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Option One Mortgage Corp.

Irvine, CA

H&R Block • Charges • Electronic Filing • Errors • "Free" Filing • Online • Refund Anticipation Loans • Taxcut • Option One Mortgage Corp. -- News • American Home Mortgage Servicing Agrees To 8200 Modifications • Massachusetts Court Stops H&R Block, Option One Foreclosures • Massachusetts Blocks H&R Block, Option One Foreclosures • New York Stops H&R Block's Deceptive Sweepstakes Ads • California Sues H&R Block • H&R Block Sells Subprime Mortgage Unit • H&R Block Launching Its Bank • H&R Block Threatened Employees, Spitzer Charges • H&R Block Settles Tax Refund Loan Suit • H&R Block Readies New Bank as Business Soars • NY Accuses H&R Block of IRA Marketing Fraud • H&R Block Goofs on Its Own Taxes • Children's Defense Fund: Tax Refund Loans "Indefensible" • California Sues H&R Block Over Its "Instant Refund" Loans • H&R Block Doesn't Block Identity Theft • H&R Block Will Settle More Payday Loan Suits • Option One Agrees to Clean Up Its Lending Practices in PA • H&R Blocked: Consumer Groups Oppose Tax Giant's Proposed Bank • Tentative Settlement in Tax Loan Class Action • Class Action Challenges Electronic Filing Fee • Supreme Court Rejects Block Appeal in Class Action • Judge Upholds Racketeering Complaints Against H&R Block, Household • Court Clears Class-Action Suit • Tax Loans Victimize Consumers --- • All About HSBC

Ladelle of Coppell, TX March 26, 2009

Ladelle of Coppell TX (03/26/09)
Like so many of the others writing about Option One, I too have had nothing but problems with them. My loan was sold to them within the first year. Unless you are willing to be loud and nasty right back at them you will get NO WHERE. Knowing that my industry would see hard times I placed my house on the market in 2008. When I inquired about getting my escrow out to pay my taxes at closing they REFUSED to send it to me stating it was company policy. They said they would send it to me 30 days AFTER the loan was paid off.

I did not accept that as an answer anr proceeded to get very load and very ugly with them, letting them know it was MY money. In the end after MANY weeks, I closed the ecrow account and they sent the check. I have my house back on the market in 2009 hoping to sell as my pay has been devastated due to the current economy. I contacted Option One in January to give them advance notice that my pay change was happening and to find out what they could do to help, their advice was to turn off my cell phone and cable and get a part time job.

They call you starting the 2nd day of the month. Do yourself a favor and put them on ignore. You will not speak to anyone who can help or who you can understand. They are abusive. From reading all the stories it appears they WANT to FORECLOSE on properties. It appears the investor needs a write off. May their ill intentions hit them ten fold. Shame on you Option One.

Kathy of Billings, MT March 6, 2009

Kathy of Billings MT (03/06/09)
i ha a loan with option one mortgage. like many i got behind in my payments. My daughter who was renting the house got approved to buy the home. one day before the forclosure date (they waited this long to communicate with me) and after my daughter was approved by another lender to purchase the home they refused her purchase and continued with the foreclosure. i lost alot of money as the home was to be sold for more than the mortgage payoff and they still refused. i to had a second mortgage that was sold off by option one and now i am left with a default loan as well

my daughter was left homeless and was forced to vacate the property asap. i lost any money i was to recover after both mortgages would of been paid in full. how does this happen? why take a loss when a fully qualified buyer is willing to purchase the home before the forclosure? is there any retaliation? we worked long and hard to save this home and option one would not communicate/nor reverse the foreclosure action. they dont even speak english and they never return calls.

Kathy of Spanaway, WA February 9, 2009

Kathy of Spanaway WA (02/09/09)
We bought our first home in May 2005 and it was a interest only payment for 2 years and then it would adjust. Ok we knew it was going to adjust so 8mo prior to the adjustment. we actually tried to refinance the house with Option one and several other companies. But no one wanted to refi it as we owed more then it worth even after all the upgrades we did to the house. So we who have always made our payments on time every month decided we will have to sell the house if the payment goes up to high. It jumped like 600 and there was no way we could afford that.

So we decided to short sale and the first offer we got was almost a full price on what we owed so we submitted everything to option one more then one time and because they took 3 months to approve the short sale the buyers walked away. We called and called and no one speaks english and they were like well don;t know what to tell you, so we got 3 more offers each one getting lower and lower and they kept taking so long to approve that we were like well if you do not hurry up we can not keep up these payments. So we gave them notice and informed them that we will be moving out and the house is still for sale.

They continued to call me for 1 year daily sometimes 3-4 times a day harrassing me and I had to re explain everything everytime they called. It was very frustrating and in the end the house was foreclosed on for 80k when they could have had 195k from the first short sale offer. They sold my second loan to someone else who now threatens us as well. But I have never had such an experience with such a unprofessional company who is supposed to be there for the consumer and is the most disrespecting, threatening, unfriendly, hard to communicate with company ever.

It is very dishearting to know that for a family to work so hard to get the dream to only have some uncaring company rip it out from under us even though we always paid on time everytime. I would love it if some how we can get a class action law suit going or if there is one I would like to be in on it as you can see the complaints on this company go back many years. 

We lost home, we lost our self respect, our children lost what all families want the american dream, and now our credit is ruined with a foreclosure on it and worries that are wages will be garnished or the huge tax ramifications. I am stressed about all of it and it makes me very sad to know that we will not be able to get another home for god only knows how long.

Tammy of Auburn, CA February 4, 2009

Tammy of Auburn CA (02/04/09)
My partner and I had refinanced our home to pay off medical bills incurred when my partner developed chronic kidney disease. We were paying over 1,600 a month just for medical co-pays, not including emergency hospital stays, specialists, etc. When we purchased our home, (our 2nd home financed through Option One), my partner was a hospital executive and I am a social worker that works for a large non profit agency. When we found ourselves falling behind we approached Option One to attempt to renegotiate our loan in order to avoid forclosure. Option One said they would be willing to work with us based on the fact that we had a catastrophic medical issue. We submitted the required paperwork on three different occasions.


After waiting three months, we received a response that as an act of good faith, we should make a mortgage payment of 1,800. We wired the money that day. Again, we waited. We called on a weekly basis and was told it was being reviewed. This went on another 3 months. We finally received their renegotiation offer. They offered to help us by raising our mortgage payment an additional 800 per month. They demanded we sign the paperwork, have it notarized and sent back within 5 days. Knowing we couldn't make the original payments, and certainly couldn't afford an additional 800 per month, but not knowing what to do. We signed the paperwork, had it notarized and sent it back. We felt cornered.

The consequence is that we left our home, turned it back over to Option One, which refused to acknowledge we were turning it over, and moved to a rental. My partner ended up in the emergency room due to stress, which increased the symptoms of her kidney disease, and I had a mild heart attack. We abandoned a home we loved and raised a child in. We have a ruined credit score (although we don't plan to own again), which makes it hard to rent in our state, and we had to leave behind much of our belongings since we didn't know when the house would be seized.

Evelyn of Spring Hill, FL January 29, 2009

Evelyn of Spring Hill FL (01/29/09)
Refinanced with Option One through H&R Block in 1998 before all this information had surfaced on Option One. We had a 3 year ARM - of which we never received paperwork to sign in closing. Option One continued to send us the paperwork to sign saying it was an oversite at closing but we refused to sign after the fact.

In 2002, my husband was injured in the line of duty as a Volunteer Fire Fighter. To make a very long story short, Option One attempted to foreclose on the house when we fell behind on payments. We hired an attorney who had us file a Chapter 13 bankruptcy and set up an arrangement with Option One. Not only did we have to pay our Chapter 13 payments but Option One decided they didn't want to be part of the Bankruptcy and set up a different arrangement with our attorney. We were making our payments with Option One as agreed and on time.

THEN, I lost my job and when my husband was released by the doctor to go back to work, he lost his job because they only held it under the FMLA guidelines; he couldn't find a job either and was back under the doctor's care because he was released too soon. We went to our attorney who changed our bankruptcy from a Chapter 13 to a Chapter 7 including Option One (there was no equity in the home). Option One opted out of the Chapter 7 and proceeded to foreclose on the home.

Their only option given was to make up the payments from before the chapter 13, sign the arm agreement and agree to pay 400 more per month. Our attorney tried to reason with them, we tried to reason with them - to no avail. We gave up the home and let them foreclose on it in February 2004. They lost over 60,000 in the deal and I'm happy they did! But now, I'm fighting them on our credit report. Since our bankruptcy originally started in 2002 and our amended payment schedule in 2002 their 7 year statuate has expired yet they refuse to remove the foreclosure on the credit report because it happened in 2004. The FCRA clearly states from the first date of delinquency but they refuse to accept this fact (as well as Experian) and continue to report based on the 2004 foreclosure date. Plus the information Experian gives to contact the company is all wrong - and I still can't get it removed. This company is bad - everyone stay away!!!

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