Loan modification success with ahmsi

[angel807]

Hi, your forum is great. I have been getting run around with Citi Res then I had to wait till transfer took over with AHMSI. I'm trying to get loan modification. I have faxed paperwork over a week ago & 1 person told me as soon goes under review, foreclosure will go on hold & we need to follow up with them. I called 2 days later, they rec'd paperwork but had to fax 1 more thing but they said will take 7 - 14 days before will go under review. Next week our house going on auction. Both of us are working. I have faxed & called Jeanne Drake & Jim Davis last Friday, no response. I called again the retention dept, finally it was assigned to Mr. Velesco. I got hold of him, said don't have paper work, i faxed to him again & he said will review it and get back with me. Never heard from him & when I called later that day, he was gone. I will call him again on Monday.
We filed chapter 13 over a year ago but by husband o/t had stopped and we counldn't afford mortgage & our trustee payment plan. Out of past 12 months, we missed only 2 pymnts but they dismissed us & I wasn't aware that foreclosure will resume right away.
We are able to meet our obligations, we have asked for our past due to be capitalized & lower our interest. One rep said with our income, should be no problem. However, we need our foreclosure go on hold. Do you think they will or do I need get a lawyer? Also Mr Velesco did say it's his top priorty list. Any advise?

Thanks,
Very desperate to keep our home

[Moe Bedard]

angel807,


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


You would need to discuss postponing a sale date with your contact at AHMSI and have him put it in writing and also check with the county to make sure that your sale was postponed...........they would be the ones that can postpone a foreclosure while you are working with them.......given that the sale is next week...........you may also want to consult with an attorney to see what they suggest since the sale date is next week.

[angel807]

Thanks for you help. I just got off phone with AHMSI and they stated we are a great candidate for loan modification & he feels very stongley we should get approved. They also put our foreclosure on hold. I will contact the County to verify this info but least I'm able to sleep again. Will keep you posted.

Thanks again!

[hucordov13]

Hello,
Im in the process of getting a loan mod as well. How is your procss coming along? I was just assigned a neg..

[angel807]

Hi, still in the process, they said will take anywhere from 30-90 days. I'm keeping my fingers crossed. So far they havn't ask for a payment for the modification. Will keep you posted. How's going for you?

[angel807]

Great news! Just got approved for loan modification. Just recv'd paperwork yesterday & we sent it out today. We had adjustable rate which one time was about 11% but it did go down past year to almost 9%. We have fixed rate starting at 4% & after 4 years will be 6% fixed for the remaining of our loan. However, they didn't put it back for 30 years, kept same term for 22 years. Is that common? I did request on my hardship letter for 30 years, at least pymnt will be lower but not complaining to much cuz we saved our house. Our house was about go into auction on 5/9/09. They also paid all our back taxes & half of this year which they set up escrow account, which is good, don't have to worry how to pay taxes anymore & our pymnt is more reasonable, just will be nice if could be a little lower to have more breathing room. Thanks for your support. Keep up with your great work!

[rhondaharris71]

congratulations on your loan mod, hang in ther it will get better

[GirlsMom]

That is great news! Congratulations!

[Ragdoll]

Congrats! When I had my modification with Option One (AHMSI) they kept the length of the loan where it was, no extension. Of course this was before the huge housing crisis. I am now trying for another, better modification.

[angel807]

When it rain, it pours. After filed chapter 13 last year so we can save our house & Citi Res will not do any loan modif with us, we struggle to make ends meet last year. After 2 pymnts missed, Citi was able to dismiss our case & proceed with foreclosure after Xmas & sale date was 3/9/09. After trying get a loan mod with Citi, they transf loan to AHMSI. After faxing 4 times our paperwork & try to contact Jeannie Drake office, they finally put our foreclosure on hold as of 3/2/09.
On 3/23/09, we recv'd loan modification in mail that we were approved for lower rate. Starting at 4%, then will go up every year till 2012 then will be 6% for the remaining of our loan. They didn't go to 30yrs, kept same term that will be paid off in 22 years. We are so gratefull with our new loan & they paid all our back taxes & partial for this year which we will have escrow account, also capitalized our past due amount. Which is good, it's hard put money on side for your taxes.
Everyone, just hang in there, we were very close to loosing our house, most mortgage companies will work with you due to our mortgage crisis! This forum gives great advise. Good luck to everyone who's same situation as us. All of us deserve a fresh start! Take care.

[hucordov13]

this is awesome. best wishes to you. by the way ...can you disclosed who was your negoitator? Also can u provide tips to those who are still in the process? ( like Me!) thanks

-h

[myredrobbin]

Congratulations Angel that is terrific, still waiting on my approval its been about 5 weeks since I started.

[angel807]

Thanks guys! My negoitator was Xavier Velasco ext 43321. Only tips I can give is, to have a good hardship letter. Need to let them know why you were delinquent. On your finance worksheet, make sure you have surplus income, if you have creditors & can't make your surplus income, just remove them & tell AHMSI you're not going to pay them. It's either your house or your creditors. I rather keep my house then keep my creditors happy!!! Also if you have steady income, they should work with you. They just want to make sure you are able to pay your mortgage on time. However my surplus income a month is$200.00 but in 4 years our mortgage will go up $200.00 I guess they figure you will get raises from your job (we hope). I don't know about u guys but our raises have been frozen for past 2 years & now my company cut some of our benefits but I guess what matters, still have a job. We are very gratefull that we didn't loose our house. Now our goal is try to re-establish our credit. AHMSI probably worked fast in our case due to sale date. Everyone, hang in there.

[baldyguy]

Is Xavier at at Jeanne's or Jim's office?

Originally Posted by angel807

Thanks guys! My negoitator was Xavier Velasco ext 43321. Only tips I can give is, to have a good hardship letter. Need to let them know why you were delinquent. On your finance worksheet, make sure you have surplus income, if you have creditors & can't make your surplus income, just remove them & tell AHMSI you're not going to pay them. It's either your house or your creditors. I rather keep my house then keep my creditors happy!!! Also if you have steady income, they should work with you. They just want to make sure you are able to pay your mortgage on time. However my surplus income a month is$200.00 but in 4 years our mortgage will go up $200.00 I guess they figure you will get raises from your job (we hope). I don't know about u guys but our raises have been frozen for past 2 years & now my company cut some of our benefits but I guess what matters, still have a job. We are very gratefull that we didn't loose our house. Now our goal is try to re-establish our credit. AHMSI probably worked fast in our case due to sale date. Everyone, hang in there.

[angel807]

Xavier in Jeanne Drake's office. Also if you want to e-mail to someone, use first name.last name @oomc.com. Example: Jeanne.Drake@oomc.com However they can't email back, only able to receive documents. Doesn't hurt to try to e-mail the attachments too.
Hang in there. they assigned a neg in 2 days after receiving my documents however I had to re-fax my documents to my neg. again. They did rush mine due to our sale date was around the corner & we got approved about 3 weeks later.

[hucordov13]

hey angel807,
thanks the advice! I hope we get approved. we havent been delinquent howevr our rate is adjustable and is killing us!!!!!!!!!!!!!!!!!!!! best wishes

[bjc0177]

Good luck on the loan Mod process. I am also in the process my negotiator Beth Brown said everything so far looked good, she was going to send out for ESCROW paperwork. Does anyone know how long that takes? Thanks

[hucordov13]

Hello,
we recently got approved. it took them about a total of 3 weeks. for them to get the figures it took about 2 weeks then they can start generating the figures for the loan mod. The nego. then submits it for a final approval. best of luck .

-h