Option One Mortgage Company Contacted Option One for Pay Off to do a Reverse Mortgage they refused and waited 30 days and filed Foreclosure. Tacked on $16,000.00 then wanted me to redo mtg, with them to keep my home. Irvine California

Last October 27,2007 my Mother who lived with us and contributed 50% of the income to the household passed away. She was also on the note and mortgage along with my husband and I. We were up to date on our payments and the next payment was due on November 1, 2007. I called them after calling a Reverse Mortgage company to get a payoff figure. They did the same to me, they refused to talk to me or give me a payoff figure. I asked do you need a death certificate, they said no, that is all I could get out of them. I told them that my representative from the Reverse Mortgage Company would be calling them to please talk to him and give him their full cooperation in getting this mortgage paid off. They still didn't acknowledge or instruct me as to what I needed to do to get this done. I received my regular payment slips in the mail for my payments as if nothing had changed. My Reverse Mortgage representative called them and they left him hanging on the line several times and refused to talk to him. Finally in December they told him that I needed to send a written permission letter so that they could talk to him. Well finally someone said something. I immediately faxed the letter to them. Again, he tried to talk to them, still they gave him the run around, December and in to January. We both called constantly. I had my appraisal, everything had been approved and Insurance had been issured, title Insurane had been issued, we were ready to close in Novermber, but no payoff figure. Finally in February I received Foreclosure papers from them and the next day they faxed me the payoff figures which was $8,000.00 more than I owed back in November due to interest, attorney's fees, and costs of filing. What a rip off !. Now they want to do a re consoladation and lower the interest rate and payments and extend the mortgage, but the new mortgage woulde be for $102,000.00 This is highway robbery. The Foreclosure filing they did asks the court to reissue the promossary note for the originary amount of $94,000.00 as they lost or misplaced it, and to foreclose on the mortgage. I answered it asking the Judge not to re issue the note but to allow me to pay it off. As you can see, I am more than willing to file a class action suit along with you and all the rest againt this company as they are not a good company to deal with and take advantage of good people in bad positions. I think what they have done is illegal and immoral. I have no intentions of loosing my home. We are both disabled and my husband is on dialysis three times a week and needs a quad by-pass and is quite ill. This whole thing could kill him. I am fighting the best I can to keep our home. even the appraisal that was done, was a bad one as he did it all on the internet and used examples that did not exist and comparisons that were to cover his "A" I was offered $225,000 for our property a year ago which we turned down. We don't want to sell. He appraised it for $159,000. That's $66,000. below the market value. We talked to other realtors and one other appraiser and they said we should report him for his bad appraisal. But how is tht going to help me now? Anyway, what do you think we can do about Option One?

Trish
Micanopy, Florida
U.S.A.