Homeownership and Foreclosure Prevention Clinics

[RefusetobeStressed]

Hello Everyone,

I just arrived home from work and in my mailbox was a letter from Option One which reads as follows:

Dear Homeowner:

As your current loan servicer, Option One Mortgage strives to provide the best customer experience so you can continue to enjoy all the benefits of being a homeowner. Working towards that goal, we would like to make you aware of locak programs and events that can educate and provide assistance when you are having trouble making your mortgage payment.

Please see the enclosed flyer that details that the U.S. Department of HUD-Federal Housing is holding a Homeownership and Foreclosure Prevention Clinics. The outreach event will be held at the location below:

Tuesday, March 4th, 2008 from 2:00 P.M. - 8:00 P.M.
Ebenezer Baptist Church
13020 Telegraph Road
Woodbridge, VA 220192

We will have a representative from Option One Mortgage attending the event and would like to meet with you, one-on-one, to examine your situation and explore the possible solutions that are available to you.

To arrange an appointment with one of our home preservation specialists, please call 1-800-505-3706. To further assist us in determining the best solution for you, we would appreciate it if you could provide copies of either 2 months of current pay stubs or 2 months of bank statements, complete the enclosed Financial Analysis Worksheet, and provide us with a financial hardship letter.

This could be the best move you can make towards preserving your greatest asset - your home.

Sincerely

Option One Mortgage

-----------------------------------End of Letter---------------------------

As you all recall my Loan Modification was approved and was returned on the 18th of Feb. Also I have completed the QWR and have heard nothing back to date. Why are they sending this to me if my Loan Mod was approved. Also there was no Financial Analysis Worksheet included. There is a letter also from my county's Office of Executive Management and signed by the County's Executive which he is inviting residents of my county to attend this event. There is also a flyer as well.

My question is should my husband and I attend this and if so should we take a copy of the approved Loan Modification?

Thanks a million

Refuse

Nope not unless you want to thank them in person....you have your modification and as such this is for those who are still struggling with the process or are afraid of the process. So many people are, one thing that you might do is check with your local schools and see if they would hand copies of this out to the students to take home. Maybe it will help someone out there.

Oh do not worry, do check on the status of the modification to make sure that all is in order, but they send these out to every customer on their "route", i.e. Option One customer, regardless of status.

[RefusetobeStressed]

Thanks Poppy...I have one other question. What if I am just a bit worried about when the loan resets in 2009. It's going back up to what I was paying before my Loan Mod Approval plus $10.00 more. When should I address this issue...3 or 4 months out before it is due to reset?

Twere it me, start the process in 2009 about 6 months before you need to, and be aware it will be worse in the market then due to the Option Arms that are coming into adjustment, it will be fairly ugly then....they are just starting and will be in full bore ugly by then.