Originally agreed to an ARM in August 2005, when Option One told us we could refinance when it matured. When it matured, we were told that they don't do refinances, but have a "new" program for people in our situation. That was in December 2007. We were told to fax our information, which we did. Waited several weeks and heard nothing.
Called and finally got a person who said they they didn't receive our fax and to send it again, which we did. Sound familiar?? Waited and heard nothing. Called in March 2008. They hadn't received information and told us that we didn't qualify for that program in the first place-somebody had given us wrong information! Imagine that?!? We needed to fax information again to do a "mortgage modification". We have faxed same information 5(FIVE) times now! Of course, we faxed to wrong person, wrong department, wrong number, etc., etc., blah, blah, blah. Were told by a "Kelly"(person supposedly helping us) about three weeks ago that we would hear from her by end of week. Of course we never got a call from her! Called her several times.
Finally got a hold of her last week and she told us that it can take from 30-90 days to hear anything back from them!! Is now June 2008! Six months and nothing! All Option One does is lie and string people along while they collect ridiculous ARM! Something needs to be done about this outfit!
Also, while this was all going on, we noticed that Option One had reported us to the credit bureaus, as being late for May 2007 payment. This was originally their mistake-An employee(he needs to brush up on his English!!) had misunderstood when we did a payment over the phone and had entered wrong amount of payment. We did have a letter from Option One admitting their mistake. We filed a dispute with the credit bureaus about this late payment being reported. Two months later, Option One finally removed this late payment from our report, BUT they added two additonal months now-January 2007 and March 2007!! So we went from only having one month late payment to now showing two months as being late!! How can they change months reported as being paid on time, to now being late, after we filed a dispute?? Guess we pi**ed them off??
By stringing people along and by lying and deception, Option One keeps collecting their huge ARM payments. They claim to want to help. Bulldinky!! By reporting additional late payments to credit bureaus(after we filed a dispute), they can keep our credit scores low, which makes it almost impossible to refinance with a legitimate company! Don't know how anybody who works for, or is involved with this company can sleep at night ?!?
Bottom line: Same story/Different person. This outfit needs to be investigated and something legally done to them!!
Green Cove Springs, Florida