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

[elpjohnson]

Good Morning~

I have been calling Option One every day since I found out my payment will shoot up by $1695 in August 2008. The status is that right now they have pre-qualified us for the "President's Plan" and they are currently reviewing our account. I have been assured by Option One that they "are here to help us" and will be there for us during this process. I have heard this twice now from the home retention department. I'm not sure if that is just a cock and bull story to keep me calm. We'll see, I am very skeptical but maybe Option One is trying to help their borrowers, only time will tell.

Now, keep in mind we are not behind and have never been late on our account, so we are good there. I'm just scared and worried that this crap will drag on for the next year or so while I try to get some sort of a modification on my loan. I know that lenders don't typically modify loans that are in good standing but I'm going to fight them until I get a loan modification of some sort in place. I can't stop thinking about it .....I cry at the prospect of losing my home.

I have been assured by people in the industry and by Option One that I will not have to face this extreme rate adjustment but that gives me no comfort because I know how difficult and long this process can be.

Moe, I want you to know that this site has given me the knowledge, strength , and hope so that I can stand on my own two feet against my lender Option One. Thank you so much for that!

Wish me luck I'm gonna need it!

P.S. If anyone has Option One for a lender and wants to speak to someone in the U.S. not India, I suggest you call around 7:30 am.

[elpjohnson]

I found out the phone number (supposedly) for the US offices of Option One the number is 1800-704-0800. It rerouted me to India today because I think the offices in the US are closed on Saturday. Again, I found that the earlier you call the more likely you are to get a person from the US.

If anyone has any information about dealing with Option One please let me know.

[Moe]

Moe, I want you to know that this site has given me the knowledge, strength , and hope so that I can stand on my own two feet against my lender Option One. Thank you so much for that!

Thank you so much for taking the time to thank me. I have been so busy lately in my community and then online, that It is hard to follow all the posts and I have been missing some because the forum is a lot more active during the week. I have been trying to find a sponsor so I can dedicate 100% of my time to LoanSafe. I am almost there.

It's people like you that keep me going and it also keep other homeowners spirits up. Many are not members, but they gain hope and knowledge from people such as yourself.

Wish me luck I'm gonna need it!

I wish you he best of luck!

P.S. If anyone has Option One for a lender and wants to speak to someone in the U.S. not India, I suggest you call around 7:30 am.

Great advice!

[elpjohnson]

**Update**

I just called Option One regarding the Hope Now plan and they said they reviewed my account and will be sending out a workout package to my house. I won't believe it until I see it but it's news all the same. Maybe they are just tired of hearing from me since I call them every single morning to find out the status of my request.

[Moe]

The squeaky wheel gets the grease. Yes, they get tired of borrowers calling and the nice ones that call all the time, usually will be helped, if they qualify. Most people give up. Way to hang in there!

[elpjohnson]

Well, I've been on the phone with Option One at least 5 times today.....urgh! I could just scream, I am so frustrated. I have been told so many stories today I don't know which one to believe. I was told I was going to get a loan modification letter in the mail then I was told I didn't qualify for the "Bush Plan" because they didn't call me back yet yadda yadda yadda. What a bunch of BS! To date I have only submitted my financials (we only had a surplus of $158 per month) as I am waiting for the paystubs for January because my husband got holiday pay in December and I don't want them to deny us based on that. I've got my hardship letter ready to go. Now all I need to do is submit the paystubs, w-2's, bank statements, etc. I am really afraid that they will see my husbands income and turn us down even though there is no way we can pay an additional $1695 per month. The situation is just ridiculous.....I'll say one thing, I am not going down without a fight! We have a plan in case things go bad and they deny us a loan modification. We decided to make them take our home from us or make them negotiate by not paying once the loan resets in August. It seems like a huge gamble but what else are we supposed to do? I know I'm just going on and on but I needed to vent.....I'm upset, frustrated, and scared.

[Brian K.]

If you plan to fight you will need some ammunition. You need to find TILA and RESPA violations in you loan. You should get your loan documents out and start reviewing them. Look for odd charges and inflated broker charges. You should also read the posts of sswiz to see how he finally got action. Kind of funny, by it worked.

[elpjohnson]

I know it sounds stupid but I lost all of my loan docs! So, I ordered them from Option One and am supposed to get them in the mail soon. I do believe that something is awry but I need to find out the info. Will my lender have all the docs I signed? Or do I need to go through my slimy broker to get the info?

[Brian K.]

go to the title company for the docs

[elpjohnson]

Got it...I will call them Monday morning.

[elpjohnson]

Well, I received a copy of my Hud final statement and it read as follows:

Lines 808 through 814
808. Tax service fee - Fidelity National Tax Service $65.00
809. Funding Fee - Option One Mortgage Corporation $50.00
810. Flood Certification Fee - Aculink Mortgage Solutions $15.00
811. Underwriting Fee - Option One Mortgage Corporation $850.00
812. Yield Spread Premium - First Priority Financial POC $1440.00
813. Broker Fee 1% - First Priority Financial $5760.00
814. Processing Fee - Mary Cuevas $595.00
Supplemental Summary $367.00

901. Interest 06/12/06 to 07/01/06 @124.000000/day - Option One Mortgage Corporation - $2356.00

1001. Hazard Insurance 4 mo @$127.17 /mo. $508.68
1004. County Property Taxes 6 mo. @$351.97/mo. $2111.82
1008. Aggregate Accounting Adjustment $-703.94

1108. Title Insurance - See Supplemental page for breakdown of individual fees and payees $1385.00
1109. Lenders Coverage $576,000
1110. Owner's Coverage $0.00
1111. Additional Check Fee - First American Title $50.00
1112. Overnight Mail Service - First American Title $60.00

1201. *Recording Fees $100.00

Brian this is what my settlement statement looks like....do you think there are any violations based on these figures? I don't really know what to look for so I thought I'd post it for your review. Let me know what you think. Thanks!

P.S. What is the title insurance for?

[Brian K.]

You paid your broker in excess of 7,000 for this loan. Do you think he earned it? The person who processed your whole loan only made $595.00. Think RESPA

Title insurance is legit. Its to protect the lender from title defects, such as a forgery in the chain of title.

You really need the whole package to find problems, but the TIL is a good place to start.

[elpjohnson]

Thanks Brian.....I should have my loan docs by next week and will let you know what the TIL says. I don't think my broker should have gotten a dime for this loan but hindsight is always 20/20.