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Option One Mortgage Corp.

Irvine, CA

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Nancy of Grand Junction, CO November 23, 2008

Nancy of Grand Junction CO (11/23/08)
My husband and I originally received our loan from Option One Mortgage in December 2004. We knew it was an ARM rate, but our credit was not perfect and since we had custody of our two grandchildren and were raising them we wanted to give them a nice home to grow up in. After two years of paying on time our payment raised 600 per month after a year of paying the increasse we became behind because of medical expenses.

They said we were 5 months behind, but we had western union payments to show we were only two months behind, but they did not listen. we had a hard time finding someone who we could talk to and understand, all were foreign with very poor english.

They said we could do a repayment plan with 7500 up front and then 2900 per month for 18 months. We have now paid that for 12 months, we called to see if we could change our payment as we can no longer afford this and we are behind in other bills, including my car. we will have our gas and electric shut off, they said too bad you have to pay or we will forclose. I cannot have my grandchildren in a freezing cold house or without food to eat. How can I go to work without gas for my car or even have a car if they come to repo it because I can't make the payment.

We do have our house for sale and will now need to lower our asking price because no one is buying related to economy. what can we do. I am so stressed out, cry all the time, the kids can feel something is wrong, but they don't understand. Please help. Can they just ruin people's lives without consequences?

Michelle of Riverside, CA November 17, 2008

In 11/2006 we had falling behind on our payments due to my husband changing jobs, we had tried to talk to Option One but for along we had to speak to people that we could not understand and had to fight with them to get to talk to a supervisor, but finally we did get a supervisor and the only thing that they could work with us was a payment plan. Our payment went from 1550.00 to 2098.00 (now if making a 1550.00 payment was hard how can they think we could afford a 2098.00 payment).We made the payment every month even thru the holidays when money was very tight and our kids had to have a very very small Christmas.

In 11/2007 we made our last payment of the payment plan, when Option One called us and told us that sometime in the middle of our payment plan that our interest rate had gone up, and now that we owed 10,000.00 or they were going to foreclose on our home again. So we tried everything we could to get out from under Option One but no one would touch our loan because Option One had reported us late the whole time we were in the payment plan which jacked our credit up. So we did a loan Mod with them and our payment were 2098.00 and was to start on 02/2008 and that we had to make the payment to them thru Western Union Quick Cash (which was 12.99 fee every month).

From 02/2008 thru 06/2008 we made our payment to them for the amount of 2098.00, but in June they rejected our payment saying that we had not made a payment to them since 02/2008. But when you go online to their web site it show our payment, we have every one of our receipt showing that we had made our payment. When we showed them our receipt they then came back saying that our payment had gone up due to impounds for the taxes and insurance, but the 2098.00 was suppose to include the taxes but the insurance we have paid for and still pay for separate. They then said that our payments went into a special account not into our account, but when I said then give back our money and we will put toward a new place to live they said they couldn’t do that because then that would be saying that we had been able to live in the house for free all of those months, but I said but that’s what you are saying, so give back my money. Now when we call they are saying that we owe them 10,000.00 in attorney fees for the foreclosure that should not even happen. They told us that we must agree to pay them 15,000.00 or our home is to go to auction on 12/19/2008.So they are putting a family out on the street that had made their payment every month and tried to make their payment even when the money wasn’t there to make the payment we made it.

I wish there was something we could do instead of lose our home, which our 2 kids have called home all of their lives our son age 9 and daughter age 5, can sense that there is something wrong but still have no Idea what is happening.

Lynne of Staten Island, NY November 11, 2008

Lynne of Staten Island NY (11/11/08)
Wow I wish I would have read the stories on here before Option One had a chance to ruin my families life...I dealt with the Rep Denise from Option One who was trying to rush the closing and told us if we did not hurry that she was leaving for her next appt..very odd...I should have stopped the closing that day..unfortunately I was refinancing to fix my home up for my son's wedding...Since that Day Oct 18,2005, my life ended...SFG Mtg D.M was supposed to pay off all my credit cards to combine as one...they never did...they held the money in escrow for nearly a year and a half by the Attorney Geoffrey L..

I went home without closing papers of which I called Option One, SFG and the attorney in order to read my rights to cancel...no one ever called me back...I was persistant and still no call...4 days gone by and I could not ever cancel this loan...no one ever calls you back...I am stuck with this new high mtg and still have all my credit cards to pay...What a scam this was...I became a nuisance to all that they just tuned me out and sold my mtg...to GMAC mts...or so I thought..since option one is suing me and put me in foreclosure..I continued to try and pay this new high mtg and my other debts..it just was not working and fell several months behind...

I started to catch up in Nov 2006 with one last payment to go..Tamara was the person I dealt with...I called to say I was making half a payment and the other half the following week...Tamara said it was fine and that she would be away and will speak to me when she returned...While she was gone someone turned my file in for foreclosure stating that I did not send the correct amount and returned my money orders a month later...I explained to SJ B's Secratary..Vanessa..she said to get on the website an ask for reinstatement which I did...I never heard from B..Option One>>SFG mtg nor the attorney I paid which I now found out he was the banks attorney..They were all in on this.I had an aggreement with Tamara and no one cared or listened...

At this point I tried in vain to retain an attorney..no one would take the case..in 2005 this problem wasn't in the limelight..as it is today...I called the BAR Assoc...Appellet Div..numerous attorney's and not one could help...I now found one but it seems that it is too late to do anything...my house is going up on Auction soon and my children and I will be out in the cold instead of in my home of which I owned for nearly 20yrs..there is so much that they did to us...oh yes, most important they took my ex off the mortgage without our knowledge or consent...this is why he became ill..

I feel option one, SFG mtg and the attorney were all in on this scam....I now have garnishments and many lawsuits against me that I cannot even live on my salary anymore never the less care and feed my children...this is a NIGHTMARE..and it's all because we wanted to fix up the house....there is soooo much more that happened that I cannot put into words right now but they scammed us and scammed us good...we will be homeless real soon and it's like no one cares..we feel we are fighting a losing battle...

I am nearly bankrupt..My now ex nearly lost his life having a mild heart attack..my children are all suffering from depression as well as myself...We were once a very happy family...now my children have to find somewhere to live my now ex had to leave or we would have lost him completely...this has killed us all.

Joseph of Maple Shade, NJ November 7, 2008

Joseph of Maple Shade NJ (11/07/08)
In early 2008 I had regions mortgage co. I was two months behind and they made an agreement with me to pay and additional 700 the first payment and 5 payments after that for an additional 400 per month. this agreement was suppose to be up in july, however, the mtg co was sold to option one. This is now my mortg co and they keep making me pay the additional 400 per month. They are rude and they are making me pay 2029.01 per month when my payment should be only 1629.00 per month and this is without my taxes included.

Mrs Butler of option one told me to keep paying the agreement amt. and she'll lower my interest rate and drop my mtg to 30 yrs instead of forty for 1790.00 with my taxes included. This has been such a burden on me that I fell behind on my taxes and my house has been sold at sheriff sale. I have been harassed by option one because I refuse to make this months payment until someone gets my account straightened out.

Mrs Butler and all her promises has not called me back. This is the most rude company I have ever delt with. all I want is my mortgage back to the original amount of 1629.00 i stuck to my agreement and even paid an additional three months at that fee, I shouldn't of had to do that, but I did. But no one is trying to fix the problem, the agreement is over give me back original mortgage payment.

Jonathan of Porterdale, GA November 7, 2008

Jonathan of Porterdale GA (11/07/08)
I paid my mortgage regularly on my house in MI. I wasn't behind or late. Since I was traveling for work I made my payment in April 2007 by phone thru someone in India. A few days later I got a notice that my bank account is over limit. OOMC had pulled an additional 2100 out of my account for no apparent reason. I called up screaming mad and after hours on the phone I finally found someone who spoke and understood English. After finally getting the money sent back to me, I tried to get my 600+ in overdraft fees back to no avail.

The next 2 months when I called to make my payments they kept telling me I had already made the payments for those payments, and I couldn't convince them differently. At the end of June I got a call telling me my house was in foreclosure due to me not having made my payments. I argued with them for about the next two months and they kept rejecting my payments. I even went so far as to call and talk to the legal department at H&R Block (their parent company) and the lady with whom I spoke there got in touch with them but could also get no results. She finally suggested I just give the house up and deal with it in court.

Furthermore, except for the one phone call I received telling me that my house was in foreclosure, I have never received any paperwork from them. Apparently, they just went in and cleaned all my furnishings into a dumpster.

Since it happened it has totally destroyed my credit. I am currently renting a house and trying to rebuild my life. The house is now owned by LaSalle bank, I just hope that OOMC comes after me for the money they lost when they sold the house. I want to see them in court after they committed federal crimes by taking unauthorized funds from my bank account and stole my house from me.

Tom of Springfield, IL November 2, 2008

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