Option One AHMSC Loan Mod SUCCESS in 1 DAY

[felipe540m]

We signed up through a friend and thought we were on a 30 year fixed at 7%. Out of the blue we got our adjustment letter last oct 2007 and found out we were in an ARM loan that was resetting to 10+% Our payments shot up by an extra $1000+ per month. When I tried to refinance I was turned down because we were 50k neg on our home, this is when the sheer panic set in. For almost a year I made the higher payments all the while draining my savings account. I read this forum nearly everyday, but I was so discouraged because of all the horror stories I read that I decided not to try. We finally ran out of money last month, so foreclosure was 2-3months away, perfect timing too with Christmas around the corner. On monday of this week I gave in, I was broke had no other choice so I called OOMC/AHMSC and expected the worst. When I called I got this guy Larry Miller on the phone told him my story, he was very professional and didnt make any promises but he encouraged me to try and gave me a list of DOCS to send. I already knew what the list was from reading this forum so I was ready. The next day I faxed everything and crossed my fingers hoping this would get resolved over the next 3-6 months. 2 hours after faxing the papers Larry called me back and told me we got approved. I was literally crying in disbelief. The next day papers showed up via ups we signed and sent them back. He lowered our rate back down to 7% and locked it in for 27 years our payment went back down to 1800, he also delayed our next payment until DEC so that we could replenish our savings. THANK YOU OPTION ONE AND THANK YOU LARRY MILLER. YOU ARE ME AND MY WIFES NEW HERO. TO EVERYONE ON HERE THERE IS HOPE, KEEP TRYING IT WILL HAPPEN.

[TXHomeowner]

WOW! That is fantastic!! Congratulations!!

-TX

[Jaime Cuamatzi]

That's what I call a great success story. Congratulations felipe!! I do hear that Option One (AHMS) is working with their borrowers.

[schwefls]

Wow felipe great work, quick, kudos to you, party hardy, you deserve it

[amendoza]

Congratulations Felipe!!! Thats excellent news.

[gwyrickt]

Great news Felipe!! Can you supply us with Larry Miller's contact info. Thanks

[strugglingag]

Congratulations Felipe! This is a great deal. God bless you and your family.

[elpjohnson]

CONGRATULATIONS!!!! One day! That is just awesome! Take care and God bless!

[RefusetobeStressed]

Congratulations!!! I am so happy for your family!

Refuse

[The Professor]

Great news, but it pointedly discloses a problem with the truth about how loan servicers and loan owners (sometimes called investors) handle potential foreclosure situations. While I'm not in favor of bailouts (particularly where the alleged cause is the failure of borrowers to live up to their obligations when I know that the bad guys in all of this are those fat cats on Wall Street), if I were king and dictator I'd structure bailout relief where it will do the most good. That is by creating laws that force loan owners to rewrite their loans so that they have a manageable rate (say 5%) for an extended term (say 40 years) so homeowners can "hang in there" and not contribute to the mushrooming unsold foreclosure inventory.

This won't happen of course but the reason for that is truly sad. Congress won't listen to this sort of approach because (1) it is reasonable, (2) it would be effective, and more importantly (3) because you and I don't contribute to their political campaigns in the monetary amounts those fat cats on Wall Street do. Expect the true beneficiaries of this proposed bailout to be those Wall Street fat cats. Expect the victims to be the taxpayers.

Daniel