Option One Trying for Modification

[nj6487]

Hi All, don't know if I have a success story yet.. I sign up today and hopefully my issue with Option one would be resolve soon. I am also from Virginia and my property is heading into foreclosure. I have been trying to work with Option one since November but no luck. I will keep you posted.

[Moe Bedard]

That is good nj687,
Can you please start a new thread under the Tell us your story Section so we can chronicle your updates there....
Label it what you would like and then when your situtaion becomes a success we will move it to this column....

[RefusetobeStressed]

nj6487,

What county are you in? I am from Virginia as well. If you have any questions regarding my Loan Mod and if I can be of assistance please let me know. Remember you have to be very persistant with Option One. Call everyday...I did. They know me now

Make sure you annotate who you spoke to, the date, the time...EVERYTHING. My negotiator was Heather McCray. Very nice girl. Also are you talking with people in the states or in India? When you call and if you happen to be transferred to India just ask them to please transfer you to the states and they will. I spoke with no one in India...could not understand them.

I'm praying for you!!

Stay in touch

[nj6487]

My home went in to foreclosure in February. I request a modification on 2/08 I received a call yesterday telling me that my modification was in the final process. This is what I was told they first offer me 7.9 % fixed; that wouldn't work for me, my monthly payment would be the same not a good offer. However they came back with a 4 yrs interest only 1 yrs 6.3 % 2 yr 6.4. 3 yrs 6.8 and the 4 ys 7.9% tap off. My only concern is they are adding 14,000 to my balance which would increase my loan amount from 216,000 to 229,000. Option is also requesting 2,000 from me not going toward my mortgage. Any input guys. Help please

[Moe Bedard]

NJ


They are putting the late payments back in to your principle balance........which is a good thing because they have to be paid somehow.......so this way you don't have to pay a large payment up front.

When is the first new payment due?
How many months were you behind?
How much is your first new payment?

[nj6487]

I don't when my first payment is due, but when I do the math I am saving $175.00 per month on my mortgage. My concern is the 4 yrs interest only loan .. I need to knw if they can lock me in at 6.3% for 4 yrs that would be great. Thank you so much for your input.

[Moe Bedard]

Just keep in mind that these offers come from the individual investors on the loan and not directly from Option One............some investors have set modifications that they are offering.

For your first 3 yrs. these are they payments.........

1st. 1202.25
2nd. 1221.33
3rd. 1297.67

so not much difference between them.