Finally AHMSI SUCCESS!!

TXHomeowner · 06-27-2008, 10:55 AM

My story has bits and pieces of every story I have read here. And, I am thankful for this site and all those who have posted their personal situations because it has helped me get through many anxiety filled days, which I otherwise would have probably lost my mind.

We were so trusting and naive when we bought our beautiful home two years ago...not that we don't take full responsibility for where we are today. We just never anticipated the problems that were to come with our "recommended" loan package. We are in such a mess now and I wish we had of been smarter back then.

This is our first home and we purchased it in May of 2006. We worked with a Mortgage Broker that was a very good friend to our Realtor (who was my best friend at the time). I trusted her. We were told we "qualified" for this Conventional 80/20, 2/28, ARM loan with Option One. She said this would be the best option for us because we would have less up front fees and would be able to "roll everything in." Like most of you, we were told many different stories along the way (all which made since at the time and it really doesn't matter now anyway).

At the closing table, we were told by our Realtor that our Mortgage Broker fought hard to get us the adjustable rate of 8.15% for our first loan (scheduled to reset to 9.15% in July 2008, and then 1% every six months thereafter, until reaching a maximum of 14.150%), and 9.99% fixed rate for our second loan. We actually called her at the title company, and she said this was the best way to go so we wouldn't have to pay PMI. Our interest rates are high...but she convinced us that it was normal because we were first time homebuyers. And, she would never recommend to anyone to finance FHA because of hidden expenses in the loan. She told us this is the best way for any first time home buyer to go, besides after two years of a good payment history...you can simply refinance. Again, we trusted her.

What she did not tell us was that she also had us agreeing to a YSP at closing for a higher interest rate, so that she could be paid even more money directly from the lender. I specifically remember our Realtor saying..."just sign it; we can work everything out later." We didn't know what that was at the time because we had never seen anything like it before. Why did we agree to it?! Why were we so gullible?! Why didn’t we get a second opinion?! I wish we could go back and undo all of this. I feel so responsible for bringing these people into our lives.

Two years later...
The reality of the situation is that we can not refinance, mainly because our LTV ratio is off and we can not afford the increases. I am now trying for a loan modification with Option One. I sent in all the paperwork they requested...hardship letter and everything. I called everyday until a negotiator (Kristle Reid) was assigned. I called and left her a voice mail asking her to call me back to explain this process to me, so we could be best prepared. She called me back the next day only to say that she was "running about 30 days behind and doesn’t have the time to even look at our file right now." I said, but in 30 days our loan is scheduled to reset at a higher rate, which will most definitely make us fall behind in our payments. She went on to say, "I can tell you right now, that if you are not at least 30 days delinquent, then I can not help you anyway." She said their investors will not modify any loan that is current...BUT, we should know that is one of their fastest foreclosing states (only 60 days). I said, so what you are telling me to do is to walk a tight rope for you, and we may or may not even get a modification. She didn’t respond. It's no wonder they have been sold. She was basically very rude and sounded very busy...almost like she didn't have time to deal with me and wanted me to go away. And, believe me...if we could afford the increases, I would just pay it and go away, so I would never have to talk to her again. We hung up and I called Gregory Paiva's office.

I hired Mr. Paiva a week ago and I have been working with a very nice man named Mark Lee ever since. He has been wonderful to talk to! I should hear something back in the next few days about our Forensic Loan Audit, which we are praying for many, many violations...so that will help our negotiation power. In an ideal situation, we would like a lower fixed interest rate on both loans for the remainder of each loan.

FYI...
Our Realtor and I are no longer friends. The Mortgage Broker is not in business anymore.

I hope our story helps at least one more person feel less alone. I will keep y'all posted on our progress. Please keep posting your stories, too. It truly does make a difference.

RudyJay · 06-27-2008, 11:25 AM

TXhomeowner..
Hi nice to meet a new member to the forum... a moderator/guide will stop soon but I wanted to say hi and we all know more now ( by necessity )then we knew then..Sounds like you are taking the steps to keep our homes... keep moving forward..rj

Moe Bedard · 06-27-2008, 11:56 AM

Hi TXHomeowner,

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

You are in great hands with Greg's office..........
Good Luck with the Audit!

Please let us know how it goes...........

elpjohnson · 06-27-2008, 05:37 PM

Good afternoon TXhomeowner....

I too have Option One, we are not late yet and have also hired the attorney from this site (Marshall)....I think you did the right thing in hiring a professional to handle your mod for you, just for the doc review alone, it's worth it. There were several violations found in my loan docs and Marshall is going to use them to try to force them to fix our loan for 28 years....right now he's playing nice but I told him to push them to the limit because we need more than just a rate freeze for 5 years (what a crock of $hit that is)

Anyway, I just wanted to say hello and to let you know we are all here for you. Even though you've hired an attorney please keep us updated on your progress...who knows? You may help someone else with your story. You are in my prayers.

Take care and God bless you and your family

Persistence · 06-27-2008, 10:38 PM

Well, I have to say we have nearly the EXACT same story. We are preparing our information and sending back the required documents to the Paiva law firm in the next week. What a ride this has been for the last year.We can't believe it happened.

We were sold the same horrible loan with Option One through people we trusted and what a mess. Same deal except the twist in ours is the seller's agent got involved in a way that should not have happened. Horrible. Not to mention the adventure of Option One changing to another servicing company.

So here we are. This website is really a great thing. We wish you luck. Please keep posting about the Paiva experience and I am going to also so folks will know the experience. I too have been very impressed with the initial conversations with Mark at the Paiva law firm.

TXHomeowner · 06-28-2008, 06:18 AM

Thanks to all of you for your support and kindness. I will definitely let y'all know how everything is going. Right now we are just waiting...and honestly, it's awful. I have to remind myself several times a day, there is nothing more I can do right now. It's almost consuming.

I agree with you, elpjohnson (I feel like I already know you. I have read all of your posts because of our common lender and I have been very hopeful everyday for you...because in my heart I believe if you can get a fixed rate, so can we. I am praying for you, too!). A 5 year freeze does nothing for us, but freezes an interest rate that was too high to begin with. Besides, I don't foresee our situation being much different in 5 years anyway. We need a lower fixed rate.

We were told by Hope Now that we were a perfect candidate for the rate freeze. I told our negotiator what we had been told. She said that all of the rate freezes were done automatically back in December, and if we had of qualified, then it would have been done. I told her (in a very nice way)...you need to look again, because there was a mistake made then. We absolutely qualify. She didn't respond. Honestly speaking...if we had of received that rate freeze, we probably would not be pursuing anything right now. I don't believe there was any "automatic rate freeze" anyway. I think it's just one more thing they added to their script to read off to try and pacify their borrowers.

Hey Persistence...it's great to meet a fellow Mark fan! Please do keep me posted on how things are progressing with your situation. If the Paiva law firm can get this done for us, then I will be their poster child.

elpjohnson · 06-28-2008, 06:36 AM

Good morning TX.....glad to see another early riser on a beautiful Saturday morning!

Thanks for the kind words and prayers, I surely could use them these days. As you can see, I've been a member here since Dec 07 and when I started this process I figured I could do it all by myself.....then I started contacting Option One and quickly realized that I was gonna need some professional help and that's why I hired Marshall to handle my mod for me......not that it makes the waiting any easier, it just takes some of the pressure off of me (I get a little obsessive about things sometimes)

However, I do believe (at least in my case) that it was the best decision my husband and I could've ever made....

I will continue to pray for your success (I know it will happen for you).....just stay calm and focused and leave it in Mark's (Gregory Paiva's office) hands (and God's hands too !!

On a side note, all that BS propaganda that Option One was saying about automatically fixing rates for people who qualified back in Dec is the biggest line of crap I've ever heard of.....they told me that same thing.....I think that was just to make like they were helping people when they were not!

Anyway, you have a wonderful weekend, enjoy your family and keep us posted on your progress.

Take care and God bless.

Persistence · 06-28-2008, 05:25 PM

Tx Homeowner,

I certainly will update when we are initiated and on our way. Good luck to you and everyone else who pops in looking for help, input, and so on. I will share what I learn. In the meantime I am reading and watching and cheering for all the forums. Persistence.

TXHomeowner · 07-11-2008, 02:44 PM

Hey Y'all!

I just heard from our attorney, Mr. Paiva (very nice guy), and GOOD NEWS - we have a couple a major violations on our first loan. Apparently our percentage rate was written almost 2% under what it actually is, which caused a variance of over $100,000. CRAZY!

We are now in a very good position to begin negotiations with Option One (AHMSI) for a loan modification. We could actually rescind the loan because of the severity of the violations if we wanted to, which we do not...but it's good to know we can. =)

I'll keep y'all posted as I find anything new out. Keep your fingers crossed for us!!

-TX

schwefls · 07-11-2008, 05:17 PM

TXhomeowner great news, fight hard and win

RudyJay · 07-11-2008, 05:41 PM

Way to fight.. good luck with your mod..rj

elpjohnson · 07-11-2008, 10:05 PM

Awesome news!!!! My attorney just sent a letter to OOMC/AHMSI outlining the violations in our docs.....hopefully we'll both be successful really soon!!

TXHomeowner · 07-18-2008, 03:56 PM

Yes - it's true, I found out we were denied for our modification today. I am so upset right now on so many levels. We submitted everything OOMC/AHMSI asked for, through Katy at Mr. Paiva's office, and yet they still managed to record inaccurate information. And, to add insult to injury, AHMSI denied us based on the inaccurate information they recorded. I was told by them today that my file is now closed and we will have to start all over if we want to request another loan modification. How can this happen? How can they get away with doing this? We deserve better than this crap!

And, fyi... Our denial is complete BS!! We can absolutely qualify for a loan modification! Today I submitted our last 6 months of bank statements. I just don't think they want to work with us and I'm frustrated with the whole dang process right now.

AHMSI SUCKS!!
-TX

Persistence · 07-20-2008, 12:58 PM

TX,

I know you can not talk about the specifics, but I want to know two things. Is the attorney going to continue on your behalf? and are you happy with the attorney? From your post it sounds like you paid an attorney and you may have to start over again alone. Let me know.

Keep the faith-Persistence

RudyJay · 07-20-2008, 02:16 PM

txhomeowner

Doesn't it make you wonder who is inputting data and how it is being input for your lender????? Are there legalitiies that can be explored for AHMSI incompetencies? rj

angel83 · 07-20-2008, 03:38 PM

Txhomeowner?

based on what were you denied? don't give up.

TXHomeowner · 07-20-2008, 04:40 PM

Persistence, RJ & Angel - Thanks for the words of encouragement!

I was told by my lender Friday that my modification was denied due to "insufficient income." They have in their file that I am not employed and therefore have no income for me (which is incorrect - I am self employed and can prove income). It makes sense for them to deny the modification based on that information, though - not that I am defending them, I can just understand that decision, even though the information is wrong. And, yes - RJ, wouldn't it be nice to know?! Fortunately for us, Option One did make some pretty big mistakes with our loan docs, and we should be able to use this as leverage to negotiate.

As for my attorney, they are still working with me and my lender. When I originally posted this update, I wasn't exactly sure how I wanted to proceed. Since then, I have spoken to a couple of concerned managers at the law firm and I am feeling more comfortable with where things are for us right now - denial and all. I have spent some time today writing down all my fears, questions and concerns, and what my expectations are from them during this process. I feel very centered today and my plan is to move forward in a positive direction with my family...in this house (God willing) or not.

-TX

angel83 · 07-20-2008, 05:17 PM

I am happy you are doing better today. I am considering using the same law firm as you, that's why I started the thread asking who had used them and what the experience was. I'm still not certain. I have lots of questions too. I am confused by the whole income thing. I know you should only show a small surplus, but I don't know how that demonstrates you can afford a modified loan, especially if the loan might include taxes and insurance. I have always paid my taxes separately but plan for the resources to pay accordingly. It has not been a regular deduction on a monthly basis.

Persistence · 07-20-2008, 07:45 PM

Tx,

Hang in there. Keep us posted. I will update too. I can't get over how similar our situations are.

I asked you the questions in my last post because it took us a few extra weeks to save the extra money to pay Mr. Paiva's firm, and we are sending everything over to them this week.

Your post scared me because we are struggling every month with the mortgage and we are really stretching to get legal help that might not be what we are hoping. However, the attorneys say they can't guarantee an outcome, but they do say they will work until a modification is done (the best one possible for the situation-not that we will love it). I am using Mr. Paiva's firm so there is a better chance of cutting through the baloney with the servicing company.

My husband and I can not sell. We WILL not walk from the committment, it would be a huge loss because we actually put down alot of money (with a fabricated appraisal-we now know) and it would be financial folly and waste if we let the house go. So this is the big try for us. We will share as we go along the process (as much as we are allowed). The other thing is, make sure it is worth it TX. That is what we decided first.

Have a good week Tx and other members,
Persistence

TXHomeowner · 07-20-2008, 08:30 PM

Thanks Angel. This entire ordeal is confusing and frustrating! And, you are smart for asking questions and taking your time.

On a brighter note - I want to tell you some positive things about this law firm that I was thinking about today when I was writing (not to sway you in any specific direction...but just to give you all of the information, so you can make an informed decision).

When I initially called and spoke to my negotiator, she told me that she was very busy and running about 30 days behind and did not even have the time to look at my file. She went on to say that if I wasn't at least 30 days delinquent she couldn't help me anyway. That's what made me call the law firm, which ended up with my husband and I hiring them (this was on June 20th). And, to our surprise we had a response (although it was a denial, it was still a response!) by July 15th. I truly do not believe we would have received such a fast response if I would have attempted this on my own. So that is something!

Also, since I expressed my unhappiness yesterday, I was contacted by three different people at the law firm...all expressing their concern and wanting to help. That was impressive! I might be frustrated and confused at times throughout this process...but I can tell you for sure, I am not alone.

Hope this helps!
-TX

elpjohnson · 07-20-2008, 08:50 PM

TX Homeowner.....

I know exactly how you feel.....I just received my denial the other day through my attorney as well, you know I also have OOMC/AHMSI. I was told that the investor doesn't do modifications....wtf? I was furious to say the least. I also have quite a few violations in my loan docs but that doesn't seem to bother them.....Moe is stepping in with my attorney on our behalf to get this done because I just cannot take this anymore. I am in exactly in the same boat you are in (denial based on different reasons) but I refuse to give up! My opinion is this, AHMSI is playing hardball with borrowers and are not working with us like they should be.....it's just terrible. Just don't give up and don't allow your attorney to give up working on your behalf.....we'll be able to get through this, it's just going to take a lot of time and perseverance.

May God bless you and your family.....I'm praying for you!

Please keep us all updated as soon as you receive any info and I promise to do the same in my thread Update on Option One.

Take Care.

TXHomeowner · 07-20-2008, 08:56 PM

Very good advice, Persistence!

I think the "unknown factor" is the scariest for me - not knowing how it will turn out. I can deal with anything...but I need to know what it is I am dealing with.

We struggled to pay Mr. Paiva's office, as well. That is a lot of money for us - but if we get a good modification, then it will be well worth it.

Please keep me (and everyone) posted on your progress through your modification. I am wishing you lots of success and peace of mind throughout your process!!

-TX

TXHomeowner · 07-20-2008, 09:11 PM

Erika - I was so sorry to hear about your denial!! My heart just ached for you when I read your post. I can not even tell you how upset I will be if we go through this entire ordeal for them to deny us because our investor does not do modifications anyway. What about the rate freeze that was initially offered to you? Is that still available?

Just know - you are strong and you will get through this! Not to get too preachy...but God would not give these set of circumstances to just anyone. He would only give it to someone who had the intelligence and capability of handling it. You WILL BE successful and come out the other side stronger than you ever thought you could be!

-TX

elpjohnson · 07-20-2008, 09:22 PM

Hey Tx....

I'm not sure about the rate freeze, I'll take it if I have to but I'm still gonna push for the fixed rate for forever if I can and if that doesn't work I'll take the freeze....but who knows with AHMSI there may be no rate freeze....then what? I just don't know.

You know you don't sound preechy at all, I have a strong faith in God and believe that this is happening to us for a reason and we'll get through it with a positive result......things just always seem to fall into place (even when it looks like the worst case scenario) when you have a strong faith.......that's what I have to hold on to and it gives me strength and most of all it gives me hope. So, when I say I'm praying for you I truly am (I have a long prayer list from Loansafe ;-) ). So, God willing, we will get the fixed rate we need....it's just gonna be a little tougher than we thought.

Thanks for all of your kind words and support....it is truly appreciated!

TXHomeowner · 07-21-2008, 08:36 AM

Hey Erika - I was wondering what your opinion is on why AHMSI does not want to work with their customers? I just do not understand this concept!? Wouldn't it be in their best interest to work with us...considering the alternatives?

What are your plans on moving forward (if you can talk about them)? And, is Moe an attorney (just curious)? I have seen many of his posts, but never spoken to him directly. What are his views about AHMSI? Are they worse than Option One (God help us!)?

Also - since we share the same lender, do we share the same investor? How does one find out who their investor is?

Sorry for the 20 questions, but I appreciate any information and advice you have.

Thanks!
-TX