Option One Mortgage Complaints & Reviews

Option One MortgageBait and switch fraud

The company used bait and switch. The loan was raised four points higher

than the contract stated. The home loan monthly bill went up 500 dollars

not including penalties and interest. The company completely lied. I lost

my home in forclosure. My credit is now in the poor catorgie. They did

want to reset the loan. I lose alll equioty in the house. They resold the house for a profit. This company is a total ripoff. They are based in Irvine, CA. They bait you to refinance. They only paid off a few bills.

Then they increased the points by four. They are a real bad company.

Option One MortgageIllegal actions

My friend told me it would be a good idea to contact the a news station hoping to expose a mortgage companies predatory ways, and to possibly get help saving our home. We are getting no where with our mortgage company. It breaks my heart to see so many American's going threw what I'm going threw, but my story is different.

Our mortgage payment was $859, with taxes and insurance included, and our payment went up, without warning, to $5, 200. because of an escrow shortage. The escrow shortage was not due to our usual taxes and insurance. We had an abatement at our house, and the county came in and knocked down some buildings on our property, that were unsafe for use. It cost us $22, 000. The county collects it in two installments, the same way property taxes get paid.

Here's our problem, we notified our mortgage company, when we got the loan that we would pay it, I went down on the very 1st day with a check for $12, 000, and tried to pay them. But they informed me that it had already been paid. Almost a year and a half go by, and we didn't here a word from our mortgage company. We called, and called, and they told us there were not such advances.

June 2008, I called again, and finally someone said that they see it, but for us not to worry, they would spread it out in 48 months, and our monthly payment would change only a few hundred dollars. In July 2008, I almost had a heart attack when I saw the statement said $5200. Right away I contacted the mortgage company, didn't get any where. Kept on trying and trying. I was told, 'I see the problem, but I don't have the authority to change it. Then we were in default.

You see, when we applied for the loan, they knew what our monthly income was. Not only that, they were suppose to start collecting it in 2007, payments spread out to over a time of 48 months. It would take us 3 months of our paychecks to equal one payment. Not only that, we wouldn't have any money to take care of any other bills.

We tried to get a loan modification, which we got letters from our mortgage company, saying we were qualified. Only to be denied, because of our home owners insurance...get this, all of a sudden our insurance company refused to cover our house, because our house is over 60 years old. But this mortgage company found someone who would cover us, but it would cost of $3000/month. We reapplied and still got denied. How can this be legal.

The original foreclosure date was March 3rd. We still have our home, Thanks to a law firm that tried to modification. for us but were told the same stuff, and got the run around. Now we got a new foreclosure date, in 10 days, the mortgage company accelerated it. I don't want to lose my home. If anybody knows anybody or anything that can help me, please contact me @ weiss. [protected]@yahoo.com.
I want to put out there, if you have a loan with Option One or A. H.S. M.I. a word of advice, GET OUT OF IT, and go with a company that is willing to work with you. THESE PEOPLE WONT!! What they did to me should be against the law. Now I have to file bankruptcy. I hope I can find a solution soon, and I pray for all the people in the US going through the same problems as I am. Hopefully there will be some relief soon.

Option One MortgagePredatory Lending

We are looking into the possibility of a class action complaint against Option One Mortgage, American Home Service and H&R Block concerning subprime loans based upon unverified (or even inflated) stated income, and where the ratio of monthly loan service to monthly (actual) income is greater than 50% after the teaser rate expires. If your loan meets these criteria and you are interested, email me at [protected]@spillaneweingarten.com.

  • Valerie Jun 17, 2008

    I have had option one for about two years, and due to my illness which is not contagious or curable ... Parkinson’s. They keep harassing us for payment and late fees along with attorney fees, they stood on my lawn beggaring me for a payment and taking pictures. We called to get our balance for a payment and they told us they cannot accept it because our house went to foreclosure, so they did make an arrangement WOW... 4500 due then and 10 payments of 2900.00. I said we have a hard time with 2300 because of my disability how am I to do 2900 I was put on an ARM that means it will only get worse. I NEED HELP. They told us they would rather have the house. I'm ready to have legal action if you are all ready to go with us. I'm disabled, five kids and a wife. They said if we didn’t adhere to this deal our stuff will be on the street.

    0 Votes
  • Re
    Realty Mediation Services Jul 08, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I agree with everyone on this comment board and I am so sorry to hear about all the trouble that you are all having. This is the reason I started my company. I have helped several people that have mortgages with ASC, Countrywide, and other mortgage companies that don't seem to care if they harass people or suck them dry. The comments I have heard are along the lines of trying to get blood from a stone or turnip, or something like that.

    Contrary to what some people have said on here, I am not trying to be one of those people I mentioned above. My company is a nationwide company that provides services for people that are at the end of their rope. One of the helpful things that we provide is letting you know, before payment for service, if we can assist you and if we can not. If we can not, we tell you why not and what can be done to allow our company to assist you. Most companies won't do that, but we will also give you the reasons why exactly so that, if you should choose a different service, they will not be able to scam you. Now that's a way of saving money too.

    I have a service that actually will take you out of the loop of contact with ASC, or Countrywide or whomever you have servicing your loan. All you have to do is tell me how we can help you. By that I mean, tell us what you are looking for us to do for you and we will pursue the help that you want, no matter what. We have all aspects of the mortgage business covered from being a mortgage mediation company, a title company, a real estate company, all the way to having access to attorneys for litigation or help to avoid foreclosure. No aspect of help is turned away.

    Let me tell you, most of the customers that I deal with have told me about the fear and the frustration of working with mortgage companies that don't seem to care or give them the runaround. To be totally fair, mortgage companies have their ways of dealing with people. Some are good, some are horrible. But one thing all mortgage companies love is being vague. When they are vague, they don't have to give you information until you ASK for it. How does that help you? How can you try to save your home if you don't know how to ask the right questions?

    That’s another reason why I created this company. I take your number out of their "system". When they mail you something, it goes to me. I take the burden away from you so you can live your life without the phone calls and the letters. And the rudeness!!! Oh, man, if I told you some of the stories I have heard...let's just say, it’s not pretty.

    I know that some people are going to look at this comment and go, this guy is trying to drum up business. Well, you're right. But here's the kicker. I used to work in mortgage collections. I used to make the phone calls and send the letters. I used to work around the people that make your lives hell. And I kept asking myself, why? Why are these people not being told about the help that’s readily available? Why are these people not being helped to make payment arrangements that are realistic? Why does this company care more about the money than about customer service when that is supposed to be their primary objective?

    That's why I got out. I can not stand collections. Just because they are hiding behind a company name they think that they can say anything or act anyway they like with the customers, being friendly with one and the next 40-50 they can treat like crap. Where is the customer service?

    I take all that frustration away from you and create solutions that work. I know that it may be hard to swallow, but I do. I have done it for several people. And I can do it for you too. If you want more specifics or just want to talk to me, call my office at 888-453-1518 and check out the website, which is being updated with a few new options available. And this isn't just for people facing foreclosure, people that are current and want to pay off their home early, call me. I can and will help as many people as I am able to. What have you got to lose? Website address is http://www.onlybusiness.com/members/RealtyMediationService...and if not for you, best of luck. In all your endeavors.

    0 Votes
  • Ba
    Balby Jul 14, 2016
    This comment was posted by
    a verified customer
    Verified customer

    I purchased a home in 2006. Option One was the mortgage company. During the economic mess I contacted Option One to redo my mortgage or I would probably lose the house. Because my wife lost her job. Option One stated to me I didnt make enough money to redo the loan.

    I was making more money now. Then when they gave me the loan. So now i did not make enough? I was the onle one listed on the loan. SO my wife income did not matter. I filed bankruptcy and asked Option one to reconsider. They still said no. I said come and get the house then. WTF CROOKS

    0 Votes

Resolved Option One Mortgage1098 form for 2008

My dealings with Option One have always been negative.

I always felt like I was getting the run around. I had requested my 1098 form for 2008 and was told it was mailed out. I advised that I had sent them a letter about a month ago requesting the 1098 form with my new address. The rep stated that it was mailed out to my old address. Then he asked me if I had made a request with the new address, I advised him yes about a month ago. He then tells me the 1098 was mailed and I should be getting it at the old address that they had received my request on 3/21/09. If I don't get it by April 1, call back.

I don't think it is me! I hate dealing with idiots.

Resolved Option One MortgageScam and cheating

I have desperately been trying to get a Release of Lien for a Property I paid off over 4 months ago. I called and talked to someone from India, I think. I was on hold, transferred, and spoken to like I was ###ed or something for over and hour. I am used to this unfortunately from everytime I have called them in the past year or so. I was told by a mortgage broker what to do so I informed AHMSI what I needed.

I asked to have my release of lien sent to me. I was then informed that I had to send a fax with various pieces of info on it and my signature. I did this several times over the next month or two and still had not received anything. Not a call or any response by mail or email. I gave my former address and my new one as well as new phone #'s because I had moved recently. I had already given this to them on other occasions but they always ask to update my info like they have never heard of it before. Still nothing.

I then called a few more times. Same thing, another day. Hold, English please, transfer, hold, what did you say?, I already gave you that info many times, hold again, and on and on and on. Another hour later, nowhere, no info. no one knows anything. I am tired, frustrated and getting nowhere, AGAIN!!! I finally send the info by mail, forget faxing. Let's try the old fashion way. Over a month now and still nothing.

Another call to them. Guess what? They want me to update my info. It is the same as the last 3 times I called. Is that all they know how to do? Why would it be so difficult to get a Release of Lien on my property that is paid in full. They did send a letter the month after it was paid off stating that fact. When I talk to them they say it shows that it is paid off in full several months ago. So why won't they just sent the stupid paper to me? HEEEEELLLLPPPPP Please, someone, anyone, but be from the USA!!!

  • Valerie Oct 07, 2008

    Someone help all of us... option one now American home mortgage are taking our homes deliberately. They must be stopped... America has gone to *** in a hand basket with the overseas reps controlling us when they cant even communicate with us... their way or no way OK.

    This company will cause the housing market to get worse no matter what plan is set forth. We need help and if anyone reading this that knows what to do please help us as many of us at at a loss. Maybe we should get a letter to the president i am starting with our governor.

    0 Votes
  • Al
    Al Smith Feb 10, 2009

    The normal process for loan payoff is when the last payment is made and the loan is paid in full, the mortgage company then prepares the loan for closing by sending it to the loan payoff department. This is when they verify that all taxes are paid and that the title is clear. There are a number of things that can go wrong in closing a loan for example if they check and the taxes have not been paid and there is not enough or no escrow to pay it the mortgage company will ask the borrower to pay the amount to successfully close the loan. If there are any fees that have not been paid will have to be settled before closing. The one that stands out most often is a broken chain of title. This means that when the loan was sold from one mortgage company to another, somewhere along the way the title information was lost. The mortgage company now try and trace back the title chain to clear up the problem. That may be what your mortgage company is doing, but depending on the level on knowledge of the customer service rep you get, they may not know this process. If you paid for a title search and title insurance when you closed the loan then you may be OK if the title was not transferred properly. I would say call the title company that closed your loan and ask them for help and information. Call the county where you pay taxes on the property, they may have some information for you as well. In many states when the loan has closed the mortgage company will send the final closing documents to the county office where the property is located.

    Hope this helps.

    Al Smith

    0 Votes

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Resolved Option One MortgageStay away

I have a mortgage with Option One. We couldn't make the payments, put the house up for sell. Had a contract that would pay the principal + a little extra. We put 81, 000 down, which we are loosing, but better than foreclosure. Option One won't return phone calls, won't negotiate, they would rather it go to foreclosure. The most rude, uncooperative company I have ever dealt with. Now I am loosing the sale. I guess I would have been better off to strip the house, and let it rot like everyone else in Florida is doing. They didn't mind calling the last day of every month when payments were being made though.

  • Re
    Realty Mediation Services Jul 08, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I agree with everyone on this comment board and I am so sorry to hear about all the trouble that you are all having. This is the reason I started my company. I have helped several people that have mortgages with ASC, Countrywide, and other mortgage companies that don't seem to care if they harass people or suck them dry. The comments I have heard are along the lines of trying to get blood from a stone or turnip, or something like that.

    Contrary to what some people have said on here, I am not trying to be one of those people I mentioned above. My company is a nationwide company that provides services for people that are at the end of their rope. One of the helpful things that we provide is letting you know, before payment for service, if we can assist you and if we can not. If we can not, we tell you why not and what can be done to allow our company to assist you. Most companies won't do that, but we will also give you the reasons why exactly so that, if you should choose a different service, they will not be able to scam you. Now that's a way of saving money too.

    I have a service that actually will take you out of the loop of contact with ASC, or Countrywide or whomever you have servicing your loan. All you have to do is tell me how we can help you. By that I mean, tell us what you are looking for us to do for you and we will pursue the help that you want, no matter what. We have all aspects of the mortgage business covered from being a mortgage mediation company, a title company, a real estate company, all the way to having access to attorneys for litigation or help to avoid foreclosure. No aspect of help is turned away.

    Let me tell you, most of the customers that I deal with have told me about the fear and the frustration of working with mortgage companies that don't seem to care or give them the runaround. To be totally fair, mortgage companies have their ways of dealing with people. Some are good, some are horrible. But one thing all mortgage companies love is being vague. When they are vague, they don't have to give you information until you ASK for it. How does that help you? How can you try to save your home if you don't know how to ask the right questions?

    That’s another reason why I created this company. I take your number out of their "system". When they mail you something, it goes to me. I take the burden away from you so you can live your life without the phone calls and the letters. And the rudeness!!! Oh, man, if I told you some of the stories I have heard...let's just say, it’s not pretty.

    I know that some people are going to look at this comment and go, this guy is trying to drum up business. Well, you're right. But here's the kicker. I used to work in mortgage collections. I used to make the phone calls and send the letters. I used to work around the people that make your lives hell. And I kept asking myself, why? Why are these people not being told about the help that’s readily available? Why are these people not being helped to make payment arrangements that are realistic? Why does this company care more about the money than about customer service when that is supposed to be their primary objective?

    That's why I got out. I can not stand collections. Just because they are hiding behind a company name they think that they can say anything or act anyway they like with the customers, being friendly with one and the next 40-50 they can treat like crap. Where is the customer service?

    I take all that frustration away from you and create solutions that work. I know that it may be hard to swallow, but I do. I have done it for several people. And I can do it for you too. If you want more specifics or just want to talk to me, call my office at 888-453-1518 and check out the website, which is being updated with a few new options available. And this isn't just for people facing foreclosure, people that are current and want to pay off their home early, call me. I can and will help as many people as I am able to. What have you got to lose? Website address is http://www.onlybusiness.com/members/RealtyMediationService...and if not for you, best of luck. In all your endeavors.

    0 Votes
  • Ji
    jimmy Aug 05, 2008
    This comment was posted by
    a verified customer
    Verified customer

    PEOPLE IN DEFAULT OR NEAR DEFAULT, DON'T MAKE YOUR MORTGAGE PAYMENT. YOU CAN SAVE UP TO 6-12 MONTHS OF PAYMENTS BEFORE YOU ACTUALLY HAVE TO MOVE OUT OF YOUR HOME. RENT A NICE HOUSE FOR 50% OF YOUR PREVIOUS PAYMENT. WHATS THE DIFFERENCE, YOUR CREDIT IS GOING TO BE DAMAGED ANYWAY. MIGHT AS WELL WALK AWAY WITH A LITTLE MONEY.

    0 Votes
  • Ma
    margaret Mar 30, 2009

    When we got behind with our mortgage payments because my husband got laid off, i called option one and tried to speak to someone who was able to help and when I explained our situation all i got for the person on the phone "well you still need to make your payments" I couldn't believe they were not willing to help or offer some kind of salition, we ended up selling our house before it got foreclosed on. No thanks to option one mortgate and there staff who was rude and disresctfull.

    0 Votes

Resolved Option One MortgagePoor conduct by Option One employee

We are financing a townhouse with Option One. They were calling us and insisting and being rude at various times. it was not until the 6th or 7th telephone call that this individual realized that the property is a townhouse and insurance date is not a requirement. I called to the secretary of the president and requested this individual be disciplined. Instead I received a rather crude comment form this secretary in addition. I want to switch to another mortgage company and feel Option one should totally forgive any and all early penalties in my case. I am Thomas Crum. Property is 6222 Skyline Drive, Unit 4 Houston, Texas 77057. SS # [protected].

Resolved Option One MortgageHarassment

I get calls on the first of the month and I never had one late payment. They answer from India with "Option One Collections«. They are very unprofessional. I finally had enough and started recording their phone calls and told them never to call me again. Of course they called again and I recorded that also. Now I can get them in small claims court for $1000 or so. I also had a problem with a payment made through Quicken. My bank returned the payment because they did an unauthorized bank draft. I faxed the information to Option one that this was all their fault (Option One refused to give me an address to send this info) along with the letter from the bank. They of course said they did nothing wrong and marked my account so I cannot send electronic payments. Now I have to go to the bank and pay for a cashier check every month and send it to them.

  • Ke
    kellie smith Jul 21, 2008
    This comment was posted by
    a verified customer
    Verified customer

    please tell us where to go for help we get india and they are doubling our taxes and they hang up where do we go - Optionone bank.

    0 Votes