Option One Mortgage - Any experience?

Foreclosures, Short Sales, Tax Foreclosures
1

Folks,
Anyone out there done a SS with these guys?
Boy, they have not got my authorization letter registered
and it has been 4 days.
Have faxed it over 5 times.

Please let me know about your experience and the kind
of deal they cut on your SS transaction.

Thanks
Krish

2

Don’t even get me started on them!! Oh the horror stories!!

3

I’m currently or should I say was doing a SS with them. Long story short. I have a divorced couple that is in default, the ex husband is ok with the short sale but the ex-wife is super paranoid! She feels that my partner and I are committing fraud, and I’m like lady, why are you worried? So anyways, I’m working with Option 1 right now, and have a BPO scheduled tomorrow morning and now I have to cancel because of her. Option 1 can be a pain in the butt, their Loss Mitigations dept is in India and they had to mail the short sale packet to the owner. They couldn’t fax it or verbally tell me over the phone. After I got it the SS packet from the homeowner, faxed it over and it was good to go. I’d say it probably took about 2-3 weeks for it to get assigned to a rep. Good Luck w/ them!

4

Otion One has their required paperwork online at http://www.oomc.com/servicing/PDF_files/Financial_Analysis_for_Loss_Mitigation_Workout_Form.pdf .

If you haven’t already done so, help the H.O. fill it out while you are waiting for the company to get you in their system.

My only exprerience with them was also frustrating. They held the first and second mortgage for my client and refused to deal.

-LA

5

Here is the setup.
The call center is in India to process all the information.
However, the negotiatiors are stateside. I have been
leaving messages for 2 negotiators and their boss over
2 weeks and not a soul called me back.
Right now, i am banking on the 2nd lien holder cutting
a deal after they had the BPO done.

In my case, the note holder is Deutsche bank and Option
One is the loan processor.
They faxed me the SS paperwork.
Very unprofessional organization.

-Krish

6

Pretty amazing for a company that is owned by H & R Block!

7

I am trying to do a Short Sale with Option One, and they told me the samething, that they couldnt fax me the paperwork. Well luckly he did come to me.

I asked them for clerification on the HUD-1, and of course they werent giving me any information.

They are terrible. But we’ll see once we get into the Short Sale!!!