My husband and I were financed through Option Onein May of 2003. We bought our house and had an arm interest rate. This was locked in for 3 years. We were told initially that even though it may change in 3 years it should not put our payment higher than 30.00 monthly. When the arm was up it jumped 4% putting our payment 400.00 more a month than we origianlly paid. We fell behind due to this. When we tried to contact Option One to work this out, we were always speaking to a customer service representative that had no idea what was going on. They tacked on numerous late charges, thus making it impossible to catch up. We are no in forclosure and we sent money to try to put our loan in good standing. The money was returned and we were told in order to get this issue resolved we had to send the full amount owed. Then they would put us on a payment plan. The payment plan offered was no different than what put us in this situation to begin with. We have hired an attorney to try to keep our home. I feel at this point it may be worth it to let it go and start from fresh.
We work very hard to have the things we do and for someone to do this to anyone is the most horrible thing that can happen. We would have necer thought that we would end up like this. We have put alot of money into our home and it is all being thrown away. Also, they did keep some of the money we sent to them. Where did it go? Obviously not to the mortgage. I hope our attorney can get this resolved and Option One will be penalized for the FRAUD they are doing to people.
RYLAND HEIGHTS, Kentucky