I Am Trying To Peel Back The Layers...

[vstopaz]

We began our journey a month ago right before they changed to AHMSI. My house is worth $299,000 (Maybe) and the loan is $535,000. Our payment resets next month to $5k/month interest only. I am totally freaking out. I have lost plenty of sleep and weight over this. Thank God for this forum. I have been reading all of your posts every day, and although I am having a tough time having faith right now, everytime I see a successful loan modification, I feel a little more hope. I feel so stupid that we got ourselves in to this mess in the first place. All we wanted was $40,000 for our swimming pool, and this guy talked me in to refinancing at 100%. After of course he made me pay off my bills (which I wasn't struggling to pay in the first place), and charged me $23k in loan fees. I told him that my house would not appraise for $535,000 and he said he guaranteed me that it would. I told him I only wanted a 90% loan which would have given us plenty for our pool, but he said we couldn't because they "had" to pay off our credit cards. I now realize that we were duped because a 100% loan pushed us in to the subprime world and translated in to higher commissions for him. Well, here we are now two years later. I am screwed. I just made my July payment yesterday. I have not missed a payment, but if I do not get a loan modification, I don't know what to do.

[Dan Bailey]

vstopaz,
Welcome to the forum. I went through those feelings also, and rading others stories on this forum has helped my mindset also.

Good luck and follow the advice given here by ***, Moe and others...they know what they are talking about. Don't give up hope!!

[vstopaz]

Even though I get really depressed about my current situation with Option One, I am prepared to fight!!!!! I have been doing research for months, and I wanted everyone to weigh in on what they know about the "PLAYERS" at Option One. In order for us to cause the "big stink" that they seem to respond to, we need to collaborate and list what we know about Option One/AHMSI and all parties involved. Here is what I have found:

One post said that her investor from Option One was Lehman SASCO. Lehman SASCO is a trust fund serviced by Lehman Brothers that sells pass-through asset backed security certificates. If we could get a hold of the Trust Fund Manager, that should cause a stir. I believe that's what Option One meant when they said "your investor does not do loan modifications." Because our "investor" is a million little pieces of paper bought by a million people. Option One was the second largest originator of loans sold through Lehman SASCO Trust Funds.

Which brings me to my next point. Lehman SASCO obviously does loan modifications and they have recently been downgraded by Fitch to account for the subprime mortgages in their asset portfolio. To me, that means that a lot of loans have already been written down as casualties of the meltdown.

I have also learned that most of the responsibility for modifying a loan lies with the Servicer which in our case is OOMC/AHMSI. The whole "your" investor "bit" is really a formality because according to the American Securitization Guidelines, the servicer has the fiduciary responsibility to the investor (or trust fund) and that the Servicer's opinion of the status of the loan will be "heavily relied upon" to complete an approval for modification.

I know this is a lot of information, but I believe that the very basic point is your Home Retention Representative makes 90% of the decision to modify your loan and no one else. So we need to get to these people in order to have the best chance for success.

I think we should make a thread listing all of the "players" involved in every facet of OOMC/AHMSI so that we can blast telephone calls, faxes and e-mails to anyone and everyone if and when it comes to that.

Thanks for taking the time to read this long post.