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Option One / Fraud and scam

1 Irvine, CA, United States Review updated:
Contact information:

We also are victims of Option 1 who I have a mortgage with ONLY because i mentioned to the company that sold it to them CITIRESIDENTIAL that I wanted to learn about getting a mtg modification - currently mtg is 12.75% but it's not supposed to be because Ameriquest who had it before CitiResidential told us this loan would go to a fixed 19% rate after two years and when the closer came to the house for the signature, my husband did not have his glasses on and asked her if the terms were 12.75 for two years and then 10% as he was promised and she said YES.

First of all home closers are supposed to be illegal in NC I though especially notarizing his signature, Okay his stupidity and then after two years they rate didn't drop which caused us to look at the original contract which indeed showed he was lied to. Anyway CITI said they would get back to us but we never heard anything and then I got a letter stating the mtg was sold to Option One. The payment is too high and requested a home mod - also spoke to Indian guy - I don't have a problem with Indian people BUT he was rude and also put me on hold for a LONG time and though I make enough to carry the mtg at the payment we were going for they wont give us the mod unless we make A LOT more money a month.

I told him if we did make that amount that we wouldn't NEED the loan mod SO I told them they are crazy when we are showing we can make the bills just not having hundreds left over a month so they would rather the house go into foreclosure and keep us at the regular payment. We are so disgusted. Any suggestions?

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  • Va
      16th of Jun, 2008
    0 Votes
    Option One - Rip off
    Option One
    10101 Grosvenor Pl 1704
    United States
    Phone: 301-530-4500

    This company claim, was looking for wholesale distributors to sale supplement in retail chains, and would offer locater to stock items, and make large profit. My husband sent them his retirement of 20, 000 was sent the vitamins, but never received any information about store locater's. We just had boxes of 'vitamins, not aware if they were vitamins for what, and could not get rid of. No retail chain would agree to sale the product not knowing the contents.

    When we tried to contact the company back they gave us the run around, and then change or move from location. I contacted the attorney general but got no response, nor with the BBB, this happen 10 years ago, and up until now I had no recourse. I really want to know if this company is still scamming people. Please help.

    Thank You

    My husband lost his life saving, we went through three bankruptcy because of this.

  • Wi
      16th of Jul, 2008
    0 Votes
    Option One - mortgage
    option one
    United States

    we have a mortgage with option one and in may we owed 2 payments. we were only able to send one and they cashed the check, it cleared our bank, then 3 weeks later they issued us a check in the payment amount and returned it to us and by then that caused us to owe 3 payments. they demanded the full amount and we snet it and they returned the check saying it was a day late and started forclosure. we had to sign an agreement to pay an additional $400 a month for 7 months for reinstatement. it seems illegal that they could cash our check, hold it for 3 weeks, return their check and start forclosure and now charge us an extra $3000. is this legal?

  • Va
      4th of Nov, 2008
    0 Votes
    Option One - Stay away!
    Option One
    United States

    We refinanced over a year ago and our mortgage was sold to option one. We fell behind dec of 07. As of Feb 08 we sent out our dec 07 payment and it was returned. The letter stated that they would not accept the dec payment. that we needed to now send in dec and jan payments or they would start the foreclosure process. In March, sure enough we received our foreclosure procedure. We were able to get it put on hold because we wanted to try a loan modification which we were denied for. SO I got on the phone with the HOPE line in Texas that contacted option one for us. Well here we are almost a year later, nov 08 we just received a loan modification from option one. States that in order to stop foreclosure we need to come up with oct and nov pmts by nov 14 which is $5000.00 then come up with our new loan mod amount by dec 1 of 2000.00 which is interest only for 5 years. Our adjustable rate has jumped to 8%. In talking to other mortgage companies along the way for some type of informational help, they were shocked to hear that Option one wouldn't even accept payments along the way. We kept asking option one if we could make payments because every month that passed it would increase $2500. Now our mortgage is behind $27, 500. Which obviously we can't afford that amount. Now with the loan modification they are offering, we will be paying for our house until we're 80+ years old.

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