What should be my first step to start a loan mod with ASC- should I just call the customer service #...should I ask to speak to loss mitigation or the ART dept? I'm not sure who the investor is and if they participate in HAMP, but I will ask and if they say no to HAMP I will request an inhouse mod. Do I need to ask for a mod package to be sent or do I have to send a hardship letter and get a negotiator first? Thanks!
You don't need permission to apply for a HAMP mod. You can download the applicable HAMP RMA (Request for Modification & Affidavit) forms, complete them and forward to ASC. I'm almost positive ASC is a HAMP participant.Originally Posted by hamlinresident
This is the beginning of a long journey. REALLY soul search and make sure this is what is best for you and your family. I have had 2 mods with ASC and neither helped me. I am in the middle of my short sale and wish I would've come to this decision a lot sooner. I started 1.5 years ago.
My situation could be vastly different than yours, but still make sure you think of all options.
My friend told me that once you start missing payments, you have made the decision that it is a REAL possibility that you may HAVE to move. Educate yourself.
ASC requested I give them a monthly list of income and expenses over the phone so they can determine how to help me. Anyway...if anyone has any suggestions about my budget below I'd love to hear it.
Gross avg income $5200
1st Mtg $2544
2nd Mtg $320
Monthly expenses $3280 (HOA, 1 truck payment, insurance, utilities, groceries, gas, and credit cards)
Current Monthly deficit: $1005
Also, how much would I be able to adjust this info before sending in my HAMP packet? I'm self employed and I've asked my accountant to write a letter stating my avg mo gross income for this year that I will include with my financial info. So my income could change slightly when I send in my official financial info.- would that be alright or should I just wait before calling them back to give the budget?
As I said in a previous post, you are not required to give your financials on the phone, or to ask permission of the loan servicer to submit a HAMP application. I recommend you do not provide that info because the rep will enter the numbers in your file. As you stated, you may want to tweak your numbers some, if possible. And I think that's important for you to do before completing the financial page of the RMA, I warn you about providing the info on the phone to a loan servicer rep.
Thanks, I'll wait and just submit the HAMP app
About to send in HAMP app- just want to make sure I have everything: RMA, 4506T, and proof of income...is that all? Will there be a more indepth application later if they deem me eligible for HAMP? At what point do I need a hardship letter or proof of declined home values?
hamlinresident
I recommend you re-read the checklist of required supporting documents again. For instance, you didn't mention bank account statements, so there might be something else you have missed.
Where can I find the required supporting documents list? I'm just looking at the Making Home Affordable site under "Request a Modification". I am self-employed so I have my recent P&L and tax docs.
hamlinresident
As I recall, there's a page in the RMA packet with two checklists, one for employed, and one for self employed. If not, there will be info on the HAMP site. Keep looking. You can also access the MHA Handbook @ https://www.hmpadmin.com/portal/programs/fha_hamp.jsp
I have America's Servicing Company as one of my lenders. I plan on applying for a loan modification in the next week or two. Should I contact them first, or just fill out the HAMP paperwork and send it in?
tamika
If you want to call them, just inform them you're submitting a HAMP application - don't ask their permission to do so. And don't give your financials or other info on the phone (tell them you don't have them if front of you, or don't have time or something). They most likely will want to try to qualify you on the phone - don't go there! As a reason for calling, just verify the mailing address and/or fax number for the application submittal.
Thank you tomeason
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