Loans, Debt & Credit - View Single Post

Will B · 03-02-2008, 03:38 PM

Hi to all,

My initial loan was completed on 10/12/05, the loan amount was $488,750. intrest only at 7.35% for two years with my monthly payment was $3,000/month. As of 11/01/07 it reset to $4,900.00 the intrest reset to 10.35%.

My plan was to take purchase the home sit on it and sell it make a little profit and move on. But, things did not work out according to the plan. I am self employed in the construction trade and with the economy taking a fall and the homes loosing value it just mess-up the plan all together.

Now my situation is as follow: not being able to sell the house or refinance I took a heloc loan before things got real bad. So my heloc is with Green point Mortgage for $78,000 at 10% with a payment of $656.00 a month and my current payment with Option One of $4,900.00 a month. The current value of the house is around $550,000 and that is pushing it, since there are new homes going for for that much and my house is four years old.

I started sending letters for a modification to option One since December/07 and calling every other week. Never recieved any response. Since then after numerous calls I recently was informed that they are missing a profit and loss statement that i re-sent a few days ago.

My payments was always on time for the past (3) years and as of last month I stop payment so they would take me serously, and since then got a default notice with 30 days to pay notice. Would like to know if I should involve a lawyer or just hang in there? Also do I need to submit a request to Greenpoint for the heloc for a modification as well? How should i proceed with this notice?

Thank you in advance,

Will B

03-02-2008, 03:38 PM	#1 (permalink)
Will B Junior Member Join Date: Mar 2008 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	My story with Option One Hi to all, My initial loan was completed on 10/12/05, the loan amount was $488,750. intrest only at 7.35% for two years with my monthly payment was $3,000/month. As of 11/01/07 it reset to $4,900.00 the intrest reset to 10.35%. My plan was to take purchase the home sit on it and sell it make a little profit and move on. But, things did not work out according to the plan. I am self employed in the construction trade and with the economy taking a fall and the homes loosing value it just mess-up the plan all together. Now my situation is as follow: not being able to sell the house or refinance I took a heloc loan before things got real bad. So my heloc is with Green point Mortgage for $78,000 at 10% with a payment of $656.00 a month and my current payment with Option One of $4,900.00 a month. The current value of the house is around $550,000 and that is pushing it, since there are new homes going for for that much and my house is four years old. I started sending letters for a modification to option One since December/07 and calling every other week. Never recieved any response. Since then after numerous calls I recently was informed that they are missing a profit and loss statement that i re-sent a few days ago. My payments was always on time for the past (3) years and as of last month I stop payment so they would take me serously, and since then got a default notice with 30 days to pay notice. Would like to know if I should involve a lawyer or just hang in there? Also do I need to submit a request to Greenpoint for the heloc for a modification as well? How should i proceed with this notice? Thank you in advance, Will B