My AHMSI Saga

[knigegrerdevy]

It has taken almost 6 months from the time that I started the loan modification process with AHMSI. I had a rate of 11.5% ($4,000 monthly payment).

I had to pay a fee of $500 in order for me to get in line for the investor to to review my file. They said it would take 10 days and it actually took more than 20. I just received an approval from them from 11.5% to 9.0% which really doesn't seem to help much.

My debt is still very burdensome and I still show a negative of about $1200.00. They said since I wasn't late making a payment I am not that much of a hardship. even though I am negative each month by $1700.

Should I be satisfied with this reduction in interest of only 2.5percent given my situation and consider myself lucky? Is there anything else I can do?

[LoanModMan]

It might be good idea to appeal this decision.

How did they calculate the payment?

If you show that high of a negative how do they recommend you make the payment?

You said you didn't have much of a hardship. What was/is your hardship?

[SoCalGal]

knigegrerdevy, I received a loan mod from AHMSI and it was excellent--a step loan that starts at 3%--for an investor loan, no less.  I know that my results may not be representative of all AHMSI customers; I'm just telling you what's possible.  Dan (LoanModMan) obtained that result for me, which points out, in my opinion, the benefits of having a neutral third party go to bat for you.  Some so called consumer advocates are critical of having someone negotiate for you when, after all, it costs nothing to obtain a loan mod directly from your lender.  On the other hand, if you were a hostage, would you negotiate your own release?  I think I've made my point!  The benefits of someone like Dan--who, by the way, takes no prisoners--cannot be overstated where lenders are concerned.  They are not your friends!