STATEMENT AGAINST OPTION ONE MORTGAGE
Peter & Amy Chan found themselves in financial hardship and got behind on December mortgage payment.
Around January 8, 2004 we tried to refinance with First Option Home Loan, and the First Option Home Loan, Loan Officer, Patricia Ennis stated that we would not need to worry about the mortgage payments since the closing date was expecting on February 15, 2004.
However, time past by, we have been advised by First Option Home Loan, due to the 60 days past due payments they were unable to obtain the paid off statement from Option One Mortgage, therefore, we have mailed in the check #2521 dated 02/22/04 tried to cover the mortgage payments until February 2004. Option One has received the check on February 26, 2004.
On February 27, 2004 Option One has returned our check via mail for the reason of the fund did not represent the total amount due or were not in the form of a cashiers check, money order or Western Union Quick Collect. It also indicated the loan was submitted to foreclosure on 02/25/04.
While we and First Option Home Loan were trying to convince Option to post our payment into our account, on March 2, 2004, Option One Mortgage sent a Notice of Default & Election to Sell Under Deed of Trust to us.
We also wrote to Option One and explained that we are in process of refinancing and hope that they could cooperate and post the check so that we can move our loan to closure.
We did not receive the return check until March 5, 2004, on the same day, we went to Western Union to make a Quick Collect transaction in amount of $8,833.85 in which including the mortgage payment for December 2003, January 2004, February 2004 plus all the outstanding service charges.
We followed up with a correspondence date March 5, 2004 to inquire this transaction to be posted. On March 9, 2004, we have been advised by First Option Home Loan that, the $8,833.85 still did not post by Option One yet and Option One refused to release the paid off statement. As you may see, Option One is intending to delay on our refinance process.
On March 11, 2004, since Option One Mortgage refused to cooperate with First Option Home Loan, and we did not hear any further notice from First Option Home Loan, we have to seek another Loan Specialist to handler our refinance matter, which is Reginald Sylvester at Bayside Mortgage & Properties.
Mr. Sylvester has a very difficult time to obtain the paid off statement from Option One, and was advised by Option One that they would return our $8,833.85 because we need to pay another legal and penalty charges in above of $7,000.00 to enhance them to make our account in current. During this time, we have been tried numerous phone calls, and conference calls to convince Option One cooperation. However, Option One failure to do so.
On March 26, 2004, we have confirmed that the funds still at Option One Mortgage Company and not yet been returned.
On March 27, 2004, Peter Chan has talked with Option One and they said they did in receipt of correspondence from Mr. Sylvester at Bayside Mortgage & Properties, but without our signature for authorization, they would refuse to return any phone call.
They also advised that the return funds will send out on March 31, 2004 through Western Union. As you may see they kept our fund more than 10 business days.
On March 29, 2004, our loan officer, Mr. Sylvester advised us that if Option One still not cooperate then we have to apply a second loan with higher interest rate to cover the charges they requested.
We need help since we have our refiance loan approval but need Option One to cooperate to bring our refinace process in closure.