• 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 U.S.A.

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

This report was posted on Ripoff Report on 12/13/2007 01:01 PM and is a permanent record located here: http://www.ripoffreport.com/reports/option-one-mortgage-corporation/irvine-california-92618/option-one-mortgage-corporation-misappropriation-of-escrow-funds-irvine-california-291313. 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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