My story with Option One

[Will B]

Hi to all,

My initial loan was completed on 10/12/05, the loan amount was $488,750. intrest only at 7.35% for two years with my monthly payment was $3,000/month. As of 11/01/07 it reset to $4,900.00 the intrest reset to 10.35%.

My plan was to take purchase the home sit on it and sell it make a little profit and move on. But, things did not work out according to the plan. I am self employed in the construction trade and with the economy taking a fall and the homes loosing value it just mess-up the plan all together.

Now my situation is as follow: not being able to sell the house or refinance I took a heloc loan before things got real bad. So my heloc is with Green point Mortgage for $78,000 at 10% with a payment of $656.00 a month and my current payment with Option One of $4,900.00 a month. The current value of the house is around $550,000 and that is pushing it, since there are new homes going for for that much and my house is four years old.

I started sending letters for a modification to option One since December/07 and calling every other week. Never recieved any response. Since then after numerous calls I recently was informed that they are missing a profit and loss statement that i re-sent a few days ago.

My payments was always on time for the past (3) years and as of last month I stop payment so they would take me serously, and since then got a default notice with 30 days to pay notice. Would like to know if I should involve a lawyer or just hang in there? Also do I need to submit a request to Greenpoint for the heloc for a modification as well? How should i proceed with this notice?

Thank you in advance,

Will B

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

Option One is over whelmed, but they are modifying...they are trying to be as proactive as they can be where it makes sense, I will post a contact below for you with them. Now you need to stay proactive and call on a regular basis, you can and will have a fair evaluation from them.

Greenpoint is another kettle of fish....as is a Second/HELOC..but never say never and again I will post some data below to help you on that issue.

You must now look at this process as a second job and call daily to ascertain the status, this is imperative as you can not be idle and let the request fall between cracks in the system. Everything you fax or do should have your name, property address, loan number and last four of the primary borrower SS# one every page. All commitments and agreements that are verbal follow up with a confirmation fax of the agreement as you understand it and fax it 3 times to make sure that it gets where it is supposed to go.

Again Option One is trying, Greenpoint....sorta...

OPTION ONE CONTACT INFO

Amy Sessner Macedo

Homeownership Preservation Office-OCA

Customer Advocacy Specialist

(800) 704-0800 Ext 43782

Rightfax (866) 817-1620
amy.sessnermacedo@oomc.com


Greenpoint - call early to avoid INDIA....like 5:00 AM Pacific time....

Fax # 866.695.7757
Phone #800.784.5866 -Borrower Counseling Assistance this XT.4382, try it and see if she answers....kind of bootlegged the number...anything to get ahead in this game.

Please keep us posted in your endeavors with this and let us know how you are doing.

[Will B]

I believe they gave you the wrong number. The hope foundation is free, the one you called is a private company the name are similiar but not the same. Try this number 888-995-4673.

I have been going at it, but very slow process. I sent the information again for the 5th time, now they said they did not recieve the budget/expense from the hope people. Contacted them and they are re-sending. Thats pretty much the status as of now since December.

Good Luck,

Will B

Will he was a scammer that was trying to get business by giving a for profit company that sounds like HOPE and their number, we banned his sorry behind... I love to ban trollers and jerks.....it is the highlight of my day, all that aggression gets dispersed.

OK the trick to the fax problem is as follows, put your name, property address, loan # and last 4 of SS# on every page...then fax 3 times...maybe the challenged folks in the scanning department will get it to the proper file that way....clever and boring to do, particularly if you have to do 30 or more pages, but...it works....

So give that one a try...