The loan modification process with American Home Mortgage (AHMSI) can feel like a horrible dream for many. Here are a few shortcuts that may help to spare your time and sanity through this process.
Know what department to speak with. A huge source of frustration for many homeowners is speaking with the wrong department. Customer service at AHMSI can usually only answer very general questions on your loan. Examples of good questions for customer service are mortgage payment due date, payment amount, interest rate, etc. Customer service is not a good source for information regarding the foreclosure status of your loan or any questions regarding the loan modification process. Many times a customer service rep will try to answer these questions, and you may get incorrect or inaccurate information. Save these questions for the loss mitigation or loan resolution departments.
Know your Making Home Affordable (HAMP) eligibility before you begin the process. You should research HAMP guidelines with AHMSI and do your best to determine ahead of time whether or not your finances will qualify. If you know that you will qualify for HAMP than you will want to make sure and ask them to review it for this program, before any other options. If you figure out that you won't qualify ahead of time, you should make sure to point that out to AHMSI and request that they review it for "in house" options instead, right away. You don't want to waste the time having them review your loan for a program that you already know it won't qualify for.
Always ask if a negotiator has been assigned. The AHMSI loan modification process moves very slowly. When you near the end of this process your loan will finally be assigned to a negotiator. This is when all the documentation you have provided them will be reviewed and a decision made on your loan modification. You may be able to get your negotiator's direct phone and fax numbers, you want to get this and keep it. Update any information or documents they need as fast as possible and be sure to keep communication open at this point.
AHMSI is not always an easy lender to work with, however they continue to offer many options for homeowners struggling with mortgage payments. Prepare your finances correctly ahead of time and keep calling them, eventually they will modify your loan.
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The author is a licensed real estate broker and has been on the front lines of the "economic crisis" since the beginning. He continues to fight for consumers nationwide. If you need help fast with a loan modification he provide's consulting services to share his experience working with every major lender in the country.
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