ASC Forbearance plan, pay stub etc....

[Joel Fraser]

I have been quite pleased with your forums as a guest. It has kept me sane through this period, Thank You everyone! We have not missed a house payment with ASC but I was at the point where I was making my payment on the 30th every month and incurring huge late penalties. I received a letter that our loan was to reset to a higher payment ($850) more. I went through the steps and provided a hardship letter and an income and expense sheet. In the 11th hour we received a forbearance offer that essentially allowed us to not pay the June payment which was due 6/1 and I was scrambling to pay on 6/30. The agreement states that we need to make timely payments starting 7/15, 8/15, and 9/15. There is no grace period. If a payment is late all bets are off and we're in trouble. They seem to have added the skipped payment and past late fees to a balloon payment which is due 10/15. This 10/15 payment would be over $10k. The wording of the forbearance is vague and makes no guarantees. I called ASC and was told by a rep that as long as we make those three payments then the loan would be renegotiated at the current rate and the $10k would be added to the loan balance. My question is: Has it been anyones experience that they ask for updated pay stubs or financial info again at this point. Prior to the "renegotiation" of the loan? My financial worksheet (after much recalculation) shows a $125 surplus each month. I can probably adjust here and there so that I'm taking home an extra $800 per month but I fear if ASC discovered this they would not cooperate with me? The extra $800 per month would allow us to start paying down credit cards thus improving our FICO so that we stood a reasonable chance of refinancing. Also, should I push for a long term fixed rate? Would they consider it? Thank you in advance for all of your help, you guys are a Godsend!