Report: #291313

Complaint Review: Option One Mortgage Corporation

  • Submitted: Thu, December 13, 2007
  • Updated: Thu, December 13, 2007
  • Reported By: Eugene Oregon
  • Option One Mortgage Corporation
    6501 Irvine Center Drive
    Irvine, California

Option One Mortgage Corporation Misappropriation of escrow funds. Irvine California

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I had a mortgage loan through Option One Mortgage Corporation that went into a chapter 13 bankruptcy. I refinanced my home to pay off the loan and associated costs including the bankruptcy court. I was notified my loan cleared on July and paid Option One in full.

In this letter I was also notified any remaining funds would be returned to me. My escrow account had a balance which I was told was mailed to me on August 17th. I never received a check. I was told to request in writing the check be stopped payment on and reissued to me. After waiting for this check for 5 months I received a letter that stated the excess amount was issued in a check, but when the mortgage company's bankruptcy department received it they realized I owed more money to their department so they kept the check.

For almost 5 months they lied repeatedly to me saying they were working on the check and it would be mailed soon. Then I get a letter in the mail that says my excess funds were applied to the previously "paid in full" loan.

I think this company uses it's escrow accounts to steal the consumers money.

Eugene, Oregon
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This report was posted on Ripoff Report on 12/13/2007 01:01 PM and is a permanent record located here: 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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