I was visiting a favorite blog of mine called Blown Mortgage and I ran into a post that interested me a lot.
I’m always searching for information on what companies are doing to stop foreclosure and it looks like, from what I read, that Option One is doing a lot of loan workouts. Blown Mortgage’s author claims that a source from inside Option One said they went from 70 loan workouts a month to 700. That’s a huge increase and show me that they are doing a lot to help.
Next week I will call and see what information I can dig up from them to help people who are Option One clients.
{ 41 comments… read them below or add one }
I have an exploding ARMs set to reset on Nov 1 ($700 increase in my payment and 1.5 point increase on my rate). It will reset again in 6 months (up another 1.5 points). I tried to refinance, but my FICO is in the 650 range and the rates I am being offered are unaffordable ore require 3 points to get a manageable rate. I am current on my payments, but I will not be able to make the new higher payments so I am trying to get a loan modification.
I called the above number (wrong dept) and they told me to call 800-548-7912. I called, they took my loan number and forwarded me to 877-838-1882 ext 52195. Tom answered the phone, was very kind and told me to call 866-665-7629 after taking my loan number, name and address.
I called 866-665-7629 and a msg said that business hours are 11AM-8PM M-TH, 8AM-12PM F.
I left a message and will update folks as this proceeds.
I called back at 866-665-7629 and spoke to a live person within about 10 minutes. Lakisha was very kind, took my loan and income info, asked for information on a few bills and asked me what my hardship was. I told her that I did not think I would be able to make the higher payments starting on Dec 1 and that I have tried to refinance, but the terms I have been offered have been unaffordable. She told me that she was referring me to teh ARM Reset Team and that they would be contacting me within 2 to 3 business days. She also told me that they would request further information including: a hardship letter, two recent paystubs, tax returns for 2005 and 2006, as well as two months of bank statements. She told me that the ARM reset team would process this information and forward it on to the actual department that approves/denies loan modifications that is out in San Diego, CA and they would call to discuss the final terms with me.
Wish me luck. if I can get them to convert my loan to a fixed rate at my current rate of 6.4% then I think I will be able to keep my home.
Thanks for posting this information! That’s exactly what I would like people to do. Pay it forward. I will update my list and please let us know your progress with Chase!
Best of luck and thanks for the contribution.
Ambien.
Ambien sleeping pill. Ambien. Ambien online. Generic ambien. Ambien overnight. Ambien side effects. Ambien hallucinations dizziness.
Adderall side effects.
Buy wholesale adderall. Adderall xr. Adderall.
Cialis with viagra.
Buy cialis phentermine. Cialis lawyers. Cialis.
Soma.
Soma muscle relaxer. Soma prescription medicine. Soma. Soma ironman. Akane soma.
Buy cialis.
Cialis 20mg. Cialis best price buy online. Liquid cialis. Cialis. Viagra vs. cialis.
Aloha Moe,
We’ve been trying to reach the Loss Mitigation Department at Option One since early September as our ARM just re-set Nov. 1. Our home value has gone way below what we owe, so we can’t get a refinance (believe me, we’ve tried everywhere). We let Option One know that we would not be able to afford the new mortgage payment after Nov. 1. Starting in early September, we sent certified mailings, faxes (including a fax of our detailed budget analysis which their website requests) and we placed numerous phone calls (all of which are routed to personnel in India). Apparently Option One’s sale to Cerebus (sp?) fell through. A mortgage broker with an “in” to Option One reached his contact and learned that they are not responding to our communications because it is like calling the fire department before there’s a fire. They simply don’t have the personnel to handle the number of loan modification requests like ours which are coming up due to ARM’s resetting. We now wish we’d understood that the loan we got into was at a “teaser” rate. Yes, we signed the paperwork so we are ultimately responsible, but you trust the “professionals” when you’re trying to determine if you can afford the home you want to buy…and we were clearly way too trusting.
Anyway, under the advice of a foreclosure attorney and numerous, numerous mortgage brokers who’ve tried to help us, we have stopped paying our mortgage and are just waiting for the foreclosure notice to arrive in the mail. It seems crazy to me that they would not want to work something out with us, because they will soon own our home and won’t be able to sell it in this depressed market. We’ve paid on time and in full every month for 2 years. I guess that no longer counts for anything in America.
I read your other posts about geting the 2 million of us together for a protest. I once organized a protest of 2,500 Native Hawaiians which caught the attention of CNN and Associated Press. If you are serious, let me know. We will be fine (my husband has a good job and will just rent). But I am concerned about the hundreds of thousands of others for whom these foreclosures are a very serious, crushing blow. My hearts go out to them. We recently watched the wildfires destroy so many homes in southern California. I kept thinking, ‘The fire of foreclosure’ is just as destructive. If only people knew….
Praying for all of us in this boat,
“alohajai”
Tramadol.
Tramadol 180 cod. Will tramadol hcl test positive in drug testing. Tramadol. Buy tramadol online best prices limited time off.
Well its Nov 13, 2007 and I have not heard anything from Chase. My loan has reset to 7.9% and I am hoping that Chase will retroactively modify my loan.
Chase contacted ME offering loan modification because my rate is going up to 9.5 from 7.5 in January. I thought that it was a good sign that the bank called me. They took preliminary info and said I would be contacted in 3-5 business days. If they don’t call me I will keep calling. They said your debt to income had to be at least 70%. Does anyone know the criteria for being approved?
I was a loan service manager in the 1980’s, when the portfolios were smaller, but we had all those foreclosures during the 80’s due to the S and L Collapse. They eventually all merged into mega servicing centers.
As with everything nowadays, the functions are so “fractioned” that they only understand one small piece of the pie instead of the whole thing. Understanding the whole piece is vital to proper servicing, especially when dealing with the current situation.
Also, servicers do not like to put money into their employees as they consider it a non-profitable sector of the industry. While they make their servicing basis points, additional QUALIFIED personnel is not on their agenda unless it is adding personnel to foreclose. You calling in to complain, or requesting changes or information is a bother to them. You are supposed to just make your payments and shut up while they collect their .25 basis points. So on a $200,000 loan, they make about $50 for processing your loan payment and maintaining it on a data base every month.
Servicing was always the underpaid part of the industry. In 1986 I was a loan service manager. A staff underwriter made more than I did!! That is why I switched to underwriting.
attention CHASE MODIFICATION DEPARTMENT we want to keep our house and not be another short sale or worse (foreclosure),i submit all the documents you ask for and i am waiting for an answer,my contact person on charge of my file is Joseph Salazar
866-665-7629 .Please contact me at 561-568-0351 or contact by email.
THANK YOU
I have an adjustable rate mortgage that is currently around 13.0% and it will go up again in 6 months. I was 3 months late and chase foreclosed on my house; I entered into a repayment plan with chase, which had an initial payment of $3000 and a monthly payment of $2500 for 8 months (my original load payment was $1167 before property taxes). I sent in the modification request to chase back on Sept 5, 2007 and in October when I called to check on it I found out that Chase had lost it. I re-sent everything back to Chase around Oct 9, 2007 and I still have not heard anything back from them. When I call and try and get hold of the rep for my account, I always get his voicemail and he never returns my calls. If I put in the general modification extension 53345, I get the Chase loss mitigation department. I finally got hold of my Rep while I was typing this. I had called the 877-838-1882 ext 53345 got the Loss mitigation group, complained that it had been so long in processing. The rep in the loss mitigation department put me on hold and called the loan modification rep and then transferred me to him.
The loan modification rep told me that they have not started processing my application for modification, that he should be getting to my application by Dec 7, 2007 and that it will take around 1 hour to complete if there is no more paperwork needed from me. So for one hour of processing time, my request has to sit on a desk for over 3 months???
I am beginning to wonder if Chase is serious about doing Modifications or if they are trying to get every dollar they can out of someone before they complete the foreclosure.
with the influx of all the workout options being processed due to the ARM adjustments. most workout options are taking double what they use to. be patient and stay in contact with your loss mitigation specialist.
Can anyone please help. I fell in to foreclosure with option one. it seems that they want you to be in foreclosure. I have tried to workout programs but cannot because they never get back to you. I have set up 3 repayment plans and the payment is double the current mortgage and i cannot afford it. I have given them over 50,000 in the last year. That is broken up into 3 down payments and i am still in foreclosure and owe exactly the same as i did before I gave them the money. I despretely want to save my house. I borrowed the money for the down payments from family and completely depleated my savings. my taxes and insurance were supposed to be included and weren’t. i do not believe I ever recieved one of those right to recision letters, but how do i prove it . I was transfered right after signing with another company. I just had a baby and do not want to lose my house. the next payment is due on the 20th of december and i cannot afford it and that will put me into a sale date again for the 4th time and I will not be able to come up with the huge down payment again. I just gave them 20,000 to put me on a payment plan and i still owe the same amount of money?????????? please please please help.
I am behind on my payments of $1360 a month. 3 payments as of Dec. 1–I have been working with the modification dept. since the first of November. I keep getting the run around as well. I faxed all of the requested information to a fax number that Chase gave me, only to find out 2 wks later they never heard of that fax #. I asked for a new number faxed my information there 11/13/07 and 11/21/07. I was given a rep. for my account but when I called and asked for that person, they said who gave you my name…its is “x” that is handling your account. I was told the whole process takes 3wks, and now I am being told it takes 30 to 60 days. Every time I call its a different response, they say they are busy………I have asked for a new interest rate to lower my payments or for them to authorize a short sale, and or title in lieu. At this rate, I will start to get the forclosure notices in the mail, as I am to make a payment soon, and wonder if I should just hold on to it until I get some valid response?
Homeowner in Michigan
Hi,
I just want to weigh in on Option 1. I have been trying to work with them since March. I can’t speak with anyone who has the authority to make a decision. I always get the India office, no offense to India, but when I ask for someone in the states, or God forbid I speak with a loan modification specialist, whom we were supposedly assigned to, I am told that the California office is closed (no matter what time of day or night it is that I call. They keep giving me new sale dates (thank God) but no one seems to really know what’s going on. The only official notice that I have received was a sign pasted to my from door in July, stating a sale date. I have not seen anything else official. The latest sale date that I have was December 15, but don’t know what is really going on. Really wish I could speak with someone at Option One in the US who knows what is going on.
Just wated to share my fight with opton One Mortgage and also some facts I have learned along the way.First of all I have been at this since July.Here’s what I know.If you call the service line and get India ask for ext 66535 thats the American office they are open until 4 pm est.We were behind on our morgage one payment in July.I had the money to make a double payment to catch up,I knew that my rate was going to adjust in September and the situation would just get worse.I called the service line and spoke to a lady who told me to make one payment and call back in August to start the Loan Modification process.I did ,that was the worst mistake of my life I should have sent both,however the rep told me that there would be “no problem doing this”.When I called in August to start the modification I was told I had to enter into a “payment arrangement’ to hold the account until the application could be processed.Remember you are just applying for modification they don’t have to give it to you.In fact if they think that you can afford they arrangement payment based on your finances you may not get it.By law they can not take more than 50% of your monthly income for a payment to catch you up ,if your under or near that you might get turned down for modification.Thats what happened to us we recieved a letter stateing we were not eligeable because of the payment plan and that we could afford they new payment.I’ve only been able to reapply because of the rate adjustment in September.3 full points and additional $260.00 in my payment.Plus the $200.00 additional for the payment arragement and my escrow is short for the 4th time all together my payment taxes and insurance included has gone up $537.63 since July of 07 we are now trying for the second time to get a loan mod and are in our 2nd repayment plan.I just sent $2600.00 on Oct 30th and they want another $1760.00 by Dec 13th.Oh thats reminds me if you have an arrangement you have 10 business days including your due date to pay before it will break.You are only allowed 2. I plan on sticking to this plan and prayin that they give us the modification we so desperetly need.Remember I was only one payment behind when this all started.Now if I don’t send $1760.00 on Dec 13th my plan will break and will go in to foreclosure.Good Luck God help us all.
Option one foreclosed for only 3 months behind. I was served our papers 2 days before I was about to send them all 3 months payments plus a fourth months. I called them and got no where so went online and filled out all the stuff on there to get help. Well they finally called and want 10400 dollars over twice my back payments to reinstate the mortgage well we don’t have that much. So I was told within 14 days someone would call me to see what they could to do to work with us. I was shocked we got a call within 3 days. Maybe thats a good sign.. so far no deal but they are waiting on us to supply six months worth of paystubs that I need my employer to give me copies of as I don’t keep that far back.
Shawna, Same thing here.. Also in Michigan.
Started the Load mod process about 30-45 days ago.. They have took all info by phone, prequalified us, then sent us the application and told us to fill it out and fax back with pay stubs, bank statements, ect.. We did that, she then said it’s been recieved and approved.. She needed to get her supervisor to sign off on it and then the loan mod final paperwork would be here in 5-10 business days.. NOTHING YET! Now, I understand the holidays have slowed things but WOW.. Its now a new month and another month behind.. Since we have started this process, they don’t want us to send payments because they say it will messup the current loan mod but I have that they won’t take payment.. She did say our first new payment would be due in FEB but it’s sure hard to sleep at night waiting on the final paperwork. I have called acouple time this week with no call back.. And if you call more then once and leave two messages, they get mad..
I am holding the money she told us to hold for payment when send in the paperwork, plus little extra.. just incase something goes wrong and we have to do a payment plan and scrap the load mod..
What to do?1?
We were served foreclosure papers on 11/26 and by 12/30 we had a loan mod set up and are just waiting for the papers to sign. The papers are being sent to us but I was told there would be approx. 30 delay in the papers due to the amount of loan mods they are doing right now that department is backed up. Our loan mod lowered our interest rate by 4.5% it will increase for 4 yrs and when it hits it’s highest it will still be .5 lower then what it used to be which was to adjust in Sept up 3.5%. So in the end in 4 yrs our payment will still be lower then it is today. YES I got all this in writing faxed to me signed by the LM that helped us she was wonderful and spoke clear english!! She even said she was sorry for bothering me one day when she called but realized she had answered her own question. I cried the day she called to tell me everything was approved for he loan mod.
That’s great PollyAnne, you must have been beyond relieved!
Moe should put your story over in the success forum, and maybe you can share what you did and who you spoke to so other’s can share in your success, too!
Best of luck to you.
I am in the process of trying to get a loan mod approved with a very nice women that is also helping me at option one. I just sent in all my papers today. She told me not to make any of my payments on my repayment plan while I am trying to get this approved. I am worried that if I do not get approved that I will fall back into foreclosure! I am taking her word for it. Can you pleasse give any words of advice or hope!! I pray everyday that this will get approved.
aloha Kauai, you should go on over to the homeowners forum, the link is above, to the left. Many people who are dealing with Option One can help you.
Optoin One has placed my foreclosure on hold and they have instructed me to save all my money for the down payment on the loan mod. Does anyone know what a typical down payment is for a loan mod??? Also, my principal balance is 639,000 plus they are charging me back interest of about 60,000. I have a current interest rate of about 10%. I know I am screwed. I had a baby and needed to take off work and refinaced and ameriquest said my taxes and insurance would be included and it wasn’t and I was transfered to option one the next day. I am praying for some type of miracle. I am back on track with my job and need them to work with me. Is there anyway that they would give me a lower interest rate or forgive some of the interest???? Can anyone give me some advice?????
Just wanted to let you know we are facing a problem with Option One as welland can not seem to get them to assist us with a logical solution. An initial payment of 15,000 is an outrage- if I had that the two payments wouldn’t be late!!!
I called Chase after the Home Preservation Foundation prepared our budget. I told them I was interested in a forebearance arrangement since we have minimal income. The young man told me that I could proceed but probably wouldn’t get it because Chase only gives forebearances to terminally ill customers.
Carole, if you log onto the Loansafe.org forum, http://loansafe.org/forum (the link is also above) you can get some information and support that will help you with your situation.
Hope to see you there.
Oh my! It’s really a shock to see so many people going through the same thing my husband & I are facing with Option One. We submitted all the paperwork to Option One before the foreclosure date which was on Feb 5th. No one contacted us to let us know that they received our fax and what they decided on doing. Just so happened, my husband called them, due to the fact NO-ONE ever called us to let us know that our home was sold on Feb 07. What & where do we go from here. We are firsat time home buyers and REALLY want to save our home. We even offered to pay th $7,000 fro the repayment option. We are so confrused. We just found out yesterday on our way to work, that they sold our home. If ther’s anyone out there to help, PLEASE help. I can’t eat nor sleep knowing my kids maybe homeless in the next few days. What to do???????????????????
Anthony and Lashonda Robinson,
What state do you live in and if possible can you get the name of the person who bought your home?
I too have sent in Modification paperwork to Chase back in Dec 07, only to get the run-around from that point forward and a different answer each time I call (which is on the magnitude of twice a week), so here I set in April, 5 monhts gone by, while they collect interest on the holding account all my payments go into and charge me late fees at the same time while I wonder when, no longer is it an ‘if’ but when the sherrif is going to come to serve notice even though I’ve expressed this fear to Chase and been told I don’t have to worry since it’s marked an 04 whatever. Is there any rumblings of a class action lawsuit yet?? Perhaps there should be…………this can’t be legal and it’s certainly not what I would condider ethical business practices.
Good Morning,
I am currently going through what some people would call a “Living Hell” with Option One. As everyone who is having problems with their mortgage, Option One is less then negotiable when it comes to payment and modification. I was told to keep my house, I would have to send in the back payments, and once the loan resets, I still will owe the remaining balance, and still face foreclosure. In all my years I have never dealt with such incompetence and non-compassion of a human being. This company should go bankrupt, and the people who tell you that you have no alternative but lose your house should never go through what the American public is experiencing. I’m hoping that someone from “Option One has the time to read what the public feels about their company.
Thank you.
I have been going through “loan modification” since 11/07. Guess what? Still nothing. Somewhere they had are bring home pay at S4900 a month. I have no idea whose income they were looking at, but it wasn’t ours. They finally sent a package and it was the exact same thing we were fighting. Since it had to go back to loan modification, they just keeping tacking on charges which I feel we should not be responsible for since we never reported that income. Joseph must be a busy man. He seems to contact everyone. I filed with the Attorney General’s Office of my state which was a waste. They in turn, turned it over to the OCC. So far, nothing. By the time they get finished tacking on their fews and back payments, the house will have a loan of 3 times the value it is worth. I’m sure I will get a call or letter asking for more info. It’s just to stall. I don’t understand how some people get those taken care of in no time. It has been 8 months for us. Why? Don’t say call – I just get shoved from one person another and no one knows anything!!!!
WOW, I thought I was just too anxious. trying to work with option one, i have had nothing but frustration. i started 2/25/08 with my hardship letter ( as my payment went from 1462.00 to 2022.00) i am a single grandma raising two grandchildren working foll time nights. i have never missed a payment, however i can not pay this rate. i have talked to christine maldanado in los angeles, ( when i can reach her) and her response is ” we are waiting for your tax records for the property tax” they have been waiting for over 6 weeks now. i called the tax board and they sent the tax bill over two weeks ago? today i opened a letter from option one saying i was in default. this letter was dated 6/3/08 wisting my june payment along with 332.00 late fees less my may payment, ( my june payment is just NOW due). i am NOT SURE if they are really going to help me or not? I was told my may payment is in a ” special account” and to call back tomorrow and talk to someone else, ( as christie maldanado is out of the office for a few days).
Has ANYONE got a “loan modification with option one”?
Now i a m scared, i really want to keep our little home, however i cant keep working 6 days 12 hours a night, i am too old for that…
keep in touch please….
brenda h
We are in the same position. We have been with Option One for 3yrs without a late payment. My husband has never been late on any mortgage. We begin trying to work with them before missing a payment to no avail. We are now missed one payment. We have contacted the Loan Modification department (uh!) My husband had to send a letter to the company’s president to receive a return call. They gave a date when a negotiated would call…he never called. My husban kept calling, now they have given us another date when we should receive a call from a negotiator. I have been reading horror stories on the web about them add large fees, foreclosing and selling homes without the homeowner knowing.
What is being done about this company? What can we do?
Here is my SUCCESS story with Chase. I applied for a mod in December ‘07 and they lost my file. I had to do it again in January. Then, after two months and calling weekly it was “at the underwriters.” After two more months and weekly calling I was being put on a priority list because so much time went by. Finally, a week ago I was successful. I heard I had been approved and the people on the phone really couldn’t tell me what the terms were. Today I got a simple letter:
Your old rate of 8.69% (this was the arm it really started at 6.7% for 2 years) has been modified at the fixed rate of 5.375% for the balance of the loan.
HOLY CRAP!!! I can keep my house and actually got a GREAT rate to boot!
I hope everyone stays with it and can keep their homes.
FYI I was falling behind in my payments more and more over the course of this process. I never got 30 days behind, but I was close.
Thank you CHASE!!
I tried to refinance with Option One due to divorce and payment was too high for me alone cuz ex would not help and being that divorces are like pulling teeth here in california I could not wait (the year 1/2 it took to finally get my divorce) I desperately wanted to save my home but Option One would not work with me so in the end I walked away and lost my home and my comfort zone.
If you are in the situation of losing your home and them taking the food from you mouths…..
Run to your nearest Consumer Advocate attorney to sue these scoundrels.
They sent us through 3 repayments, we fulfilled each and still they claimed we owed them $16,000.00 or they would foreclose…. How can this be when we calculated and attorneys confirmed we overpaid in the amount of $80K in 32 months over and above the house note!!!!! I then made an appointment with the local FBI office and was told they had numerous complaints regarding these jokers. They took my complaint
As you can imagine I then filed my complaint and with the State Attorney Generals office in Michigan, the only way we could obtain a payment history after weeks of written requests and countless phone calls. And the ugly thing about it all… Their INDIA agents told us it wasn’t in their best interest to modify nor work out a reasonable mortgage. They would rather take our property !!! We’ll see about that!!!!
Good Luck to all of you and KEEP THE FAITH