SUCCESS!! with AHMSI!

[NevadaT]

I sent my information to the fax number I got from someone in the India Customer Service Center last week and called to confirm reciept. The rep said I have been assigned a negotiator - but for the life of me I never could not make out the first name and am only 90% sure the last name was Williams? Ring any bells?

I have an ARM, and I bought at the height of the market and it has reset several times now, it resets every 6 months. All I really want is a fixed rate since I am about 100,000 upside down on a 300k home and it will be several years before I can refi and the libor is sure to hit some ugly number sometime during that time. (This is what keeps me awake at night)Anyway I am going to resend my stuff to Jeanne Drake and Jim Davis as they seem to be responsive.

But I have 3 questions maybe you all could answer?

1. My front end DTI is not high enough for Obama plan - The payment on the first is not 31% of my gross. Will AHMSI still work with me? My back end DTI is very very tight - although I do have slightly more than the 200 left over each month that seems to be the magic number - about 600 maybe when no incidental expenses come up (never)

2. My hardship letter ended with me asking for more than is reasonable - I hadn't read these forums yet - so I just said to myself, "Hey, the worst they can do is say no." I asked for them to reduce the prinicipal to current market price and fix the rate at current mortage rates. When I resend this info to Jeanne and Jim should I ammend the hardship letter to propose a more reasonable mod?

3. Several posts down someone reported that there is no mod available if the loan originated with Option One, yet I seem to read about many people who started with Option One and got mods? Anyone know anything about this? My original loan in 2005 was with Option One.


I will keep you all posted as I move through this process.


Oh yeah they just asked me my financials over the phone and I was guesstimating. The documents I was told to send didnt include a detailed accounting of my expenses, just income. (w-2's tax forms, pay stubs, hardship letter iirc) Should I put together something more formal on the monthly expenses?

[GirlsMom]

Just wanted to stop in and say hi. Someone will be by shortly who can answer your questions. Just wanted to note that my loan was also with Option One at some point and I just got approved for a mod so I don't think that will be an issue.
So many people here have had success working with AMHSI so hang in there!

[Moe Bedard]

Hi NevadaT,


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


These are what most lenders consider to be generally acceptable hardships....

1. Loss of job or reduction in income
2. Death of the homeowner, spouse or family member
3. Illness of homeowner or family member
4. Divorce or separation
5. Forced job relocation by employer
6. Adjustable rate reset-payment shock

The best way to set up a hardship letter..........

* First, describe the hardship and the circumstances that caused it
* Explain what steps have been taken to correct the situation
* Provide the lender with your plan to get back on track and stay there
* Assure the lender that you are a responsible homeowner who just needs a second chance and that you are very motivated to save your home.



You will need to find out if there are other options from the investor on your loan for a modification.

Forward information when asked............they normally will begin with financials over the phone and then verify as the process continues.

[NevadaT]

Who would win? Just kidding I received a call from Jeannes office 2 days ago saying they got everything then today had a message left from a home preservation office. Are these two different departments and does this mean anything?

[NevadaT]

Stevi Glowscz is now my negotiator. Very nice and friendly. Have to clarify some expenses for her on Monday.

[LNLIBRA]

Hello NevadaT: I too am in the same predicament as you. My original ARM was with Option One who now is AHMSI. I had an adjustable rate of 6.49% interest only. We are also upside down in our house. However, after 24 monthes I negotiated with them to keep it at 6.49% for another 5 years. They wanted to raise it to 9.49%. I refused to pay it. Due to circumstances beyond our control my husband and I both lost our jobs so it has been tough. Anyway, I applied for another modification in October 2008 as my value went down almost $160,000. They agreed to a fixed rate at 5% but we cannot afford it. I signed off on papers in Dec 08 before the Obama plan went into effect. I have now applied for another modification under the Obama plan about a month ago. I have confirmed receipt of my documents with them. I too asked for principal reduction and a lower interest rate. I have not received any correspondence from them nor phone call. When my mod was approved before the negotiator called me in early Dec 08.

I am now wondering if I should call Jeanne Drake and see what my status is. I was told a negotiator would be in touch about a week ago when they wanted my payment. I am current but I do not know what we are supposed to do now.

please post if they respond to you. Good Luck.

[NevadaT]

SUCCESS

Well I recieved a call that the modification has been approved and paperwork will be sent tomorrow. The offer is a stepped up fixed rate ending at 5% for the life of the loan - no reduction of principal or balloon payment at the end due to the fact that we can afford a 5% fixed comfortably.

Stevie Glowacz was so kind even when I went on and on with questions and always professional and straightforward.

This is tremendous news as the cap on my existing loan was 11% and I am 100% sure that my house will not recover its value to allow for a traditional refi before the libor hits some ugly number and my biggest fear is that if the libor shoots up that means the economy is improving and they might be far less interested in modifying.

I can finally sleep now - well once I sign the papers

Thanks to this forum - I want to sincerely thank everyone that has taken thier time to tell thier story here as it was invaluable in helping me take concrete action to improve my situation!

[LNLIBRA]

Congratulations, that is wonderful news. I have not heard anything as yet but I will be checking tomorrow with the news. If I might ask, what is your 1st interest rate? and when does it go up? every year? When do you make your 1st new payment? Just curious. I am current on my loan now but it is too high for our budget. They already set up the escrow account and paid my taxes and insurance. I just need the interest rate reduced and payment lowered. I would accept this tiered structure at this point.

Keep posting if you be so kind. Thanks for the update.

[NevadaT]

Signed the docs today and put them in the mail. Fairly standard step rate loan ending at 5% fixed. I am so pleased. My wife and I love our home and now we can sleep easy knowing that when the interest rates go up we won't lose it

Success, we've signed on the dotted line!

[Moe Bedard]

Congratulations!!!