I need help

[mocha1975]

On or about may 17 2006, my wife and I sighned refinance papers with option one in an attempt to help secure a lawer for a custudy battle for my children.
The refinance papers I sighned had an adjustable rate and at the same time I had also sighned for a type of mortgage insurance that in the event of an acident or something of that nature 2yrs of mortgage payments would be made.
On july 18 th 2006, I was in an accident at work that renderd me partialy disabled and the benifits I get are not as much as when I was employed option one was notified and said I didnt have the insurance I had sighned up for but admited that I had sighned up for the insurance. Two months later in september ,2006 the insurance company had called, I again told them about the accident that happened at work and the reply was I didnt have the insurance that I had sighned up for but they also attmited that I had sighned up for it again.
Well up until about Jan, 2008 the economy started to catch up with us we had got behind 2 mortgage payments in March, 2008 we attempted to refinance with the govement option and because we were behind we werent able to get a loan we tried the modifocation and option one told us they were not doing any more loans and would not even take a cosighner

[Moe Bedard]

Hi mocha1975,


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

When did you last try for a modification with Option One?
What is your interest rate?
Is it fixed or adjustable?
If adjustable, when does it adjust?
Are you paying interest only or PITI?
How many month in default are you?
Have you received an NOD?
What state are you in?

[mocha1975]

We last tried for a modification in July 2008. The interest rate is adjustable and just adjusted in July and will continue to every 6 months. We are paying principle and interest although not much goes to principle.

We are in Washington state and have received a NOD. We are currently in default by 7 months as they would not accept any payment from us unless it was the entire amount plus thousands in fees. They put the house up for auction on Aug. 15th, but it did not sell. The foreclosure website lists it as "reverted to lender". I am not quite sure what this means.

I wish we would have found this site much sooner as I am afraid that it is probably too late to do anything at this point. But does anyone know what the "reverted to lender means" and approximately how long we will have before we are forced out of our home (if there is no other solution)?

Any assistance or advice would be greatly appreciated!

[Moe Bedard]

You had not mentioned in your original post that the sale date has come and gone.........reverted back to the lender..........means just that the lender is the owner of the property. There should be a number to the attorney for the lender on the letters that you received...............you would need to call at this point and see how much time you have to vacate the property or if you are able to redeem, what you would need to do that.............



http://www.foreclosurelaw.org/Washington_Foreclosure_Law.htm