Complain about a product or service

Option One Mortgage Corp.

Irvine, CA

H&R Block • Charges • Electronic Filing • Errors • "Free" Filing • Online • Refund Anticipation Loans • Taxcut • Option One Mortgage Corp. -- News • Massachusetts Court Stops H&R Block, Option One Foreclosures • Massachusetts Blocks H&R Block, Option One Foreclosures • New York Stops H&R Block's Deceptive Sweepstakes Ads • California Sues H&R Block • H&R Block Sells Subprime Mortgage Unit • H&R Block Launching Its Bank • H&R Block Threatened Employees, Spitzer Charges • H&R Block Settles Tax Refund Loan Suit • H&R Block Readies New Bank as Business Soars • NY Accuses H&R Block of IRA Marketing Fraud • H&R Block Goofs on Its Own Taxes • Children's Defense Fund: Tax Refund Loans "Indefensible" • California Sues H&R Block Over Its "Instant Refund" Loans • H&R Block Doesn't Block Identity Theft • H&R Block Will Settle More Payday Loan Suits • Option One Agrees to Clean Up Its Lending Practices in PA • H&R Blocked: Consumer Groups Oppose Tax Giant's Proposed Bank • Tentative Settlement in Tax Loan Class Action • Class Action Challenges Electronic Filing Fee • Supreme Court Rejects Block Appeal in Class Action • Judge Upholds Racketeering Complaints Against H&R Block, Household • Court Clears Class-Action Suit • Tax Loans Victimize Consumers --- • All About HSBC

Osvaldo of Marion NC (03/19/08)
My husband and I relocated states and bought a home on August 2006. Due to many financial and emotional circumstances, our mortgage payments were getting tougher and tougher to pay. In a period of one year, this mortgage has evaporated all of my savings and the profit I made selling my business. It also took my health, my hope and my dreams. All the years of hard work is vanishing before my eyes. To make matters worse, it is an ARM Mortgage with Prepayment penalty. I have tried to call Option one to discuss all the options available. It is unfortunate that in 30 minutes I have been transfered to endless departments; all foreign and with no answers.

We finally applied for a loan modification program. However, after three months of producing documents, information and signatures they needed for the modification application they have yet finalized an answer. We do often get a call from a gentleman in India asking us why we haven't made the payment, and he also suggested to cut down our grocery expenses (Which are below average) so we can make our payment. Option One's solution is to make a mortgage payment and then eat. I cannot believe this is the way they treat people and handle business. I am eager to work something out temporarily with Option One until I get out of this financial mess, I do not want to loose my home. But they are making it impossible to save my home, and that is just poor business.

Bonnie of Redding, CA March 19, 2008

Bonnie of Redding CA (03/19/08)
We have already submitted our complaint, but are adding more information. In addition to our original complaint, we are filing bankruptcy. We can no longer keep up with the high mortgage rate and other living expenses. We are paying interest only for the most part. Again we have tried to negotiate payment reduction, and we have done every thing they requested us to do. WE were denied, and I think this was due to the fact that we make our monthly payments on time and we are not behind. This means more money in their pockets.

Not only can we not afford our medical needs, our whole life situation has been put on hold. The next time my husband has a heart attack it is bypass time. The President has ordered that these mortgage companies try to work something out with people to avoid foreclosures during these poor economic times, however, Option One refuses to work in any way shape or form with us. We have been trying to negotiate for almost a year now and they refuse to help us. Thank you for your help.

Bonnie of Redding, CA March 19, 2008

Bonnie of Redding CA (03/19/08)
My husband has had recent medical procedures done. Six heart stints and diabetes and with all of the medical bills piling up we asked for a reduction in our payments. Our payments are 2,348.86 a month and it is all we can do to make these kind of payments with the economy today. I work full time and take care of my 80 year old mom. We have to keep air and heat on 24 hours a day, 7 days a week for her, of course this will raise the utilities as well. Now we tried to negotiate a lower payment with them and faxed my check stubs to them, however, they refused to work with us. Their interest rate is outrage and when we signed I understood it was going to be 5% and here it is 8.05% instead so most of our 2,248.86 goes to Option One. I wonder how they can get away with this. We can't ever get any English speaking person to talk to about our account and when we do, it doesn't do us any good.  We have not been too late on our payments but they have harassed me on my job a few times when I was late.

We have had major cut backs of usage of food, electric, trips, clothes and I have neglected my own medical/dental care just to be able to make this one payment.

Silvana of Mesa, AZ March 18, 2008

Silvana of Mesa AZ (03/18/08)
We purchased our home in February 2006 with H & R, and our loan was given to Option One within 1 week. As some others mention, yes the payment is due on the 1st of the month; and they start harassing us with phone calls one day after. We receive an average of 4 calls a day. I have caller id, and it lets me know when they call. I just don't answer the phone. Our initial 2 years are up, and we no longer have a prepayment penalty to refi with someone else. However, house prices have dropped so bad that instead accumulating equity, we now owe more than the house is worth. Don't let them fool you: You DO have a 2-week grace period.

On the last call I was in a bad mood and actually picked up the phone. It was the 16th of the month, and he demanded the payment or I could face possible foreclosure. I laughed theatrically loud and told him to go ahead and foreclose. I couldn't care less. I'll walk away and rent a nicer house for less cost. It completely confused him. If you are not 60 days late and pay your mortgage within 30 days after due, there is not a thing they can do.

Two years of emotional trauma from receiving 3 to 4 harasssing phone calls a day left me too scared to answer the phone. I'm at a point now where I just don't care anymore.

Michael of North Myrtle Beach, SC March 18, 2008

Michael of North Myrtle Beach SC (03/18/08)
I have a mortgage with Option One. I was unemployed for the past 3 months and am having health problems on top of that. I was in the process of negotiating a short sale; and as of 3 weeks ago I cannot get anyone on the phone. When I call any of the phone numbers listed on their website, it goes straight to an automated message asking for an extension number. I can't find one anywhere. I have sent 15 emails, and have received identical responses saying that my problem is being looked into. Meanwhile, I have a good offer on my property for 150k with a signed contract and pre-approval letter from the buyer, but will probably lose it. The prices in my neighborhood are dropping. There are several similar properties under contract in the low 130s, and when they close, my property will not appraise for 150k.

The consequence is I will probably have to foreclose on the property. This is the only reasonable offer that I will get. I do not think Option One will accept a smaller offer, and in a few weeks I guarantee I will not be offered 150k again.

James of Nottingham, MD March 18, 2008

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