Project Lifeline To Help Mortgage Crisis With Banks

Kris- You are not alone with the VAMPIRES of Option One. I have had a paid on time mortgage with them for nearly two full years when I was hit once by a drunk driver in May and then by a drugged driver in July which left me unable to make my payment on time. I was able to make it the following month in full but they wouldn't accept it. They now wanted $24,000 which included two payments and then all these ridiculous fees because they claimed they could exercise their right to foreclosure after 30 days and they were very beligerant to me. I am now seeking the help of an attorney and they now want $68,700. i too will probably lose my home!! Option One is the worst...they didn't even take into consideration I always paid on time and that I was unfortunately a victim. They decided to victimize me even further. My suggestion to you is to take them to court on your own because the attorney informed me they were not allowed to refuse payment from me. Make the payment into a seperate account and keep it there. When push comes to shove, you will have your day in front of the foreclosure judge and you can show you have made payments and they will be in hot water. You also will make interest off the money during the process which is a lot better than it sitting in their accounts. My court date is scheduled soon and the amount will change when they see I have made the payments that they wouldnot accept according to the attorney. Good Luck and try calling 1-888-995-hope, it is for the new program to help save our homes.

Hi Barbara,
I just quit working at Wachovia yesterday as a loan officer. Wachovia is a mess too, FYI, that's why I left. They were constantly pushing us to sell the pick a payment loan and I feel really trying to get us to product steer people. There really isn't anything you can do at this point. You have to wait for the market to recover and rebuild that equity in your home. This could take anywhere from 3-5 years in my projection. There is no way for lenders to lend you any more money or refinance you to a lower rate at 100% financing. Over 80% Loan to Value they would have to split your loan up into a first and second anyway to avoid PMI and then you also probably want your closing costs included in the refi, correct? It's not worth it at this time. For it to be any kind of benefit for you, you are going to have to just wait and suck it up until your LTV gets to be at 80% or below, or sell your home. I don't mean to sound harsh, but this is the honest truth.