Option Mortgage Lending, Inc. Predatory Lenders - Liars, Mortgage Fraud Glendale California

Refinanced mortgages are not subject to the same laws as when you get your first mortgage. Alot of lenders (not only option one) pull this kind of stuff when you refinance. They say one thing to get your business then when all is said and done they "need to redo some paperwork" this often involves changing the interest rate and adding points.

They assume after you have sunk alot of your money into refinancing that you will go ahead and sign the paperwork after the rates have gone up or points added.

You could have backed out at any time to cut your losses but from this post looks like you didn't do it.

Word of warning to anyone that refinances. Read before you sign updated paperwork and don't be afraid to cut your losses.

In my previous rebutal, I listed Option One mortgage company but should have been Option Mortgage in Glendale, California.

I am sorry this happened to you and like I said before I am not defending anyone who does this type of fraud. Did you get it in writing that they were going to ammend the original paperwork? I am not sure it will do much good, but you need to file a complaint againt the notary. I mention the notary because they have much moire to lose than a big corporation and might tell the truth with some pressure from a formal complaint.

I would also take your paperwork to a real estate attroney to have it reviewed, chances are Option One didn't follow all the rules they had to and it might be worth a 1 hour consultation with an attorney, if they made just one mistake you can try and get the loan undone. Just a thought, good luck to you!

By the way in the future put the entire story down so all the facts are in writing, no where in your complaint does it say you were told they were going to ammend the paperwork.

Bob in Aliso Viejo, If you knew all the facts and the timing-
Option One informed us prior to signing that the paperwork is being amended that they needed the paperwork signed to get everything in line. The Notary, a goverment offical also said the same that she will be coming out again and even showed what Option One will be paying us back. Both parties had the same story and sorry to say, yes, we believed them.

This is embarassing for us but we want to reach anyone dealing with Option One before they get scammed. Wouldn't you want to inform others?????

Did you read what you signed? I am not on here to bash you, but come one the way mortgages are set up these days you have every opportunity to read your paperwork and not take the loan if you feel it's unfair.

There are many places in the loan paperwork that shows the fees you are paying along with your rate, loan amount, monthly payment and whether it's fixed or adjustable.


Is it ethical what they did, by no means and I am not justifying what they did, but come on people read your paperwork that you are signing. It's a very expensive lesson you learned but certainly was not a ripoff!