Option One Mortgage Beyond Unreasonable..it's Criminal: Taking almost 100% of my monthly net income Irvine California

Jodie --

It has been over nine years since your submission, but I am hopeful that you are still accessible by this medium. I have gone through a lengthy process detailing the fraudulent business practices of Joe Bisogno & Co. at Loan Compliance Advisory Group of Wilmington, DE. I and others have had money taken by Joe Bisogno only to find that he does not live up to his contractual obligations. If you had a similar experience as long ago as 2008, you could help our group prove a pattern of fraud by LCAG that stretches across the entirety of its existence. While we have Joe Bisogno & Co. on breach of contract, his failure to provide refunds for services not rendered and his rude, condescending dismissal of his victims have left a group of us believing that his pattern of breached contracts constitutes fraud. Your experience could help prove that LCAG was never legitimate, as I believe it never was, based on the evidence I have found thus far suggests.

Please contact me at lcagfraud@hotmail.com to discuss your experiences with Joe Bisogno, and read the posts by myself and others on Ripoff Report about the Loan Compliance Advisory Group of Wilmington, DE. Thank you!!!

I am a victim of Option One Mortgage.. but NO MORE!!! I'm taking my fight against them and H&R Block to a whole new level by telling it like it is in my short film, "Predator" and exposing both companies for the bad apples they are. it is nearly 19 minutes long in MPEG-4 format and can be seen in its entirety at CNN's sister site,
iReport.com. The full URL is:

http://www.ireport.com/docs/DOC-15905

For other victims of Option One, you are more than welcome to download it if you wish or share the link with your family, friends, co-workers and neighbors, even your elected officials. Although "Predator" focuses on Option One, victims of other predatory lenders such as Countrywide, Wells Fargo, WaMu, HomeQ, IndyMac and others can take heart from it and find the courage within themselves to fight back. God bless every one of you!!!

It is just common sense that a net income of only $1300 cannot support a $1000+ mortgage!

The problem here was taking the cash out to live on, and to pay off the other relative. That house should have just been occupied and put up for sale, and the proceeds split among the 2 relatives.

As far as the reporting of income, etc. This is all clearly disclosed on your 1003 and the rates and payment are in the TRUTH IN LENDING DISCLOSURE required on every loan, by federal law.

These are in such plain language a 3rd grader could read and understand them.

The mortgage broker/loan officer jumps through hoops to acomodate an unqualified buyer, but the buyer takes no responsibility? Give me a break.

You know for a fact your income was falsified. I know this because I was in the mortgage business and have seen it dozens of times.

You were required to review and sign your 1003 [Loan Application]. At this time, by placing your signature on that legal document, you agreed that everything on it was factual, including your income!

It is just common sense that a net income of only $1300 cannot support a $1000+ mortgage!

The problem here was taking the cash out to live on, and to pay off the other relative. That house should have just been occupied and put up for sale, and the proceeds split among the 2 relatives.

As far as the reporting of income, etc. This is all clearly disclosed on your 1003 and the rates and payment are in the TRUTH IN LENDING DISCLOSURE required on every loan, by federal law.

These are in such plain language a 3rd grader could read and understand them.

The mortgage broker/loan officer jumps through hoops to acomodate an unqualified buyer, but the buyer takes no responsibility? Give me a break.

You know for a fact your income was falsified. I know this because I was in the mortgage business and have seen it dozens of times.

You were required to review and sign your 1003 [Loan Application]. At this time, by placing your signature on that legal document, you agreed that everything on it was factual, including your income!

It is just common sense that a net income of only $1300 cannot support a $1000+ mortgage!

The problem here was taking the cash out to live on, and to pay off the other relative. That house should have just been occupied and put up for sale, and the proceeds split among the 2 relatives.

As far as the reporting of income, etc. This is all clearly disclosed on your 1003 and the rates and payment are in the TRUTH IN LENDING DISCLOSURE required on every loan, by federal law.

These are in such plain language a 3rd grader could read and understand them.

The mortgage broker/loan officer jumps through hoops to acomodate an unqualified buyer, but the buyer takes no responsibility? Give me a break.

You know for a fact your income was falsified. I know this because I was in the mortgage business and have seen it dozens of times.

You were required to review and sign your 1003 [Loan Application]. At this time, by placing your signature on that legal document, you agreed that everything on it was factual, including your income!

It is just common sense that a net income of only $1300 cannot support a $1000+ mortgage!

The problem here was taking the cash out to live on, and to pay off the other relative. That house should have just been occupied and put up for sale, and the proceeds split among the 2 relatives.

As far as the reporting of income, etc. This is all clearly disclosed on your 1003 and the rates and payment are in the TRUTH IN LENDING DISCLOSURE required on every loan, by federal law.

These are in such plain language a 3rd grader could read and understand them.

The mortgage broker/loan officer jumps through hoops to acomodate an unqualified buyer, but the buyer takes no responsibility? Give me a break.

You know for a fact your income was falsified. I know this because I was in the mortgage business and have seen it dozens of times.

You were required to review and sign your 1003 [Loan Application]. At this time, by placing your signature on that legal document, you agreed that everything on it was factual, including your income!

There is much more to the original poster's story than she has told you. If you want her whole story go to loansafe.org (and I'm sure there is much left off even there). This one is a real nut case - listen to this excuse; chose to pay some stranger's mortgage and then gets pissed at her mortgage company for not understanding why and wanting their money. If you think having to pay a $1000 mortgage on a $1300 income was bad then check this out ... she's got like a dozen dogs and cats. That's gotta take the remainder of the income for food and minimal health care of that many animals. Somebody needs to call the SPCA because something ain't right here. And, after getting the pets taken care of, get this lunatic committed. Housing problem solved!

UNITED WE STAND!!! NO BAILOUTS FOR IRRESPONSIBLE LOSERS!!!

My situation is very similar to yours. We have a list a mile long of deceptive lending practices. But we also had a prepayment penalty so we could not refinance to get rid of them. I sought help from the Loan Compliance Advisory Group LLC and I'm waiting for our outcome. It costs $80 but well worth it. The Phone number is (888)883-5224 (which is the direct line of Joseph Bizogno) also you can find them on the web at www.loancomplianceadvisorygroup.com and fill out the form. Maybe they can help you.

""At the time of application, I listed my income as being $1300 a month (net). The payments, beginning in February '07, were set at $1,034 which ""

""it is criminal in my opinion. I am dead certain that Option One did not verify my income at the time I made the application through my broker""

And WHY are you "dead certain" about this? Could it be because YOU KNEW your income was NOT $1300 even though YOU LISTED YOUR INCOME AS $1300? At this point, you are complicit in the fraud. You're claiming that they did some illegal things, is not gonna EXONERATE the fraud you committed.

Who in their right mind, thinks they can pay $1034 per month on a loan when they only gross #1300. You refinanced and PULLED what equity there was out so you and your brother could get the cash, and your posting here gives me the impression you FALSIFIED your application to do it.

What should have happened, is that the executor of the estate should have sold the home - then used the proceeds to payoff the mortgage and other ESTATE liabilities, THEN whatever was left of ESTATE assetts (money) would have been dispursed to you and your bother.

Option one has been trying to sell the company, one deal fell through, but just recently an offer has been put in from Wilbur Ross to buy the company. As of know that I know of, Option one is no longer originating loans. I too have a loan with Option One, and they are not the poor innocents they claim to be. I have an ARM with them and unfortunately what we were explained at closing on the terms was not the actual case - again this is partly our fault, so we were quite suprised when our ARM when it jumped three percent depsite being on time every month.

I have read other stories like not posting payments etc-- I made sure I kept all my receipts and when they didn't post them the correct way, I called. I really think people our missing the point here- the economy has been souring greatly and basic neccessities have creeped up dramatically. And then you have the mortgage companies who basically got greedy- you combine those with any loss of unemployment, increased property taxes, higher heating costs divorce loss of a love one - the payments which at the time you orignated their loan was completely affordable.

I really do not have much symptahy for the companies who are not willing to work with the borrower who finds themselves in a temporary hardship and are willing to take the loss on a foreclosure rather than working something affordable out - this is what Option One does. Then they go and cry to the government- so these companies really need to start taking some of the blame.

In your personal case it sounds to me there had to be some falsehood to allow that high of a payment on your salary. - whether it is Option One's fault or your broker, I am unsure - but maybe with the new ownership, they may be willing to make a deal - however they are not the most "pleasant" people to deal with and from my experience the customer service is less than desireable.

Option one has been trying to sell the company, one deal fell through, but just recently an offer has been put in from Wilbur Ross to buy the company. As of know that I know of, Option one is no longer originating loans. I too have a loan with Option One, and they are not the poor innocents they claim to be. I have an ARM with them and unfortunately what we were explained at closing on the terms was not the actual case - again this is partly our fault, so we were quite suprised when our ARM when it jumped three percent depsite being on time every month.

I have read other stories like not posting payments etc-- I made sure I kept all my receipts and when they didn't post them the correct way, I called. I really think people our missing the point here- the economy has been souring greatly and basic neccessities have creeped up dramatically. And then you have the mortgage companies who basically got greedy- you combine those with any loss of unemployment, increased property taxes, higher heating costs divorce loss of a love one - the payments which at the time you orignated their loan was completely affordable.

I really do not have much symptahy for the companies who are not willing to work with the borrower who finds themselves in a temporary hardship and are willing to take the loss on a foreclosure rather than working something affordable out - this is what Option One does. Then they go and cry to the government- so these companies really need to start taking some of the blame.

In your personal case it sounds to me there had to be some falsehood to allow that high of a payment on your salary. - whether it is Option One's fault or your broker, I am unsure - but maybe with the new ownership, they may be willing to make a deal - however they are not the most "pleasant" people to deal with and from my experience the customer service is less than desireable.

Option one has been trying to sell the company, one deal fell through, but just recently an offer has been put in from Wilbur Ross to buy the company. As of know that I know of, Option one is no longer originating loans. I too have a loan with Option One, and they are not the poor innocents they claim to be. I have an ARM with them and unfortunately what we were explained at closing on the terms was not the actual case - again this is partly our fault, so we were quite suprised when our ARM when it jumped three percent depsite being on time every month.

I have read other stories like not posting payments etc-- I made sure I kept all my receipts and when they didn't post them the correct way, I called. I really think people our missing the point here- the economy has been souring greatly and basic neccessities have creeped up dramatically. And then you have the mortgage companies who basically got greedy- you combine those with any loss of unemployment, increased property taxes, higher heating costs divorce loss of a love one - the payments which at the time you orignated their loan was completely affordable.

I really do not have much symptahy for the companies who are not willing to work with the borrower who finds themselves in a temporary hardship and are willing to take the loss on a foreclosure rather than working something affordable out - this is what Option One does. Then they go and cry to the government- so these companies really need to start taking some of the blame.

In your personal case it sounds to me there had to be some falsehood to allow that high of a payment on your salary. - whether it is Option One's fault or your broker, I am unsure - but maybe with the new ownership, they may be willing to make a deal - however they are not the most "pleasant" people to deal with and from my experience the customer service is less than desireable.

Option one has been trying to sell the company, one deal fell through, but just recently an offer has been put in from Wilbur Ross to buy the company. As of know that I know of, Option one is no longer originating loans. I too have a loan with Option One, and they are not the poor innocents they claim to be. I have an ARM with them and unfortunately what we were explained at closing on the terms was not the actual case - again this is partly our fault, so we were quite suprised when our ARM when it jumped three percent depsite being on time every month.

I have read other stories like not posting payments etc-- I made sure I kept all my receipts and when they didn't post them the correct way, I called. I really think people our missing the point here- the economy has been souring greatly and basic neccessities have creeped up dramatically. And then you have the mortgage companies who basically got greedy- you combine those with any loss of unemployment, increased property taxes, higher heating costs divorce loss of a love one - the payments which at the time you orignated their loan was completely affordable.

I really do not have much symptahy for the companies who are not willing to work with the borrower who finds themselves in a temporary hardship and are willing to take the loss on a foreclosure rather than working something affordable out - this is what Option One does. Then they go and cry to the government- so these companies really need to start taking some of the blame.

In your personal case it sounds to me there had to be some falsehood to allow that high of a payment on your salary. - whether it is Option One's fault or your broker, I am unsure - but maybe with the new ownership, they may be willing to make a deal - however they are not the most "pleasant" people to deal with and from my experience the customer service is less than desireable.

I've met with some attorneys and they say that I definitely have grounds for a lawsuit against Option One. To wit: FRAUD and violations of the federal Truth-in-Lending laws and the Real Estate Settlement Procedures Act (RESPA) as well as other elements of predatory lending.

To those of you who have filed rebuttals to my report, I have had it with your smug, holier-than-thou attitudes. You really think us homeowners are really to blame for the whole subprime mortgage meltdown in this country?? Think again. Why do you think the FBI is currently investigating 14 lenders for fraud, predatory lending and other criminal acts? Why did the mayor of one city file suit against a group of predatory lenders, if you think the homeowners are to blame? Why did Matt Blunt, the governor of Missouri, draft a bill making predatory lending a felony?

By pointing your fingers at homeowners like me and others who have filed reports against Option One and other lenders, you are in effect condoning the CRIMINAL actions of the lenders. You people obviously don't put much value on such virtues as honesty and integrity. And one final thought: don't think it won't happen to you, because it CAN. All it takes is a pink slip, a medical catastrophe, a family crisis, divorce, ANYTHING to sending you sliding into the abyss of foreclosure and homelessness. "Pride goeth before a fall". You'd do well to remember that!

I can't believe that anyone is blaming another company for what was an individual's mistake. You sit down at that closing table and sign for what you're paying. I've had a mortgage with Option One, and I had no issues. When I signed for the mortgage, the amounts were there, and I knew that I had an arm that would increase 2 years after starting the mortgage. Also, even if she could make the payments on the house at 90% of her net income, she would be in a predicament because of the balloon.

If you don't know what you're looking at, get informed. It's called research. There's the internet with vast amounts of knowledge out there to give you an idea of what you're looking for. There's libraries full of books so that you may be able to figure out what you're buying. This agent isn't your friend. This is someone who is looking for a way to make a living. If they can help you buy your house, and that's what you're looking for, then they are helping you. It's the buyer's responsibility to know what they are signing for. This government already gives money to people for no reason on the backs of hard working Americans. Now, we're supposed to help finance someone's home purchase? I already pay for my mortgage. If you didn't have a job, and couldn't afford a house payment that was already in place, you would have been better off selling the house. Home ownership is not a legal right in the United States. It is a privilege.

I've been in financial difficulty before. Put too much on credit cards and could barely keep my head above water. Did I blame the credit card companies for my irresponsibile spending habits? No! I blamed myself. This mortgage is nobody's fault other than the buyer's. It's the buyer's responsibility to know what he or she can afford. Not the mortgage company's. They look at if they can make money off the deal, and here it seems they could. The OP saw the payment, knew her income and still guaranteed that she would make the payments. I don't see Option One forcing her hand to sign on the mortgage.

I know you don't want to hear this (and you've seen it in the other rebuttals) that you HAVE to read the contract, the fine print, and the terms of the loan.

You're first red flag should have been a "fixed rate loan with a baloon payment". Fixed rate loans don't have baloon payments. I somehow doubt your broker said this to you. Sounds like you have an ARM.

The contract you signed at closing has all of the terms of the sale, and the paperwork included will show the income you were reporting. If the reported income was too high, you should have questioned it.

All of these forms should have been read at closing. If there was anything you didn't understand, you needed to ask then (or not sign.) The starting interest rate, any baloon payments, and ARM interest rate increases were on the contract as well.

Any time you sign something you HAVE to read it all and understand it, no excuses.

I disagree with the suggestion that mortgage companies are not to blame. Certainly consumers should be aware of what they are signing, and not buy more house than they can afford.

However, in the past decade mortgage companies have been using creative financing to get people into homes, including teaser rates, ARM, no-documentation loans, etc. I cannot blame people for wanting to get their own homes, and use of these gimmicks helped them realize home ownership. However, mortgage companies knew full well that many of their borrowers would not be able to make payments once the rates increased.

The fault here is two-fold. 1. The borrower should have been more prudient in purchasing a home, realizing what they could afford. 2. Mortgage companies created a situation wherein they placed their own economic well-being at risk by lending to borrowers who they knew would not be able to make payments. They created the situation to gain short-term profits, failing to recognize the long-term consequences of their lending policies.

Least we think that unsophiscated borrowers are the only ones falling into the economic trap of buying more than they could afford, it is now being reported that more wealthy borrowers (ergo more knowledgeable), have been borrowing against the equity of their homes to maintain their lifestyles, rather than reducing their buying patterns. These same borrowers are now finding it difficult to make mortgage and equity loan payments. Many are losing their homes.

Do not just blame people for wanting to own their own homes. Certainly they should have been more careful, but place a greater blame on lenders who created this problem to begin with by engaging in poor lending practices. We are about to go into a recession, if not a depression because of a combination of poor lending practices, people living beyond their means, and greed. We chickens are coming home to roost, and the United States is losing its long respected image as a world economic leader.

1. People need to stop blaming Bush for this crisis. You should've seen the monthly payment on the papers YOU SIGNED at your refinance. Knowning you only made 10% more than the payment, you have the right to walk away - or to sign the loan cancelling notice.

2. Odds are you got into a risky loan because you couldn't afford your house- probably should've sold and gotten something smaller. The current financial crisis is caused by these decisions and you should not be blaming mortgage companies or the government for your poor financial decisions.

1. People need to stop blaming Bush for this crisis. You should've seen the monthly payment on the papers YOU SIGNED at your refinance. Knowning you only made 10% more than the payment, you have the right to walk away - or to sign the loan cancelling notice.

2. Odds are you got into a risky loan because you couldn't afford your house- probably should've sold and gotten something smaller. The current financial crisis is caused by these decisions and you should not be blaming mortgage companies or the government for your poor financial decisions.

1. People need to stop blaming Bush for this crisis. You should've seen the monthly payment on the papers YOU SIGNED at your refinance. Knowning you only made 10% more than the payment, you have the right to walk away - or to sign the loan cancelling notice.

2. Odds are you got into a risky loan because you couldn't afford your house- probably should've sold and gotten something smaller. The current financial crisis is caused by these decisions and you should not be blaming mortgage companies or the government for your poor financial decisions.

First off, I am truly sorry for your loss and subsequent mishaps. One thing I am compelled to say is that you must realize you share some fault in this circumstance. I have no doubt that you were wronged by unprofessional business practices and given a loan you could not afford. You and many others have been victims by predatory lending. One thing you don't mention is that you knowingly accepted the terms that were given to you. Whether you knew the house payment would be reset is irrelevant. You signed your name on that dotted line and willfully agreed to whatever terms were stated in your mortgage paperwork. Despite whatever you may say, you had to know that you could not continue to afford a 1000.00 house payment when your net income is only 1300.00.

It is true you should have never been offered a loan as your income to debt ratio is way to high. You were scammed in that offer, but you have be logical and admit that you are partly to blame. None of these companies could have ever gotten away with all this subprime mess if consumers had used their own best judgement and just said "no".