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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 • American Home Mortgage Servicing Agrees To 8200 Modifications • 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

Melissa of Fredericksburg VA (03/23/08)
Back in May 2007 I got a letter that my ARM would adjust in December 2007, so I started calling OOMC to refi. Months go by with no call. So, I call in October 2007, they tell me to call another number. I call that number, was switched around and hung up on. Then my ARM goes up to 10% and now I am facing a foreclosure because I cannot get them to mod, refi or anything else. I never speak to anyone that is not foreign and they could care less about my situation. I called just this month to let them know finances have changed and if they could modify the the mortgage note, but no call back.

I am currently facing foreclosure because I cannot get OOMC to help, call or talk to me about my mortgage.

Joanne of Chino, CA March 19, 2008

Joanne of Chino CA (03/19/08)
I too have my mortgage through Option One. My ARM was scheduled to increase on January 1, 2008 (about a 650 per month increase). I was lucky - so I thought - and was able to get a loan modification before my rate was to go up. At the time, I was told that this would be good for 60 months. I have paid my January, February, and March payments with no problem - at the original interest rate of 6.1% So today, I received a letter (dated March 17, 2008) from Option One, stating:

Congratulations! After careful consideration of your current financial situation, Option One has determined that you are eligible to receive the following benefits relating to the subject loan: 1. Option One will forego a portion of the significant interest rate increase that was to have taken effect with your first interest change date as set forth in your loan documents. In the next several days you will receive a separate ARM adjustment notice that will spell out the exact terms of your reduced, upcoming interest rate increase. 2. Option One will then waive 100% of the three subsequent interest rate increases (as applicable), which means that the rate in effect after your upcoming first interest change date will remain in effect for a full sixty (60) months. Because Option One is waiving a significant amount of the potential interest increases on your loan, this means that you will save hundreds, possibly thousands, of dollars over the life of your loan.

So, I guess, the promise of keeping the rate at 6.1% for 60 months is no longer valid. We'll see in the next few days what the news in the mail will bring.

Osvaldo of Marion, NC March 19, 2008

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

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