• Report: #274227
Complaint Review:

Option Mortgage/Indymac Bank

  • Submitted: Wed, September 12, 2007
  • Updated: Wed, September 12, 2007

  • Reported By:GARDEN GROVE California
Option Mortgage/Indymac Bank
indymacbank.com Lake Forest, California U.S.A.

Option Mortgage/Indymac Bank INTEREST SAVING??? NOT Lake Forest California

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was contacted last year by a representative from Option Mortgage telling me that they could lower my interest rates. He had told me that they were affiliated with Citicorp the Mortgage co i currently had. And was able to offer this because of my outstanding payment history.

As time went by, I told them that i was planning on selling my house and plan on paying off the loan in full so I did not want a prepayment penalty. Since that ws understood The Interest rate they offered my was 6.5% with in introductory rate of 1.25% for 3 months. They sent over a notary and we had asked her the conditions of the loan and she confirmed that it was a fixed rate of 6.5% with an introductory rate of 1.25% and that there was no prepayment penalty. She had told me that our monthly paymeny would be 826 and that would never go up. As time went by i never really looked at the statements. Untell recently i noticed that the balance was more than the loan. I called them up and they said it was an adjustable rate loan.

Realizing this I frantically called my Primerica Rep which got us into our loan with Citicorp and to try to go back to them. Citicorp called Indymac Bank to find out that they through a prepayment penalty clause in the loan as well. This that was to save us on interest ended up costing us about 25,000 to get out of this loan. I have heard on the radio about how people are forming class action lawsuits regading similar circumstances. I just thought I would not be one of them.

GARDEN GROVE, California

This report was posted on Ripoff Report on 09/12/2007 11:22 AM and is a permanent record located here: http://www.ripoffreport.com/reports/option-mortgageindymac-bank/lake-forest-california/option-mortgageindymac-bank-interest-saving-not-lake-forest-california-274227. 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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