Complain about a product or service

Option One Mortgage Corp.

Irvine, CA

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Rita of Queen Creek AZ (03/17/08)
I cannot believe the amount of complaints and that we all have similar stories. When we got our loan in Aug. 2006, we had gotten what we thought was sound advice and got an ARM with an 80/20. Unfortunately, Option One holds both mortgages. In today's economy and market, we are unable to refinance the full amount as our house is worth--at most, 80% of what we bought it for. Trying to be proactive because our ARM kicks in in October and our payment will go up a MINIMUM of 350, we got approved for our 1st mortgage to be refinanced. Our loan officer said that Option One is notoriously difficult to work with and that there are only a couple of lenders that will even consider giving us a loan if they are the other lien-holder. We had to get OOMC to agree to sub-ordinate the 2nd mortgage so the new loan would be in 1st position. They advised me they do those, and they would send me the paperwork. After a week it didn't show up in the mail, so I called them and they said they do not mail it out, that we had to send a fax requesting it.

So we did; and of course, they never received it. We sent it 3 other times and to 2 different numbers. We were denied. They are not doing any sub-ordinations! Why did they tell me they did to begin with? Mind you, this is after over a month of calling almost daily. One thing I learned: demand to speak to a supervisor in the US. They transfer me immediately every time. The only problem is that I still got the same horrible service/run around. They give me their name and direct extensions, and I call and leave messages; and they do not call back, EVER. So, instead of them risking 50,000 by sub-ordinating the 2nd mortgage, they are risking the full 240,000. That just does not make good business sense to me. We are thinking of just walking away and buying another house for 150,000 down the street...but we are not sure what they will do to come after us for the 2nd mortgage. Arizona has laws where they can't come after us for the 1st.

Luis of Tx, TX March 17, 2008

Luis of Tx TX (03/17/08)
I have a loan with Option One, and it is current at the moment.  For the past two months they have charged me 100.08 on late fees and 25 for foreclosure fees.  This is the second month they have charged me this money.

I call the company, and they say I have to pay the money again--because that is the way it is in their system.  My account is current, and they refuse to explain why they charge me these fees.  Please help!

Theresa of Olympia, WA March 16, 2008

Theresa of Olympia WA (03/16/08)
I am writing on behalf of my brother, who I am helping, with his permission. He lives in Washington and works in the construction industry. In December of 2007 there was massive flooding in the area where he lives and a State of Emergency was declared. Fortunately he lives on higher ground and his house was spared. He jumped in and worked from morning till night 7 days a week for 2 months helping to restore the damaged homes and businesses. Unfortunately he was not paid for any of this for over 2 months and couldn't make the house payments on time.

At the beginning of the third month he sent in the late house payments. Option One SENT THEM BACK saying his house had gone into foreclosure ONE DAY BEFORE the payments had arrived! He is guilty of not calling them enough and conveying what was going on, but frankly, would it have been of any use? I called and called, constantly getting India, asked for Irvine, never got Irvine, got Florida 2X. The conversations went in circles as if they were reading a script. Could not get anything negotiated, accomplished, etc. Used up all my cell phone minutes. I live in southern California, SO I DROVE TO IRVINE, went into the corporate headquarters and asked to speak to someone in person. The person I spoke to was very nice and put everything on hold for a month. But she could not subtract the extra fees caused by putting it into foreclosure, which is what I asked for. She gave us papers to fill out for a loan modification. The loan currently has AN INTEREST RATE OF 11%!! And payments of 1230 on a 97,000 loan!

So I am going back in there on Monday, 3/17/08. I called Hope Now and have some questions to ask Option One about their policies and the time line for putting this house into foreclosure. I'll give them the back payments and the loan modification forms. I'll update this as it goes along. They are a nightmare to work with. YES, OPTION ONE NEEDS A CLASS ACTION LAWSUIT brought against them. Just ask my brother. This is the 2nd time they have put his house into foreclosure without the bat of an eye.

Richard of Pearland, TX March 14, 2008

Richard of Pearland TX (03/14/08)
Option one is by far the absolutely most impossible organization to deal with. I was laid off from work and contacted them the same day that I was laid off to let them know that I am anticipating payment problems in the future due to the loss of income. (I was current at the time my employment was ended).I spoke with someone (sounded like he was from India) in their home retention department. At this time I was advised that loan modification was an option and they asked me to submit documents to them explaining my hardship. I later obtained employment, but was not able to earn a similar salary due to career transition. I advised them of this.

After 4 months of faxes and phone calls, I had to call the corporate office in California, only to be told that they cannot modify my loan because my income was too low! Huh? Isn't the purpose of loan modification is to help those who need to lower payments to avoid foreclosure? Does anyone out there have experience in Real Estate Law? If so, couldn't that be considered a predatory lending practice? Please email me a brief summary of your experience with OOMC. I have corporate office contact informaiton and I will distribute this information to their executives.

Fortunately, I was able to negotiate wiht my 2nd loan provider, and all of my other creditors to lower payments, and I consolidated a few loans. If I was not successful at that, we would have gone through foreclosure or had to sell our home.

Deberah of Dallas, TX March 13, 2008

Deberah of Dallas TX (03/13/08)
I asked for a loan modification. I was told to send in financial information and also informed that my home is scheduled for foreclosure sale May 6, 2008....

I have been stressed for five years dealing with Option One. I filed bankruptcy in 2000 and completed Chapter 13, only to be informed by Option One that I had not paid them enough. They put me back into foreclosure which made me have to file bankruptcy again to save my home. Now I find out that none of my mortgage payments have been applied to my loan sine June 2006. Where are my payments, and why are they still attempting to set me on the streets? Will somebody please file a class action lawsuit against this crooked company?

Mary of Waterford, NY March 12, 2008

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