• Report: #299450

Complaint Review: OPTION ONE MORTGAGE

  • Submitted: Sat, January 12, 2008
  • Updated: Tue, January 22, 2008

  • Reported By:RYLAND HEIGHTS Kentucky
OPTION ONE MORTGAGE
PO Box 57054 IRVINE, California U.S.A.

OPTION ONE MORTGAGE OPTION ONE FORCLOSED MY PROPERTY AND DID NOT GIVE ME A CHANCE TO CATCH UP IRVINE California

*Consumer Comment: Quit blaming the lender

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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.

Jamie
RYLAND HEIGHTS, Kentucky
U.S.A.

This report was posted on Ripoff Report on 01/12/2008 12:56 PM and is a permanent record located here: http://www.ripoffreport.com/r/OPTION-ONE-MORTGAGE/IRVINE-California-92619/OPTION-ONE-MORTGAGE-OPTION-ONE-FORCLOSED-MY-PROPERTY-AND-DID-NOT-GIVE-ME-A-CHANCE-TO-CATCH-299450. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Quit blaming the lender

AUTHOR: Sportluva - (U.S.A.)

This is not the lender's fault, it is your fault. Buying a home you (obviouslY) couldn't afford at a teaser rate... it's adjustable and unpredictable. Now everyone expects mortgage companies to forgive you for missing payments- when you signed legal papers at closing agreeing to all the terms, including the rise of rates in the future. Before refinancing or purchasing a home, you should probably research the facts next time and buy only what you can afford.
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