Originally had my home financed through HomeComings Financial. My teaser rate ended after two years, so I refinanced through Option One.
About 8 months later I became 30 days late on a payment. I called Option One to try to make a payment by phone, that's when I learned they had began Foreclosure Proceedings. They refused to let me make a payment on my loan.
They informed me they had retained an attorney for Foreclosure and that if I wanted to catch my loan up it would cost me $7000.00. Of course I did not have that much, and if I did I would not give it to them anyway because I felt I was being ROBBED!!!
I quickly went to see a Real Estate Attorney to see if there was anything I could do. He looked at me with slight disbelief when I told him what was happening to me. His only advice was to send as much money as I could via Certified Mail.
I did so to no AVAIL!!! They returned my MONEY to me!!! I've never heard of a loan company refusing money towards a debt. It is unheard of! Everyone I tell this story to cannot believe they refused my money. Get behind on your car payment or any other loan for that matter and see if they won't accept your payments to catch up your loan. I thought refusal to take money towards a debt rendered that debt Null and Void. Guess I was Wrong.
I tried several times to contact Option One by phone to see what their malfunction was but whenever I got through they would not talk to me about my loan stating "We cannot talk to you about a loan that is in Foreclosure and the only people who could was in their Foreclosure Department.) They would then forward my call to this department and... Surprise! Welcome to India!
These people could barely say their name in English let alone help me with my Option One induced problem. Also, if it wasn't in "SCRIPT" in front of their face the couldn't answer your questions. I got nowhere with these people. They withheld (or did not know, but should have being a representative of Opton One) information from me about my loan (such as payoff amount), and basically had no decision making power whatsoever. (I thought it was unlawful to withhold information from a debtor about their debt). I am not an Attorney but I believe these are basic rights in the Truth in Lending Act. Maybe I am wrong.
Because Option One refused to accept my payments (I feel they were obligated by Law to accept them), they forced me to go 90 days late. 20 days later the house was sold at a sheriff sale. Shorty after (very shortly) the deed was transferred to a company called DEUTSCHE BANK of portland, oregon. Deutsche Bank sold it to another individual for $50,000.00 less than what I owed.
If you were to look at my credit report it looks like I could not afford or was not willing to make good on the loan. Now when I go in to apply for any kind of loan I am asked about the Foreclosure. When I tell them what I went through they look at me as though I am not telling the entire story. I feel as though they don't believe me and I am just some Loser with a Pathetic Story to pass the blame onto someone else. I am Ashamed and Embarrassed!
Option One has Foreclosed on a lot of homes here in Battle Creek, Michigan. The "Foreclosed Deed" is almost always transferred to Deutsche Bank who then sells it for a ridiculous price on the market. These guys are crooks and need to be held liable for their actions. They are Destroying individuals and families lives and Slandering their Credibility!!!
I want to sue those liable in this scandal (and have the money to do so), but I am not sure how to go about it. I feel as though I am alone in my plight but I know I am not. I also feel that those who can help us legally aren't sympathetic to our cause. If anyone can refer me to someone who can help it will be greatly appreciated.
Also if anyone wants to research Foreclosures in their area and who is behind them the information is public knowledge and available at your local City Assessors office. Should be free. Good Luck To All Here!
Mike@bc, mich.
Battle Creek, Michigan
U.S.A.
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