American Home Mortgage / Option One Unfair Mortgage Practices Irvine Texas

I worked in the automotive industry for the last 15 years and my income has become 50% of what it used to be. At that time I was on an Arm. I fell behind on my mortgage and contacted Option One for help to resolve the issue. They stated would be happy to help. They stated that they would help me get my mortgage payments to an affordable amount every month, which made me very happy! After several weeks went by they finally contacted me and told me my mortgage had been modified. The payment that they gave me was the same as what is was before and they put me back on an arm and added $22,000 in fees to the back end of my loan.

I asked them several times to give me a breakdown of the fees and they stated that they couldn't do that. I have a wife, that doesn't work, and four young children I needed to keep my house and I went ahead and signed the papers. I have made my payments on time since they modified the loan. I figured that if I made my payments on time for a year I would be able to have someone else refinance me to a lower rate, as my credit scores would improve. With all the economy issues that this country is facing I have come to the realization that this would be difficult to do without a significant of money down, because of the value of my home is worth a lot less than what I owe.

I contacted them about a week ago to see what they were willing to do. I told them that they set me up to fail, because over the next year my payment again would go up and up and no other bank, most likely, would help based on my equity position. They stated that the would rather take a short sale than work with me and that they will only modify a loan once (BS). I don't understand why they would accept losing a bunch of money versus trying to make things work for both parties.

I have contacted and written a formal compaint to the Attorney Generals Office in Minnesota and they said they would try to assist me. Nothing has happened yet, but I am hopeful....
Anyone have any input or another direction to turn????

Sean
lonsdale, Minnesota
U.S.A.