SUCCESS with AHMSI!!

[autobodywizard]

Hello all,
I applied for a loan mod in Nov 2008 with AHMSI.
The loan was previously with OOMC. I have a first
mortgage at 6.75% fixed with a payment of $1961 NOT including tax and insurance escrow (another $375 monthly). I have a second mortgage at 11.99% with a payment of $425 a monthly. The total combined is approximately $2750 a month. My gross income is $1087 weekly. What would my new payment be under the Obama plan?


I called to inquire in December about my pending loan mod.
and was told it was being handled by Laura Valencia. I talked to
her in early January. She is a really nice courteous woman.
She told me to hold off paying my mortgage and try to put some money aside which I am doing. I have been in touch with her a few times since. She told me she is still waiting approval for the mod.

I called Jeanne Drakes number listed on this forum tonight in attempts to get additional information. The girl that takes Jeannes calls told me that my loan is not covered under the Obama plan because I do not have a Fannie Mae or a Freddie Mac loan. She said I could still be able to have AHMSI modify my loan.

I was under the understanding that it doesnt have to be either
Fannie or Freddie to be eligible under the plan.

Any ideas on this?
Thanks. Dan

[Moe Bedard]

Hi Dan,


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

She may have misunderstood that you were looking for a modification...........it is the refi that you would need to have a Fannie/Freddie backed loan.................

You may want to give the number a try on Monday again and explain that you are looking for a modification and ask if you would qualify...........
here are the guidelines for the modification and it explains all about the target for the payment and the gross income criteria............
http://www.treas.gov/press/releases/...guidelines.pdf

[autobodywizard]

My loan mod papers came delivered UPS to me yesterday.
I applied in late November 2008. The girl was busy, but very courteous. I joined this forum in March which is how I got Jeanne
Drake's contact information. She reassigned me to another counselor. He was in touch with me immediately with apologies
that I have been waiting so long. He has been very dependable and courteous. I did not get the new Obama plan but I actually made out better with what AHMSI gave me.
Here are my results:

1st mortgage dropped from 6.75% fixed to 4% for 1st year.
4.5% for second year. 4.75% for 3rd year, and 5% fixed for remainder of loan, 25 years.

2nd mortgage dropped from 11.9% to 5% fixed for remainder of loan. Extended from 7 years remaining to 25 years remaining.

Old payment 1st and 2nd combined with
P&I,taxes and insurance total: $2686 monthly

New payment 1st and 2nd combined with P&I,
taxes and insurance total,
1st year: $2007.66
2nd year: $2087.87
3rd year: $2126.88
4th year and remainder of loan: $2164.99
No balloon payments and no modification fees.

It is still a considerable amount to come up with each month
but now I can live a little more comfortably with the change.
The best part is that I can afford it now and I actually enjoy
owning my home again rather than being a prisoner in it.

Thanks to everyone here that gave me helpful information
and to *** for giving me Jeanne Drakes contact info.

To all of you that are still waiting, keep persistent but most important, be courteous and polite. I just overnighted my papers back to AHMSI. My first payment is due June 1st.

Good luck everyone!

[GirlsMom]

Congratulations and best of luck in the future!

[Moe Bedard]

Congrats Dan!!


That is GR8!