Update Option One SUCCESS AT LAST!!!!!!!!!!!!!

Been there done that New Year's Eve 1994 - My Mother who was visiting flushed the toilet the well went out.....32 head of horses, one pet pig, 7 dogs, 4 humans, god knows how many cats, 4 geese.......I truly hated the world, myself and the well fellow. My co-workers weren't to happy either, showers were at a premium for awhile.

Rule of thumb for LO's 1% Origination fee.....that is not considered piggish or out of line, YSP - Broker or Premium - Banker, not to exceed .50% to .75% - this is normal usual and customary. Having said that most of my loans closed without premium....the 1% Origination with about 450.00 in total garbage fees was the norm. The average loan then cost 1750.00 for the office to process from start to close not factoring in rents, utilities, and other office operating expenses. This was a few years back and I am aware that costs have gone up.......My office took 50% of the fees, the LO got the other 50% (only origination and premium, garbage fees went to office costs) the average loan amount was under 200,000.00. We closed a lot of loans, the borrower was happy, they were fixed rate, mostly Govie loans, real vanilla stuff and lest you think we did not get the hard ones done for the borrower, we did, day in and day out without skinning the borrower and respecting the system. These were also all full doc files...lot more work. We were not Brokers, we were Bankers and that is why I stress that borrowers go to a direct lender, less chance for predatory behavior towards the borrower.

Now as far as Char's loan was concerned - Loan Officer was opportunistic PIG. If anyone who worked for me ever took that size of an origination fee and incumbent garbage fees.....FIRED. Not only that I would have taken the fees down at the time docs were drawn to the standards he/she would not be doing business in my office. The goal is to close loans, be a good corporate citizen in the community that you serve, you do not live off one loan for the next 2 months to the determent of the borrower and the future business that you loose for being a rotten BUM.

[elpjohnson]

**Update on Option One**

I received a letter today this is what it said:

Dear Mr. & Mrs. Johnson:

This is to acknowledge receipt by Option One Mortgage Corporation ("Option One") of the above referenced complaint you forwarded to us in a letter dated January 14, 2008. The Legal Department of Option One received your correspondence on January 29, 2008, and is in the process of preparing a response, which will be forwarded to you shortly.

We appreciate your patience while we thoroughly review the file to address each of the concerns or inquiries.

Yours very truly,


Thuy Nguyen
Option One Mortgage Corporation
6501 Irvine Center Drive
Mail Stop: DC-LGL
Irvine, CA 92618

This would be nice and all if they got the dates right! They said my letter was dated January 14, 2008 when it was actually dated January 20,2008. AND I received my certified cards and my letters were signed for on January 25, 2008 not January 29, 2008. Moe, Poppy, *** or Andrew, do I have any recourse if the dates on this letter are wrong? Or do I just let it go and make sure they respond to me within the 60 days? I called them up and got a representative from India who couldn't understand what I was even talking about.

Please advise. Thanks so much!

If you haven't had a shower yet you would be more than grumpy, I am thinking.........

Chuckle......

You will never live this down you know. We will remind you regularly just to see if that shower is working......

[elpjohnson]

Hey Poppy...got my $29K shower on Saturday!!! So I am in much better spirits....and squeeky clean too! LOL

Well (pun) worth the wait...

So their dates are off, the original date of the letter just plain error, the legal department most likely got it forwarded to them from where ever it was received and as such did not most likely receive it until 01/29/2008 -I would give them that. They are just dating challenged, or numerically challenged.

Meanwhile the off shore thing.....this is what my take is on it. Not only are they exporting our jobs off shore, but our misery as well.

PS - that shower thing....not since Saturday....hummmmm......

[elpjohnson]

Hey Poppy....Since Saturday, ALL I've been doing is showering, doing laundry, washing dishes, ANYTHING AND EVERYTHING that has to do with water I am doing LOL. Now that I'm baaaacckkk I'm ready to roll up my sleeves and get crackilackin!

Jeez, give the gal some water and look how feisty she gets.....

[elpjohnson]

**Update**

I had a very interesting conversation with a Nicki Black, Consumer Advocate, Option One Mortgage Corporation. I called Option One a few days ago to complain about the letter I received with all of the wrong dates and I was put through to Ms. Black's voicemail where I left a message and figured I'd never get a call back....Well, today I received a call from Ms. Black!!!! She actually returned my call! AND it turns out she was from Home Retention. We chatted for a minute about my QWR and she said she didn't have access to that information because it was assigned to the Legal Department, I said okay.....then, I started thinking to myself that I should mention my recent hardship with our well going out and it costing $29K to drill a new one....so, I did mention it to her. At first she was astonished that a well could cost that much then she realized that a payment on that amount would be high and asked me if that was going to pose a hardship for my family? I said Hell yes it's a hardship and I just barely stopped crying over it the other day. She felt so sorry for me that she faxed me the entire workout package on the spot (she also mailed me hard copies). Ms. Black actually took the time to explain the modification process to me (as if I didn't know already) and told me that she would be my liaison to loss mit for me too. She also told me insider info that Option One does likes to see a surplus of no more than $300 per month. She said that we need to show we can afford our house but not at the adjusted rate along with this new payment on $29k. Of course I knew all of this information but played dumb (and the sympathy card) so that she would be more inclined to help me out down the line......So, hopefully I have someone from Option One on my side to help me through this modification process. Now, all I need to do is put everything together (a new hardship letter, paystubs and the loan mod package from Option One) get the invoices from my well and send them off to start my loan mod.

See what happens when a girl gets a little water

Yeah, goes to your head like fine wine.... Yes Option One is taking a kinder gentler approach, however, be cautious. I to personally have found that they are taking a kinder and gentler approach....actually one of the better ones so far deal with at the higher levels.....

You did good things today and I have good feelings.

[elpjohnson]

Hey Everyone!!!

It's been a while since I really posted anything and I just wanted to update you all on my loan mod.

I have retained Marshall Rosenbach to do my loan mod for me.....sent him my paperwork today as a matter of fact. I am so relieved that a professional will be handling this for me and my husband because I just felt my finances were a little too complicated for me to handle this on my own. I am very confident (although there are no guarantees) that Marshall will be successful. I will make sure I still read the forum and post supportive replies and I promise to keep everyone updated on my progress. Hopefully we will become one of Marshall's success stories.

Keep us in your prayers as I do for everyone on this forum who is struggling to keep their homes. Thanks. God bless you all!

How is the shower working????

We got snow....yes spring time, snow up to your eyeballs sometimes...hope the critters are well and that the water is flowing....

[elpjohnson]

Hey Poppy!!!

Well, the shower is working great and the 8 goats, 2 pigs, 2 dogs, 1 *** and 1 rabbit are doing just fine....it's been beautiful weather here in Northern Cali, high 60's to low 70's. Hope you thaw out there real soon. How are your critters doing?

AND thanks to you, Moe, ***, Andrew, Evelyn and Sabine for all that you do round here! Keep up the fine work!

[elpjohnson]

Hey everyone!!!

I haven't updated my thread in a while and just wanted to post a few things that have been going on.....As I said before, we have retained Marshall to do our loan mod for us and wanted to say that so far I am very pleased with his services. We are just getting started on our mod but Marshall has been very helpful and responsive. I mean EVERY time I contact him whether it's by phone or e-mail, I get a response very quickly like within a few hours or at the very least, the same day. That is almost unheard of with attorneys. He is also very patient and takes the time to answer all of my questions. So, on that front so far so good.

Option One never responded to my QWR at all so Marshall is also going to handle that as they may have to pay penalties for not resolving my issues within 60 days of my QWR.

And Moe, I was wondering if you can start an area on the forum for Marshall's success stories? It would be nice to see what kind of progress he is making with all of the loan mods he's doing for people here.....I think that would be cool.

I know it's not much to report but will keep everyone posted on how the process is going.

AND I just wanted to say hi to everyone! HI!!! Blessings to you all and have a wonderful day!

[elpjohnson]

Hey everyone!!!

I haven't updated my thread in a while and just wanted to post a few things that have been going on.....As I said before, we have retained Marshall to do our loan mod for us and wanted to say that so far I am very pleased with his services. We are just getting started on our mod but Marshall has been very helpful and responsive. I mean EVERY time I contact him whether it's by phone or e-mail, I get a response very quickly like within a few hours or at the very least, the same day. That is almost unheard of with attorneys. He is also very patient and takes the time to answer all of my questions. So, on that front so far so good.

Option One never responded to my QWR at all so Marshall is also going to handle that as they may have to pay penalties for not resolving my issues within 60 days of my QWR.

Also, ever since I hired Marshall to do my loan mod for me Option One will NOT take my payments online or over the phone with customer service. In fact, customer service won't even talk to me they transfer me to the Home Preservation office to handle my calls and my payments. I don't know why they would do that but they did. Crazy.

And Moe, I was wondering if you can start an area on the forum for Marshall's success stories? It would be nice to see what kind of progress he is making with all of the loan mods he's doing for people here.....I think that would be cool.

I know it's not much to report but will keep everyone posted on how the process is going.

AND I just wanted to say hi to everyone! HI!!! Blessings to you all and have a wonderful day!

[Moe Bedard]

Hi Erika,


Glad to hear everything is going well so far........
That is a great idea.....as alot of people ask how Marshall does......and it is nice to hear from someone that has hired him and to report the experience back here.....

Thank you for the update...........Have a Great Day!!!

[elpjohnson]

Thanks so much for the quick response, ***, it is truly appreciated! BTW I am having a fabulous day her in Northern Cali as the weather is mid to high 70's and the sun is shining, absolutely BEAUTIFUL!!!! And even though it's stressful going through the modification process I am actually enjoying my house right now, amazing!

I just have to say that it's been nice here on the forum this past week without Poppy/Mary posting.....I know it's bad to say but I stopped posting a lot because of her for fear I would say something wrong and get banned etc. The air feels clear and I think the forum members are posting without hesitation now and that's good. It's real nice to be BACK!!!!! I missed everyone so much.....

[Moe Bedard]

Sure Erika.......just rub it in that nice warm Cali air......while it snowed where I am.......

I would have to agree with you on the Poppy point..........
How do you think I feel........... I would answer someone and then just to be on top of the thread as the last word she would always post over me the same exact advice.......it wasn't too nice.........
So I completely understand where you are coming from..........

I am glad you are back!!!!
And please do post away...............I only Ban Trollers....of which I know you are not.......
I do wish Char would pop in and post how she is doing.........I miss her too...

[elpjohnson]

Me too!!! I've really been missing Char a lot......

[colahhh08]

Hey Erika,

Good luck with your mod with Marshall. I remember the first thing I liked about him, My first call to him was on a Sat. at about 4pm (was going to leave a message for Monday) and lo and behold not only did someone answer, it was Marshall. Talked for about an hour and agreed then and there to retain him.
Hang in there, we are in good hands.

-Craig

PS - How did you like the income and expense spreadsheet?

[Kimbly]

Hi Erika! I just wanted to pop in and say hello and good luck as well.

For months I hated my house; I dreaded going home, I looked at things I wanted to change/update and thought "why bother" since I didn't know how long it would be mine. We can't view our homes that way though!! They are our respite from the world, our safe haven and worth fighting for!! Enjoy your sunny day!!

Sorry to hear about the snow, ***. It's supposed to be 78 and sunny here today. I'm actually taking a 1/2 day and heading to Sedona for the weekend to enjoy our beautiful spring weather. (My birthday is next week & my parents arranged for a weekend at a Sedona resort). YAY!

[elpjohnson]

HIIIIIII, Craig and Kimbly! Wow! I just logged on and noticed your responses.

Craig, I too like Marshall very much. He is responsive and patient....I would love to see a section on loansafe dedicated to his successes. I have a great feeling about him and I am hoping and praying that he'll be able to get us a modification. I do promise that I will keep everyone updated on my progress. Oh, thanks for the spreadsheet, it helped me a lot!

Kimbly, thanks for popping in and saying hi, that was really sweet of you. I can relate to how you were feeling about your house as I have felt that way before but my mod is in good hands with Marshall and I have a great feeling.....so, now I'm enjoying my home again. Oh, and congrats on the moderator job, I think it's great!

I'll update as soon as I hear anything from Marshall.......

Oh and Craig, are you now not able to make your payments online or talk to anyone at your lenders customer service since you hired Marshall? Option One will not talk to me and immediately transfer me to the Home Preservation Office, they also locked me out of the online payment system......just curious if anyone else was experiencing this....

Take care everyone and have a wonderful day!

[colahhh08]

Hi Erika - Glad it was useful. I just logged in to Indymac and they have not suspended any online activity, although I did notice that under the heading Next P&I Payment Amount it reads "Unavailable" and it has never said that before. Hopefully that is a good sign. Will let you know what happens.

-Craig

[elpjohnson]

Hey Moe, *** and all my friends here at the forum!

I just wanted to give a little update as to what's going on with our loan modification. We hired Marshall back in March and he has been negotiating with Option One. So far, they have offered a rate freeze, he is trying to get us a better deal like a fixed rate for the life of the loan. Marshall is working hard on our case and I will update as soon as I hear anything else. I know it's not much but it shows that the ball is at least rolling in the right direction.

Also, I just wanted to say HI!!!!! to everyone and let you guys know that even though I don't post very often, I still come here and read the various threads. All I can say is WOW this place sure has grown! Fabulous job Moe, just fabulous!

Take care and God bless you all!

[Moe Bedard]

Hi Erika

So happy to here from you!!!!
Thanks for the update...........that is good news.....and it seems like things are moving along for you.........
I am sure you will have good news soon..........and we will get you over to the success section..........you deserve it.........