Put the purchase price of your home in as 79,000 and the rate at 5%.

find the calculator that will show you a chart of how much you are paying on principal and interest each month and what your new balance will be.

Find month 12's new balance, write it down on a paper.
reset the calculator, put in month 12's balance as your purchase price, with the 5.5% rate. ( it should show you how much you will pay, too)
repeat the process for year 3, then for year 4 when you are paying the 7%.

that's what I would do at least.

Congrats on the mod!

03-05-2009, 11:54 AM	#1 (permalink)
blasto Member Join Date: Mar 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	loan modification success Thank You all for all the input and your experience. I'm going through the same transition as all of you, my loan was sold to AHMSI in Feb., from citiresidential recv'd a letter from AHMSI in re: to hope now conention in my area, that I should attend and so I did. I have faxed all my paper work(hopefully) all my financial doc hardship letter to jim davis, thanks to this form I have learned alot of valuabe info. I have owned my home for 10 yrs now have interest rate of 10 and A.R.M changing every 6mths, and have had this situation for a couple of yrs now. alot of stress trying to make ends meet, have been 30 day lates about a dozen times late at least in the last couple of years affecting my credit score considerably, not able to refinance. what do you think my chances are of getting a modification, and if so, what do you think they will offer

03-05-2009, 01:45 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,888 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: this forum is great Hi blasto, Welcome to the forum and thank you for joining............ The modification given will be up to the investor on the loan and what they are willing to do...........but at a rate of 10%......you should be able to get a rate reduction and possible fixed term to make the payment more affordable. You are in good hands with Jim's office.......... Keep us posted on your progress............ __________________ 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.

03-05-2009, 05:21 PM	#3 (permalink)
blasto Member Join Date: Mar 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: this forum is great thanks for the post. i've already recv a call from rhonda, work in progress. well keep you updated

03-05-2009, 05:51 PM	#4 (permalink)
myredrobbin Senior Member Join Date: Feb 2009 Location: Eugene, Oregon Posts: 94 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: this forum is great Good luck blasto, You will find alot of help here everyone is nice and they don't judge you. Good Luck.

03-06-2009, 07:32 PM	#5 (permalink)
GirlsMom Senior Member Join Date: Mar 2009 Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: this forum is great Just wanted to agree with blasto. You guys are awesome. I am at the beginning of my quest for a loan mod. I haven't even faxed my hardship letter yet. I'm reading thru all these posts to glean every bit of advice I can. I feel hopeful for the first time in a long time. Thanks so much!

03-11-2009, 05:32 PM	#6 (permalink)
blasto Member Join Date: Mar 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	over 31% So my mortgage pymnt is 1044.00 my gross income is 2200.00 am i over the 31%

03-11-2009, 06:28 PM	#7 (permalink)
Kirby'sMom Senior Member Join Date: Feb 2009 Location: Oshkosh, WI Posts: 96 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: over 31% Is this before or after a loan mod?

03-11-2009, 06:32 PM	#8 (permalink)
blasto Member Join Date: Mar 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: over 31% I have never had a loan modification before, this is before. I'm in the process now. I should no the outcome soon, spoke w/my negociator today rhonda. sounds pretty hopeful, well let you know

03-11-2009, 06:40 PM	#9 (permalink)
markmc2000 Senior Member Join Date: Nov 2008 Posts: 87 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: over 31% 1022/2200=46% (your current percentage) 31% of 2200= $682 ($682 would be your new payment if you can get down to 31% of your gross) Sounds like you you are paying a high percentage of your income, maybe you have some hope! good luck

03-11-2009, 06:54 PM	#10 (permalink)
myredrobbin Senior Member Join Date: Feb 2009 Location: Eugene, Oregon Posts: 94 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: over 31% You will also have to do a financial worksheet to show your household expenses utilities,loans,credit,food,and everyday living expenses and then prove you have the income to pay the new loan mod.At least that is what I had to do. Good Luck.

03-11-2009, 07:08 PM	#11 (permalink)
rose450 Member Join Date: Dec 2008 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: over 31% Does anyone know at what point the mtg companies say that you do not have enough money to do a modification? For example, if you are only making $2000 now, then 34% of that would be only approx. $680. While that is a great payment, it is not that much. When does the mortgage company say it is not enough? rose450

03-11-2009, 07:14 PM	#12 (permalink)
blasto Member Join Date: Mar 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: over 31% I was well prepared attended a hope now convention in my area and they provided me w/all the info I needed an what documents and the help of this forum, I provided check stubbs ,at list of all my expenses 2mths worth of bank statements hardship letter, rhonda informed today, that it is w/ a private investor and I should know something in 7 to 10 days. I will keep you updated.I'm feeling good about it

03-11-2009, 07:50 PM	#13 (permalink)
rose450 Member Join Date: Dec 2008 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: over 31% Thanks for the quick reply. our income is much less than when we applied for the loan a few years ago. My concern is (the hope now counselor could not give us much feedback on) that the new income will not be enough. Just because the mtg companies are encouraged, by the Obama stimulus, etc., to do a 31% of income loan mod, at what point would our income be too little to justify? rose 450

03-11-2009, 08:23 PM	#14 (permalink)
blasto Member Join Date: Mar 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: over 31% rose 450 I first entered a amt. of 1,700 a mth. has my income which is my income, rhonda the negociator called me back and asked if I had any other source of income ,2nd job I informed that my boyfriend lives w/me and he does contribute to the household, she asked any set amount, I said no, which is true, there is no set amt, it varies. she came back and said according to all the documents provide we show that you only have 15.00 left over which at this point you do not qualify, if you can have your boyfriend send me a letter stating how much he pays you a month, this will help and I did,contacted her and asked her if this helped my circumstances, she said perfect. I dont know your situation, but hopefully this helps

03-17-2009, 05:24 PM	#15 (permalink)
blasto Member Join Date: Mar 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	loan modification success Got the call today from my negociator today, this is wahat it is 1st 5.00 2nd yr 5.50 3rd yr. 6.25 and 4th and the life of the loan 7.00 and no pymnt. til May 1 which makes my house pymnt. for the 1st yr 758.00 which is a savings of almost 300.00 dollars a mth., was hoping for a 3.00 and the life of the loan 5.00. I'm still happy though!!!!!!!!!!!! this process only took 2 weeks, not bad. THANK YOU LOAN SAFE FORUM AND AND EVERYBODYS INPUT AND GREAT KNOWLEDGE THAT YOU HAVE PROVIDED...........

03-17-2009, 07:01 PM	#16 (permalink)
myredrobbin Senior Member Join Date: Feb 2009 Location: Eugene, Oregon Posts: 94 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: loan modification success That's great news Blasto, I'm so happy for you now maybe you can get back to enjoying life again.

03-17-2009, 07:04 PM	#17 (permalink)
blasto Member Join Date: Mar 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: loan modification success THANK YOU!!!!!!!!!!!!!! the anticipation is over

03-30-2009, 07:10 PM	#18 (permalink)
blasto Member Join Date: Mar 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	what pymnts will be I owe 79,000.00 on my home right now I'm at 5.00% with a pymnt of 758.00 a month, if it goes up to 7.00% what will my pymnt be a mth.

03-30-2009, 07:22 PM	#19 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,888 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: loan modification success The negotiator should be able to let you know what the payment will be close to at that time according to the amortization schedule. __________________ 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.

03-30-2009, 10:19 PM	#20 (permalink)
tryingtostay Senior Member Join Date: Aug 2008 Location: Menifee, CA Posts: 103 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: loan modification success Blasto... what I would do to calculate payments is I would go google a mortgage calculator. I like bankrate.com's calculator. Put the purchase price of your home in as 79,000 and the rate at 5%. find the calculator that will show you a chart of how much you are paying on principal and interest each month and what your new balance will be. Find month 12's new balance, write it down on a paper. reset the calculator, put in month 12's balance as your purchase price, with the 5.5% rate. ( it should show you how much you will pay, too) repeat the process for year 3, then for year 4 when you are paying the 7%. that's what I would do at least. Congrats on the mod!

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