Abc looking for information on Option Mediation ...

I have the same question 3-21-09   Jerry

A friend of mine got his loan modified through Option & recommended me to their service. It took about 2 months when all was said & done, but his interest rate got cut to a 3% fixed & his balance got reduced by about $40,000. I sent two properties & got a discount on the fees :) myself...Initially very skeptical with their 'approvals,' but gave them a shot, primarily because they were less expensive than most others I looked at. My rental didn't qualify for a reduction in balance, but still got a helluva rate at just above 4% [they had a preapproval at around 3.9%]. Still waiting word on my primary, (have a 1st & 2nd) but I'm optimistically confident.

Criticisms: generally difficult to get any of their legal reps on the phone, but that's because they're in mediation with the lenders & bank reps [so I'm told]. Their time-line of 25-35 days assumes that you'll have the MOD pack sent back immediately.

Overall, worth every penny. My bank rep at CITI gave me the run-around everytime I called for a status update & claimed I could've done the modification myself, without enlisting Option Mediation's services. I TOTALLY DISAGREE. Couldn't have done it without Option. When all is said & done (still pending on one property), I highly recommend them. They got me out of the fire & probably saved my homes.

--Andy, Bakersfield, CA 3/31/09

Andy,
I thank you for posting this article because I was trying to find out more about the Option Mediation Services. Unfortunately there is not much info on the web except from BBB which is not good. Also I am a bit reluctant about working with them because they require up front money. As I understand it is against the law in the State of California for any foreclosure consultant firm to charge up front. The majority of modification companies are entitled to collect funds for services rendered after the loan is modified and closed. Unless they are attorneys but even attorneys must have a trust account set up for their clients.
 Please keep us posted how your loan modification is coming through and your overall experience with Option Mediation Services.
 
Best of luck
 
Art22, CA 4/23/09

Loan Modification is Government approved to banks puposely  so the banks could accept a blind refinancing in case the situation to be controlled and this way the banks have owners renting from them on lease to option buy.

Consider it as a government supported refinancing to back the banks and help the public.

I have the same Question about option mediation We just want to know if we can trust them ?

I would say no. Just check their ratting at the BBB. http://www.la.bbb.org/businessreport.aspx?companyid=100079253

Option Mediation Handles hundreds of modifications a month. They have a total of 4 complaints. The reason the rating is such is due to the nature of the business. Modification Companies have a bad connotation associated with them. This company is reliable and works day and night to protect homeowner’s rights and to give them an alternative to Foreclosure. The BBB is a pay to play organization that cannot be trusted as an indicator. The irony of the BBB is you cannot make a complaint on them LOL!

I just got a 2% modification on my first mortgage from Option Mediation. CitiMortgage told me they would not work with me because I was self-employed. This was a investment property as well. Anyone who doubts this company is wrong. I understand people being sceptical but I am no fool. I trusted this company and it paid off big. Best of luck to everyone out there struggling. I got a fresh start and I owe it all to this company. Thank God for you Henry!