My husband and I had Option One Mortgage finance our home. We were told that we could refinance the terms at the end of two years. We contacted several mortgage companies to refinance a little after a year. We were advise that there was no way of refinancing due to the cost of the house and the debt ratio. We were informed by other financial institutes that they could not justify giving use a mortgage due to the terms and conditions that were set by Option One. The amount to refinance and the pre-penalty cost in the mortage made it impossible for any lender to help because the house was not worth what it needed to appraise at. Option One would not budge on there terms. We tried to reason with them for months. We even tried to refinance with them at a fixed rate out of desperation. They informed us that my husband did not make enough to cover the mortgage. After several months we contacted an attorney knowing we could not afford the house after the two year term. We were advised to write yet another letter advising we were turning the house over. We took out a personal loan to try to carry us over but it did not help. We put the property up for sale trying to save what we could just not to lose everything. We were unsuccessful and desperate. We finally took the attorneys advise and turn the property offer to the mortgage co. Writing a letter and sending the keys to there attorney. We received the certified confirmation that they had received the letter. We vacanted the house and rented an apt. The letter was sent on the 20th. Of April. My husband received a phone call on August 14th from Option One giving us a projected sale date. When my husband adviced him that there attorney had recieved a in lieu of forclosure letter along with the keys. He told my husband that we had not contacted them in an attempt to work out any deals nor did he hear anything from there attorney. We have a file that is at least 3-4 inches thick with correspondence. He then told my husband that they may be willing to work out something. We trusted them once again and moved back into our home. When they came back with the amount they did nothing to help the situation they just gave us a final figure before the forclosure and would not budge again on the amount of monies owed at that time including charging us for the time we gave back the keys. We moved out again and they forclosed. They sold the house for almost half of what we paid for it. We have ruined our credit by trying to pay everything towards the house. Now we have bad debts and a forclosure. I dont even know yet if they are going to put a judgement against us for the remaining balance owed on the contract.
Please everyone take time to read and check out your mortgage co before you enter into a legal contract. I have owned several homes to build up to buying the house we lost and never had I ever experenced such in justice.
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