My Option One Story.........

[julesk67]

We've been struggling since 2004 when my husband was injured on the job ans no pay for 3 months. Then the hurricanes, then I had a major wreck. Bad luck for 3 years. Well, we've tried repay plans and had one modification in 2007. It's been a little over a year since the last one. We are now doing great with the exception of trying to get this mortage back in shape. (6 months behind) We have been in the house 12 years and in the neighborhood all our lives. We have been making monthly payments, but still behind. Of course I get different info from everyone, but it seems that now that it has gone to American Home Mortgage, you actually get an American person on the phone! Our file is in the loan mod process just started with a negotiator now. Praying they'll approve it! What is LTV? How do you figure it? The negotiator out of Jacksonville, Fl actually called me today! My first reaction was I can't believe I got a call back! He was actually nice and we made sure that they didn't need any more docs. My sell date is set for 12/15/08 (how nice of them before holidays) but it's on hold due to the mod process. Our balance is 143,000.00 and we're 13,000.00 behind with an added 3500.00 in taxes escrowed plus August payment of 1831.00. Does anyone know how they figure if you qualify???????????

[vstopaz]

Jules,

You basically qualify if you make enough money to make your house payment at a reduced interest rate. I think for people who make enough to support the house payment at around 5-7% have the best chance for getting a loan modification. They don't want your house, and they want you to pay up, so that's what they're looking at. Keep us posted.

[Moe Bedard]

Hi Jules,

Welcome to the forum and thank you for joining..................

What they look at basically, and this is only a guide as you would need to go over this with Option One because every investor has a different criteria as to what they are looking for.........so the workouts and the criterias for each are very different...............

When you put together your household income versus your household expenses you should show a surplus of around $100-$250 left at the end of the month.............which is a good place to start...........but again, you should go over the financials with Option One to be sure.................

Please keep us posted on your progress..............

[elpjohnson]

Well....there she is!!!! Hey ***! Thanks for popping in!

[julesk67]

If anyone is waiting on a negotiator to call, don't wait. Call everyday or every other day and dial 1-877-304-3100 and press x67330 and ask who your negotiator is. You'll be able to at least talk to a real person!

[julesk67]

Ou interest rate is now 11.875% as of July 1,2008. Option One is our mortgage co, now American Home Loan Mortgage. We are in Texas. I have been told that 10% does not get modified. Hopefully we don't fall in there. Trying to think of anything else I can do to "sell" our situation and get this modified! I have ask to "forgive" the late fees at least. The key to it is getting past the people who answer the phone initially. They try to handle the calls themselves because the decision makers have too much on their plate. American Home Mortgage is from what I've been told working with Hope Now to get the loans done. I have made an appointment with Hope Now for the 25th, hopefully they can help if the mortgage co says no like they say they can. (Of course I've been told by the mortage co that they can't which I think is a lie.

[elpjohnson]

Good evening Jules.....I love your name, it was my grandpa's name ;-).

I am working with an attorney, and he just made a letter of demand to AHMSI (modify or else) now I have to patiently wait for their response......but thanks for the tip, it's very helpful and much appreciated!

God bless!

[Moe Bedard]

Jules,

Good Luck with your appt. on the 25th...........

Please keep us updated here in your thread.............

[julesk67]

What kind of "letter of demand" I wonder if we could do that ourselves? What would the letter say?

[elpjohnson]

Hey Jules.....

You should ask all of your questions and update EVERYTHING here in your thread so that all of your questions can be answered.....Thanks ***!

The letter of demand had to do with the fact that my loan documents had several HOEPA, RESPA, and TILA violations that were found in them....you can only find these things if you have your loan documents audited and reviewed for violations. Then after you find violations in your documents you can potentially use those violations to negotiate you a loan mod. So, that's why my attorney wrote the letter of demand....modify or we sue for a loan recission. Essentially, you need a professional to perform the audit....there's the law firm here on the forum who does loan doc audits.

Hope this answered your question....

Good luck and God bless.

[branden_williams]

elpjohnson and *** have paid their dues and give sound advise. I see they said no more documents were needed so I am assuming you did an expense report and a hardship letter and sent them income on their work out form? As for the letters, definately have a professional do that. elpjohnson and *** can verify it is called a QWR (Quality Written Request). When you go to your appt. with Hope, ask if they do file Audits for the documents that elpjohnson mentioned. That is huge! Have a great day and let us all know how it goes. Good luck.