Complaint Review: Option One Mortgage - Irvine California

Where do I begin? Option One mortgage has basically stolen our home from us, and ruined our credit for a long time. We obtained our mortgage from option one. We took and ARM because with and Arm, the down payment and monthly payments were much smaller. All we had to do was make 24 consecutive payments on time and we could be converted to a fixed interest rate. (This did not happen, a million reasons why they couldn't do it at that time. None of the reasons were because of late payments, we didn't have any....) All was honeysuckle and roses for 2 years then the stress, headaches, nightmares, sleepless nights and run-around started.

The first interest hike came almost exactly 24 months into the mortgage. This took our $519.00 payment to $848.00. We frowned on this, it was hard to make, but we still made them, with a "Fixed Rate" promise. Sometimes we would have to borrow a little from family and always having to cut back on certain things. Eating out, movies, birthday parties and new shoes for the kids was a thing of the past. Everytime I made a payment I would tell myself "It'll be O.K. as soon as the fixed rate is in effect. These payments will be back to normal." After 6 months of $848.00 payments always on time, the rate adjusted again. This time taking the payment to $1121.00. This amount we can't pay. We have 5 children. Our home is a double-wide on 2 acres. I called option and explained we can not make these payments. Even if we could, this place isn't worth it. We could be living in a much bigger, nicer place for this amount of money. After being given the run around (none of them spoke or understood english. I had to repeat myself over and over), I finally got to speak with Heather Bell in Loss Mitigation. Very kind person, listened to my complaint and had a sincere heartfelt sympathy for our situation. She simply asked me if we could continue paying the $848.00 while she worked on a loan modification. Thats what we did. She was obviously working on it because, she left a message on the machine telling us she needed additional information.I called and spoke with someone else that told me what Heather needed. Tax returns and bank statements. I had already faxed these items when she first started the process. I faxed them again. (The company had lost the first ones)

Four months went by. We thought everything was fine. We were doing exactly what Heather told us to do. Then the sheriff showed up at the door with foreclosure papers. I immediately called Option One. After being pushed around to 6 different people, none of which spoke english you could understand, I finally got to speak with Natrina Goshay in Loss mitigation. She was nothing like Heather. She was rude, cruel and uncaring. I demanded Heather. Natrina informed me that Heather was let go. Then I explained what Heather was working on. She told me there was no file, and foreclosure proceedings would go on due to insufficient payments for 4 months. I told her I can get the $1100.00 to make up the remainder of those payments and I could also pay the late fees. She said "No, we cant accept it. The loan is in foreclosure. Theres legal fees, late fees and sheriff fees now". I almost fainted. The sale date was only 2 weeks away. I contacted our attorney. Unfortunately, Bankruptcy seemed to be the only answer. We went ahead and filed. It stopped the sale for the time being. Since thr B/R, Option one has called me, and sent a person to the door delivering messages for them. (This is illegal) We took this to our attorney. He called the number on the card and got somebody in INDIA????? She could barely speak english (doesn't surprise me at all). He demanded an english speaking person. He got one, a very rude one. She claims to have no file or evidence of a bankruptcy. YOU HAVE GOT TO BE KIDDING ME!!!!! The attorney faxed our entire file to her while I was sitting there, also threatened them with harrassment/contempt charges. They still have not responded and sent another "delivery person" to the door.

The sale date is October 5th 2007. We now owe $72,000.00 on the mortgage. The place only appraises at $38,000.00. We just had this appraisal done for the bankruptcy court. We don't know whether to laugh and let them take the house, because they are gonna take a big bite or cry because this whole mess is not our fault. This has been our home for 13 years, we raised our wonderful family here. It will be very difficult to call someplace else "HOME". Even if it is just a double wide and a little bit of land, It has heart. It has seen smiles, frowns,laughs,tears,excitement, disappointment, hugs, kisses and new babys first words and steps.

These people have to be stopped. Class-Action law suit????

7 schells in cochranton, pa

Cochranton, Pennsylvania

U.S.A.

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