I was contacted by a representative from Option Mortgage Lending Inc who called me at work and advised they were part of my current lenders. They said they could save me about $400-$500 a month on my mortgage payment plus I could take out some cash. I told them I would be interested and they put me through to Ben Wharton.
Ben advised he could lower my payments down from $1467 to approximately $900. He sent over a good faith estimate which was exactly what he had told me. It looked good so I proceeded with the loan.
When I received my money, it was substantially less than what I was told. I called Ben, he told me the fees and pay off of my prior loan were higher than expected and there was nothing he could do.
When I received the 1st statement for my mortgage payment there were 3 payment options, the $900 payment, a $1700 payment and $1850. I did not understand why there were 3 options so I called the lender, Indymac Bank. They explained if I paid the $900 I would be going into negative amoritization. I had never heard of this before. It was not on my good faith estimate anywhere!
I went back through my loan docs and saw way in the back the page about the negative amoritization. I immediately called Ben Wharton, I did not recieve a call back, I called several times to reach him and never received a return call.
I contacted the Dept of Corp and filed a complaint. I also tried filing a claim against their bond to try and get back some of my money. The bottom line was since I signed the loan docs I was stuck.
I made the payments on the crappy loan Option Mortgage gave me and worked with my personal bank who found me another loan. The pre-payment penalty on the crappy loan was over $20,000. I was able to re-fi out of the crappy loan but am now paying a $1781 a month housepayment that I can barely afford. I've had to take a 2nd job to help pay the mortgage but now due to the economy the hours on the 2nd job have been cut drastically. I am late every month on my house payment and am trying to get a loan modification.
After this happened to me, one of my neighbors also lost their home, when I spoke to them it appears Option Mortgage also had contacted them out of the blue and represented themselves as being with their current lenders. I bet if I were to speak with other people in my neighborhood I would find out they were also targeted.
I feel this company is fraudulent and dishonest! I think a class action suit is needed against them.
0 comments