Complain about a product or service

Option One Mortgage Corp.

Irvine, CA

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Ed of Greensburg, PA June 2, 2009

They over valued our home and did a no doc loan after they were told there was no income at that time. Now we are in foreclsure and the sheriff sale date is July 6th of 2009. Can you help? Thank you.

Xai of Sacramento, CA April 11, 2009

The family were victims of a bad loan which adjusted in July 2008. They were unable to make these payments and tried so hard to work with this Lender and got no cooperation. In the end, they were only offered a 2 year interest only modification. Due to their language barrier, they were taken advantage of by this bank.

The end result was being forced to leave the home as it was auctioned off at 49,700.00 The purchase price in June 2004 was 240,000. This is so wrong not to work with this family so they can keep their home and chose to auction off the home for so cheap.

Ladelle of Coppell, TX March 26, 2009

Like so many of the others writing about Option One, I too have had nothing but problems with them. My loan was sold to them within the first year. Unless you are willing to be loud and nasty right back at them you will get NO WHERE. Knowing that my industry would see hard times I placed my house on the market in 2008. When I inquired about getting my escrow out to pay my taxes at closing they REFUSED to send it to me stating it was company policy. They said they would send it to me 30 days AFTER the loan was paid off.

I did not accept that as an answer anr proceeded to get very load and very ugly with them, letting them know it was MY money. In the end after MANY weeks, I closed the ecrow account and they sent the check. I have my house back on the market in 2009 hoping to sell as my pay has been devastated due to the current economy. I contacted Option One in January to give them advance notice that my pay change was happening and to find out what they could do to help, their advice was to turn off my cell phone and cable and get a part time job.

They call you starting the 2nd day of the month. Do yourself a favor and put them on ignore. You will not speak to anyone who can help or who you can understand. They are abusive. From reading all the stories it appears they WANT to FORECLOSE on properties. It appears the investor needs a write off. May their ill intentions hit them ten fold. Shame on you Option One.

Kathy of Billings, MT March 6, 2009

i ha a loan with option one mortgage. like many i got behind in my payments. My daughter who was renting the house got approved to buy the home. one day before the forclosure date (they waited this long to communicate with me) and after my daughter was approved by another lender to purchase the home they refused her purchase and continued with the foreclosure. i lost alot of money as the home was to be sold for more than the mortgage payoff and they still refused. i to had a second mortgage that was sold off by option one and now i am left with a default loan as well

my daughter was left homeless and was forced to vacate the property asap. i lost any money i was to recover after both mortgages would of been paid in full. how does this happen? why take a loss when a fully qualified buyer is willing to purchase the home before the forclosure? is there any retaliation? we worked long and hard to save this home and option one would not communicate/nor reverse the foreclosure action. they dont even speak english and they never return calls.

Kathy of Spanaway, WA February 9, 2009

We bought our first home in May 2005 and it was a interest only payment for 2 years and then it would adjust. Ok we knew it was going to adjust so 8mo prior to the adjustment. we actually tried to refinance the house with Option one and several other companies. But no one wanted to refi it as we owed more then it worth even after all the upgrades we did to the house. So we who have always made our payments on time every month decided we will have to sell the house if the payment goes up to high. It jumped like 600 and there was no way we could afford that.

So we decided to short sale and the first offer we got was almost a full price on what we owed so we submitted everything to option one more then one time and because they took 3 months to approve the short sale the buyers walked away. We called and called and no one speaks english and they were like well don;t know what to tell you, so we got 3 more offers each one getting lower and lower and they kept taking so long to approve that we were like well if you do not hurry up we can not keep up these payments. So we gave them notice and informed them that we will be moving out and the house is still for sale.

They continued to call me for 1 year daily sometimes 3-4 times a day harrassing me and I had to re explain everything everytime they called. It was very frustrating and in the end the house was foreclosed on for 80k when they could have had 195k from the first short sale offer. They sold my second loan to someone else who now threatens us as well. But I have never had such an experience with such a unprofessional company who is supposed to be there for the consumer and is the most disrespecting, threatening, unfriendly, hard to communicate with company ever.

It is very dishearting to know that for a family to work so hard to get the dream to only have some uncaring company rip it out from under us even though we always paid on time everytime. I would love it if some how we can get a class action law suit going or if there is one I would like to be in on it as you can see the complaints on this company go back many years. 

We lost home, we lost our self respect, our children lost what all families want the american dream, and now our credit is ruined with a foreclosure on it and worries that are wages will be garnished or the huge tax ramifications. I am stressed about all of it and it makes me very sad to know that we will not be able to get another home for god only knows how long.

Tammy of Auburn, CA February 4, 2009

My partner and I had refinanced our home to pay off medical bills incurred when my partner developed chronic kidney disease. We were paying over 1,600 a month just for medical co-pays, not including emergency hospital stays, specialists, etc. When we purchased our home, (our 2nd home financed through Option One), my partner was a hospital executive and I am a social worker that works for a large non profit agency. When we found ourselves falling behind we approached Option One to attempt to renegotiate our loan in order to avoid forclosure. Option One said they would be willing to work with us based on the fact that we had a catastrophic medical issue. We submitted the required paperwork on three different occasions.


After waiting three months, we received a response that as an act of good faith, we should make a mortgage payment of 1,800. We wired the money that day. Again, we waited. We called on a weekly basis and was told it was being reviewed. This went on another 3 months. We finally received their renegotiation offer. They offered to help us by raising our mortgage payment an additional 800 per month. They demanded we sign the paperwork, have it notarized and sent back within 5 days. Knowing we couldn't make the original payments, and certainly couldn't afford an additional 800 per month, but not knowing what to do. We signed the paperwork, had it notarized and sent it back. We felt cornered.

The consequence is that we left our home, turned it back over to Option One, which refused to acknowledge we were turning it over, and moved to a rental. My partner ended up in the emergency room due to stress, which increased the symptoms of her kidney disease, and I had a mild heart attack. We abandoned a home we loved and raised a child in. We have a ruined credit score (although we don't plan to own again), which makes it hard to rent in our state, and we had to leave behind much of our belongings since we didn't know when the house would be seized.

Evelyn of Spring Hill, FL January 29, 2009

Refinanced with Option One through H&R Block in 1998 before all this information had surfaced on Option One. We had a 3 year ARM - of which we never received paperwork to sign in closing. Option One continued to send us the paperwork to sign saying it was an oversite at closing but we refused to sign after the fact.

In 2002, my husband was injured in the line of duty as a Volunteer Fire Fighter. To make a very long story short, Option One attempted to foreclose on the house when we fell behind on payments. We hired an attorney who had us file a Chapter 13 bankruptcy and set up an arrangement with Option One. Not only did we have to pay our Chapter 13 payments but Option One decided they didn't want to be part of the Bankruptcy and set up a different arrangement with our attorney. We were making our payments with Option One as agreed and on time.

THEN, I lost my job and when my husband was released by the doctor to go back to work, he lost his job because they only held it under the FMLA guidelines; he couldn't find a job either and was back under the doctor's care because he was released too soon. We went to our attorney who changed our bankruptcy from a Chapter 13 to a Chapter 7 including Option One (there was no equity in the home). Option One opted out of the Chapter 7 and proceeded to foreclose on the home.

Their only option given was to make up the payments from before the chapter 13, sign the arm agreement and agree to pay 400 more per month. Our attorney tried to reason with them, we tried to reason with them - to no avail. We gave up the home and let them foreclose on it in February 2004. They lost over 60,000 in the deal and I'm happy they did! But now, I'm fighting them on our credit report. Since our bankruptcy originally started in 2002 and our amended payment schedule in 2002 their 7 year statuate has expired yet they refuse to remove the foreclosure on the credit report because it happened in 2004. The FCRA clearly states from the first date of delinquency but they refuse to accept this fact (as well as Experian) and continue to report based on the 2004 foreclosure date. Plus the information Experian gives to contact the company is all wrong - and I still can't get it removed. This company is bad - everyone stay away!!!

Jodi of Galt, CA January 27, 2009

my husband was killed in a car accident on june 15th , 2007. I tried to sell our home but no one would buy it... The payment and taxes were way to much for me to handle... I tried to do a deed in lieu with them. I had faxed over 5xs, and 80 pages. I had to pay for this... I was rejected each time.

They told me the title wasn't clear ( my dead husband was on title). I went to court and got him off and that cost me some money.... Then I had to fax all the papers again , they still rejected it.... I was so stressed out, crying all the time, I also lost 25 pds. I had lost my mom, sister and husband all in 9 months. Lost my home and had to move 2x's.... I would get calls from these people , and they wouldn't even know what was going on with my situation and each time I had to explain about my husband's car accident.

It got so bad I had to go on anti-depressents....I finally gave up and told them to do what ever they wanted because they didn't want to listen to me....I had a lady who wanted to buy the house on a short sale but they took so long in getting back to my real estate agent, the lady backed out.

I ended up in the hospital a few months later with high blood pressure. They had a Indian office and no one understood anything I said. It was so ,so stessful. I lost my husband , home, and my excellent credit... I wamted to work with them but they were so difficult to understand and deal with...what could have turned out easier and better for both of us, turned into a night mare....

Dana of Marblehead, MA January 15, 2009

Being brief. I lost my home but thanks to an individual who took over the home came out with only the home loss. Abusive, threatening, nasty, harassing, etc etc. all cover their actions. After an attorney took over our unanswered request for a payoff number, we finally succumbed to a rescue. They were dishonest in many respects, even on the payoff amount. Resolution only occurred when our friend attorney finally spoke with their cprp. attorney. Need to know if class action against Option One or their boss H.R.Block is a reality. More detail can be offered especially when they make you go to another state to close......legal? Who knows.

Lost the house

Lucy of Alexandria, LA January 8, 2009

My home financed with this company more than 10 years. In late 2005, had a problem with line of credit mortgage with another company. Had more than enought equity in the property to pay the line of credit. Worked with their Texas office and was approved for 90 percent of the value of the home (other company filed notice of seizure and would not provide pay off). Option One loan office advised me to file chapter 13 bankruptcy to save the property (I did so). Shortly after filing, Option One stopped drafting my payments and did not inform me. They filed a claim with the bankruptcy (raising the amount I was paying to almost more than I made) and failed to complete the claim, so the extra money went to the other company. Option One filed a notice of seizure saying you're out of bankruptcy. I am still in the bankruptcy trying to save the home.

This company's staff was extremely rude and seemed bent on taking the property. They apparently got with the other company and convined them to drop their claim and they filed for notice of seizure. They gave me a deadline date to come up with in excess of 20,000 to reinstate the loan - they took one payment from me and refused to take anymore. No one should have to be treated they way their staff did me. Although dealing with people with broken english, the nastiness was evident. I am still trying to save the property that I invested in since 1991. I was never late on my payments and opted to have them drafted to alleviate writing checks. I was told by the Texas loan officer that I was one of their best customers; however, the california loan office treated me like dirt. I would not advise people to do business with company. It was not my fault that they did not know how to complete a claim that cost me additional money. I vested 17 years in this property.

In the process of becoming homeless because of the non-professionalism and rudeness of the staff at this company. Economically, I am losing everything I worked for because of the unprofessional and nastiness of this company's staff. They did not try to help me. I was able to make the note and the bankruptcy payment, but the company has caused me to lose everything. Physically, this has taken a tremendous toll on me. I can't even file a claim against this company for their bad business ethics.

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