Having read all the complaints about OPTION ONE, I too have our mortgage with OOMC, not because we were a poor credit risk, but because we had recently moved from EU to the USA and therefore had no US Income Tax returns for three years, as required by most conventional lenders.in addition, we were not wise to the entire "sub" credit industry and our broker had never told us that the lender he proposed deals mostly with borrowers who have had credit problems in the past.in any case that is not OOMC fault.
We had reason to question their crediting policy, as noticed on our statements that we had been charged for late fees in the amount of approx. $20.00. While not a large amount, we never the less wanted an answer why and how, as our monthly payments are always mailed during the alloted grace period of 1st -16th of the month. Now the fun started, just as most others have cited, an average of 1 hr. On the phone is usual, mostly speaking with people in India, who we can't understand, or who do not understand us. Excessive "hold on" requests, silence for up to 20 minutes, but worse, no real answers.
The same occured when we noticed that our payments had been incorrectly credited for tax payments, when no taxes were due (we pay our own taxes) and therefore showing short payments on the mortgage itself. It is our sincere belief that all these tactics are designed to make a lender not call with questions or inquiries.
Being beyond the pre-payment penalty stage, we are seeking anothewr lender and with having files taxes now in the States we should be able to secure a better rate as well as lender, or so we thought, until we found out we have been reported with late payments when in fact we had never been late. This of course requires us to stay with OOMC for another year or so until these late payment reports to the credit reporting agencies have been cured.
Our suggestion to all borrowers is: keep exact, detailed records of all payments, crediting dates, mail certification stubs, letters received from OOMC, letters written, etc. Keep a special file on OOMC. If at all possible pre-pay by one month your mortgage, not by mail, but over the phone, pay the lousy $2.00 or so, it is well worth it in the long run, obtain and maintain homeowner's insurance and send OOMC twice a year copies of proof of insurance, only correspond by certified mail with OOMC.
Keep exact payment records of all taxes paid and by whom. If you follow these instructions you can beat them in their own game. What I am reading about persl. Tragedies, while sad, really is of no concern to OOMC. Do not accept any verbal advise from oomc. Have everything put in writing, or do not comply (other than demands for payments).
I understand all the games people must play when short on money, but OOMC is the wrong creditor to play with, as they control the ownership of your home. If everyone is real honest, in rerospect, would it not have been easier to secure late payment arrangements with your utility companies in lieu of OOMC. At least they are local and you can find perhaps a caring representative. OOMC has one interest only, their money. The least you must deal with them the better of you are.
As to being hounded by thir collectors, I too have gotten calls when no payment was due, or it had already been made, but not recorded, I have finally updated my phone listing with them to my fax line. I never again received another unwanted phone call, as when their Indian collector called I politely told them wrong number. Do the same with your business/work number.
They have now repeatedly called a local bar, wanting to discuss my tax payments, the drunks are only too happy to converse with them and OOMC keeps calling them, I guess. As long as your payments are on time, you have nothing to worry about, yet should you have to be late, I suppose getting "demand" calls is the price one has to pay for such financial problems. The real estate market in the USA has for whatever reason been opened up to a lot of peole who are just not able to afford a house and when borrowing, did not realize the true cost of a house.
Harold
BUFFALO, New York
U.S.A.
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