Due to unexpected major back surgery and husband changing jobs, we fell behind and struggled to continue paying Option one. We called Option One to find a way to resolve late payment problem. Option One would not work with us. We applied for loan modification (which Option One denied). We put the home up for sale to try to best honor a contract we could no longer honor. Option One took longer than 60 days to approve the short sell for the first buyer.in fact I was lied to! We have 2 mortgages w/Option One. The major loan was approved for short sell and I was told the minor loan was submitted for approval.
When I called customer service for update, there were no notes on or about the minor loan. I had to call the day before the house was set for auction to have the house removed from the auction list even though I was told that the short sell had been approved. Because of Option Ones' mishandling of this short sell we lost the first buyer. The second buyer fell thru (no fault of Option One). The third buyer had the home inspected and found during the time of trying to get the home sold there was hail damage to the roof. The third buyer is willing to pay for the repairs, but his lender is requiring him to have roof repaired AND obtain an extension to the contract for the closing date. My Realtor could not get thru to Derek Ingram (Option One's appointed negotiator).in-fact, his voice mail is often full where one cannot even leave a message. I have tried to contact Derek Ingram's supervisor, Paul Howard, but he does not return his phone calls either!
I then requested to speak to the supervisor of Home Retention for Option One. I spoke w / a lady named Anu who supposedly e-mailed Derek Ingram to contact my Realtor. I have just received a call from my Realtor that my house is scheduled to go to auction tomorrow, 6 May! We still have not been able to resolve communication issue or the fact if the contract for the closing date is extended, the buyer is willing to invest in the home by repairing the roof.
If the short sell is followed thru, there will be no deficit for us to be responsible for. If the house goes to auction, we will have to pay the difference to pay out the mortgage contract. Not to mention how this will affect our credit rating.