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Profile picture for dtie3211

tried to do loan mod with amtrust bank. Fdic then took over amtrust. trying to work with fdic

I had a loan with Amtrust.  Tried to do loan Mod. it was put on hold because fdic took over company.  I am now trying to deal with FDIC, but it has been 4 months and still no answer.  Does anyone have experience with FDIC.  Also, i was told FDIC is selling all of AMtrust loans.  Will i have to deal with whoever buys Amtrust mortgages from FDIC?  Thanks.
  • June 10 2010 - US
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Answers (10)

Profile picture for mkhoran
Got the NOD (Notice of Breach and Default) pasted on the front door yesterday.
  • August 10 2010
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Profile picture for Mr Caveat
you generally need to be very persistant to get a loan mod. i wouldnt expect them to be contacting you.  also, loan mods arent really guaranteed, so if you can afford to hold off until Sept, you might not qualify at all.

if they offer you a deal, bring it to an attourney and find out exactly what you are being offered. to my knowledge, principal reductions arent so much "off the table" as they are "reserved" for people who by all accounts should have walked away a year ago
  • July 24 2010
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Profile picture for 41hope
It looks like they will be using Hamp guidlines, if they contact me in early august how do I stall so I can get principal forgiveness which starts 10/01/10
  • July 24 2010
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Profile picture for mkhoran
  • July 19 2010
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Profile picture for mkhoran
Oaktree Capital and Toll Brothers bought the Amtrust NPLs. Anyone know how Oaktree has dealt with homeowners/renters in the past?
  • July 16 2010
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I'm currentl assisting an AmTrust client and encountered the same thing ......

AmTrust is telling me that the FDIC is no longer offering work out options and that our clients loan is being transfered to a new lender in August...

As it stands, we are now at a complete stand still until the servicing change is made HOWEVER, the GOOD NEWS is that once the servicer is changed, the FDIC is no longer involved and the door to modification will be wide open!
  • July 14 2010
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Profile picture for mkhoran
New news:

http://www.structuredfinancenews.com/news/-208394-1.html

FDIC Sells $1B of AmTrust NPLs
By National Mortgage News Online
July 13, 2010

Two private investors have teamed up to buy a roughly $1.2 billion pool of mostly nonperforming residential whole loans offered by the Federal Deposit Insurance Corp. (FDIC), investment banking officials and sources close to the deal confirmed to National Mortgage News.

The NPLs belonged to AmTrust Bank, a large Cleveland-based thrift that failed late last year. An official announcement on the deal could come this week, said one official familiar with the matter.

At press time the FDIC had no comment.
  • July 13 2010
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Yes, you will be dealing with the new owner of your loan after it is sold by the FDIC. As soon as you receive the notice of who your new servicer is, contact them to begin the process of a loan modification.
  • June 14 2010
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Profile picture for mkhoran
From what I've gathered, yes, you will be dealing with a new mortgagee. The FDIC is just starting to take bids in June:

"Federal Deposit Insurance Corporation (FDIC) will sell $1 billion in AmTrust whole loans, Structured Finance News reports, citing National Mortgage News. The bidding will start in mid-June 2010. The offering comprises mostly residential, nonperforming whole loans."
(Search "FDIC Selling $1B in AmTrust Whole Loans")

so it will be a while longer until you find out who won the bid and what their plans are. Unfortunately, they might be one of these "vulture investor" guys:

"About 80 percent of the time Kondaur takes back title to houses, usually by paying the delinquent homeowners to sign them over as a deed in lieu of foreclosure, but also by foreclosing itself if that is more expedient.
(Search "Vulture investors buy up distressed mortgages", Carolyn Said, SFGate, Monday, June 7, 2010)

Sorry, I couldn't paste any links, wouldn't work.

I'm a only a renter in one of these houses in Nevada but I'm wondering how long I will be able to stay in the house. Wish I had more encouraging news.
  • June 10 2010
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If the FDIC inst responding, its kinda like the Police not taking your phone calls - who else are you going to call?  I would imagine that they are swamped, being as they are understaffed.  I don't know that you have many options besides waiting until they sell that loan off.

I wish I could help more.  I'm assuming you've tried the immediately available phone numbers?

Best of Luck!
Geoffrey Boyd
Prime Lending
Clackamas Oregon
  • June 10 2010
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