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Review 8/24/2010
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Allow me to vent a little about this company Option Mediation Services; I paid them $1500, they sold us hopes and dreams and delivered nothing at all. I don't even believe that they ever made contact with my mortgage company. Getting any information from them is impossible; though being persistent and stubborn they will talk with you; though just to keep the runaround going. They always told me "the bank is ready to work with us; the modification is in the air; things are looking good" then they would get upset and offended when I asked them to be specific with times, dates and next objectives. I had hopes that they would at least try to meet their claims of "guaranteed principal reduction", "negotiation of 2nd to 10cents on the dollar", "bank to pay back tax arrears", blah blah blah ....
In the end: I don't hold anything against them personally; we were led into this by our own hopes for a miracle.
Since you've read this far; some advice: The banks are not morally obligated to revise your principal or terms simply because of a change in the home value or your employment situation (sorry :o( ). The loan terms are 30 years right ? lots will happen in 30 years ... If your income has changed to some degree (not to great a drop) then the banks can modify the terms - but the only effective way to reduce the principal is through bankruptcy (chp 13) if your income qualifies (there is an income test) then you might be able to discharge the 2nd loan, the 1st will still be at 100% but you can work out a repayment plan. ... you won't need Option Mediation Services for any of this though ... So before I step off the stage: some advice; figure out if you can afford the house under your new situation; if so, then just pay; if not then consider bankruptcy, foreclosure or short sale and join the rest of us ...
Best of Luck to you,
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