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I will be using an attorney to get a loan modification


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He all, I have been away for a bit and unfortunately I see that there is yet another NEW credit topic required!

 

THE MORTGAGE/LOAN MODIFICATION SECTION!!!

 

Well, the good news is my credit is still great! The bad news is my 5/1ARM will come up to reset in 1.5 years. The highest it can go is 9.5% but that's not gonna happen.

 

I like most other planned on doing a refi of the ARM but now I am upside down. I paid 350,000 for my home and put 70 grand down. long short of it is I had an appraisal done and the home is worth.........$250,000, now yay! Oh and I have a second since my wife wanted a POOL, so the total balance is $343,000. Without that damn pool we wold have been ok! Well that's water under the bridge.

 

I will be hiring an attorney to help get me through a loan mod from AHMSI (American Home Mortgage Servicing). I am paying 4.5% now and would like to keep it there for 30 or 40 years fixed. When I get off of Active Duty My pay will go down so you can see wher I am going with this, it's something I have to do.

 

Has anyone dealt with AMHSI ? I kow they have a loan mod line but I think hiring a pro to do it will help the situation along, no?

 

Any advise or thoughts on my potential situation?

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May I be frank with you?

 

Being upside down on your property and your wife wanting a pool is not a hardship and most certainly by itself does not qualify for a LM under a hardship situation.

 

Having an ARM that will adjust in 1.5 years is not a hardship today or in the very near future, i.e., 2 months.

 

IMHO, every Tom, ding-a-ling, and Harry under these conditions is seeking a LM, even though most of them genuinely are not qualified.

 

What is a hardship?

 

Lose your job and live on your credit cards for six months only to be re-employed for 1/2 the wages you were making, spend six months burying your dad and settling his estate go through your savings only to return home to a layoff, take a year off work because your teenage daughter was the victim of a violent crime and you had a nervous breakdown in the aftermath, have an old injury you sustained in active military duty come back to haunt you and require surgeries and then not heal properly and lose your job to only be compensated for 1/2 of what you made prior to the surgeries with permanent disability, or have your cancere come out of remission and metastisize to your bone marrow with three rounds of chemo. not stopping it and know if you don't get your loan modified - you'll probably die knowing your wife will never be able to make the mortgage payments on her income alone and your dream home where you raise your kids - will most likely be foreclosed upon your death, or be contemplating suicide because as part of your divorce settlement - you took out a loan to pay off your ex-wife of five years who left you for another man after you paid off your home built on land in the family for 100 years that your ex-wife never paid a dime because it was all paid off prior to meeting you and a year later - the economy hit your business and now you can't afford the payment.

 

All real stories.

 

There is a reason behind many of the LM's why the borrower became behind or will be behind, it is based on inability to pay, not soley on being upside down on one's home or having a high interest rate in itself or rate scheduled to adjust in the long-term, 1.5 years. If it is a workable solution where the borrower can afford the new payments and the lender feels confident in their ability to pay and is satisfied with the ROI - Great! It is a win-win for everyone.

 

But to come to the table asking a business to eat xxxx dollars via an interest rate reduction/principal reduction because you purchased an asset via them bankrolling it that has temporarily depreciated and remains affordable for you to continue making mortgage payments as of today..........it is weak.

 

Now I will say, there are folks who slip into the system of LM's who probably are really seeking a refi and their inability to pay is borderline - but if the numbers work and few other factors, sure - they most likely will get a LM in the right hands.

 

I do think having a law firm/center that specializes in LM's is the right approach. They can give you some honest feedback and give you a genuine answer to what your chances are of a LM and possible outcomes or what else is necessary to qualify now or in the future based on your specific situation.

Edited by cinderella
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Sure you can, and allow me to be as well. Actually, I spoke with a law firm the on Friday, and since I am in the military and I have paperwork from the military stating that I will be getting off of active duty on a certain date (which is a certainly) banks AMAZINGLY have been working with the armed forces to modify our mortgages to avoid an impending bad situation--Hence a preemptive strike.

 

It's nice to know it's been done quite a bit for us - It made me feel soooooo much better knowing they are willing to help us out because of OUR hardships. The workouts are mostly are comprised of freezing the present rate (I'm at 4.5% on the first) for the life of the loan and in some cases extending the mortgage to 40 years. Nothing about eating anything though they draw the line there I think. I don't NOT want to pay for something I bought in good faith. The market will not be bad forever, and I do not intend on moving for a while so, a freeze/fixed at 4.5% is good for me.

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