OPTION ONE MORTGAGE UNETHICAL MORTGAGE LENDER IRVINE California

I have now read for years the complaints about OPTION ONE. The complaints are all similar, if not the same, yet I have not seen any governmental agency take any steps to stop or curtail the unethical dealings of this lender.

My wife too had to enter into a loan agreement with Option One. She is an immigrant from Germany, having worked her entire life for the US Army in Germany as a civilian translator she had filed her income taxes in Germany. After we had gotten married and she immigrated to the US, she wanted to purchase some income property on her own. Because she had no US Income Tax returns the broker directed her to Option One. What a mistake!

We have 2 other mortgages with conventional lenders, no problems ever, but Option Oneconstant calls from India about payments, even if they were already made. Late postings in order to charge a Late Fee. It is funny, the monthly payment must be received by the 15th. of each month, yet countless times has Option One posted the payments after the 17th, thus charging my wife a late fee.

We don't even bother to complain anymore. As the payments are mailed via FedEx, we have the POD for each payment ever mailed. In over 6 yrs., only once (due to bad weather in FL) had the payment arrived late. On the average Option One late posts the payment 4-6 times a yr. The reason we no longer bother to call Option One is simple.

Every call takes at least 30-45 minutes and the people in India can't help us in any case. Our time is more valuable to us. We have tried to re-finance with another company and made the mistake to let Option One know our intentions. BIG Mistake. Even our atty. could not get an accurate pay-off figure from Option One. He gave up and so did we. We now have decided to just pay-off the mortgage (the bal. is small enough, only 54K) as soon as we can.

We know that it will take months to get an accurate pay-off figure. In the interim, we just keep on making the monthly payments. Returning to our OPTIONS, I am fresh out of suggestions. At this critical time in our economy and politicians finally admitting that there are bad lenders, why is there not 1 who is prepared to take on Option One? There are 1000's of victims of this lender, yet I can't find a single politician, an AG, or private atty. prepared to take on this lender. This bothers me the most.

Usually a private atty. can't wait to get his hands on a case where the defts. have violated Federal and State laws in so many ways and who has the financial resources like Option One. I have asked attys. this question and their response has always been "the case may take yrs. They have tons of lawyers. They can drag out the case forever." I don't buy. If there are lawyers out there who would file a case over a spilled cup of hot coffee, then why not Option One which has millions at their disposal?

It is an indictment of our legal community and the various State and Federal AG's whose job it is to protect us. Pls. keep up your complaining to who ever will listen to you. Perhaps it is too late for you, but you may help some other poor soul who is about to lose his home. I am certain, once a case has been filed against Option One, there will be many, many who are prepared to testify against this lender.

Yes, they must be stopped! There is of course another explanation. Option One is so well connected that no one will go after them. Option One is owned by another company. Perhaps the complaints should be directed towards individual Board Members of this corporation. Perhaps they need to get daily, weekly e-mails and letters from the victims of the company they represent and direct. Exposing them would perhaps make a difference. Just a suggestion.

Politicians should also be pushed to repeal the revised usury laws they enacted. Several yrs. ago, both parties gave banks a big gift. They voided all usury laws for financial institutions. With usury laws in place, unethical lenders could not get away with what they are charging borrowers. Perhaps politicians need to be exposed for this "little gift" they gave to the banks.

Harold
BUFFALO, New York
U.S.A.

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