I have an 80/20 loan and in May and June missed my payment on the 80%.in July I asked my sister, an accountant, if she would handle negotiations with Option Ones' mitigation department for me to work out a plan to come current. It took a couple of days to get through to them but they refused to talk to her without authorization which she could fax. She called back a few days later and faxed it while on the phone with the representative who claimed it had not arrived. It took 3 weeks for them to find it and by then I recieved a forclosure notice. The representative told her I had not made a payment as of January I was $20,000 in arrears and needed to make a $5,000.00 payment to reinstate the loan. I thought that would be easy to solve since I would have to of missed a payment for about a year and half (the length of the loan) to be that much in arrears and I had bank statements showing the cashed checks and bank transfers. The statements were sent to Option One and never acknowledged and that was the extent of the mitigation process. To this day I have never received any correspondence, statements, nothing! So, HSBC as trustee for Ace Securities as trust for Option One, the Servicer, forecloses. My mortgage broker shut down, my loan originator BNC mortgage shut down and Option One Mortgage Servicing I believe, was shut down. I'm being evicted and had my pre-trial mitigation today. Legal Aid who I contacted in July needs more paperwork.
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