My husband, I and three children have become a victim to a predatory lender by the name of Option One Mortgage.in 2005 my husband took out a home equity loan through this lender which may in turn cause us to lose our home. The rate intially was high but as many know the lender tells you to pay it for two years and then simply refinance at a locked and lower rate. Of course for a young inexperienced couple this sounds simple enough. When my husbands mother became terminally ill and died without life insurance for a proper burial and services we became behind in the mortgage, trying to accomodate a simple funeral service.
We informed Option One and they assured us that it would be okay and told us of a program called a modification. ALthough not happy with the higher payment it was a chance to save our home and salvage our lives so we agreed. It seemed official and we had the contract notarized and agreed on a payment of $684. The next month a bill came and it gave the amount due as $740.00. Numerous calls were made to Option One and no one (especially who spoke English as a first language) could give us answers.
Frustrated and constantly working we made the payments for several months. At one point we were told there was late charges although the bill did not show that. As a parent trying to protect a family you pay the bll hoping that soon it will get sorted out. Finally I got a bill for $905! At which point I refused to pay until I the gentlemen who spoke very little english could have a manager call back with a valid explanation.
When we signed the modification we were told the rate was fixedso there was no logical explanation as to why it was fluctuating so drastically. After 30 days the same gentlemen or one of his dissent called again requesting that we make a payment.
After a very heated conversation he informed me that they have no record of a modification agreement and we needed to contact another department that would not be in until the following Monday. Yesterday we got a letter in the mail without any of the modifications that we had contractually agreed on and threatening to foreclose.
Please if you are wanting to buy a home or refinance do stay away from this company, I firmly believe that not only are they predatory I wonder if they are even US based. There is a language barrier and they cal at all hours of the day weekends. When you ask to speak to someone they put you on hold for 5 to10 minutes and then you get a answering machine and never a return call. This company has got o be stopped. They also report you late so that you cannot refiance with other companies because your credit score has become so low. If a class action law suit is filed please contact me. If any one has any suggestions on how to deal with these people please let me know!
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