I experienced much the same as Monica (letter below). Due to medical difficultiesour credit was really bad. We were able to buy our house through Keys4U which used "CREATIVE" financing to get us a mortgage on a house that was not worth the price they charged. They put us into a 2year ARM at 10.00% for the bulk of the mortgage and a 2nd mortgage at 11.5%. We were told that if we paid ON_TIME for 2 years to call back at that time and they would refinance us into a fixed rate mortgage.
Well, I called at the end of 2 years and the broker was no longer in business and we ere stuck with this horrible arrangement. W ethus fell behind on our 1st mortgage and workled out a loan modification to the tune of $7000 which brought the loan value to even higher than when we bought the house. Now we cannot afford the payments and am again facing losing our homw because of the bad practices of all involved and the predatory lending of Option One and Aegis Corporation.
LETTER FROM MONICA:
Option one mortgage co. needs all of it's customers to recieve help. i feel that i was totally taken advantage of just because i didn't understand the process of buying a house. i know they have giving mortgages to people they knew would never be able to repay them. They have also given mortgages for homes that aren't even really worth what we are paying for them. They made it so that i had to refinance when they weren't even able to lower my intrest rate that they promised me, and had to pay the repayment penalties, and now i can't afford to live here at all.
I believe that i have been screwed by this company and now i may loose my home that my grandfather built and everything that i have worked so hard for. I hope and pray that many others will come forward and explain their situation. i have read just today over 200 reports of people with the exact same problems that i have had. Please im begging for someone to step forward and help us. There has to be something we can do, ive been on my knees praying for someone to step up and help me save my home.
Monica
indianapolis, Indiana
U.S.A.
Randi
Newark, Ohio
U.S.A.