     louise smythe (Louise) | Tuesday, October 10, 2000 - 04:45 pm 
We HAD a mortgage with Option One, which we recently refied(last Friday). Our payment to Option One was due on the 1st of the month, late on the 15th. Every month, starting about the 3rd, they would call and harrass us if the payment was'nt there. As I said, we refied and did not make Oct payment. On Oct 3, I received a call from Option one asking for the payment. I told them we were refinnacing and would not be sending it. The collector got nasty, and I hung up. I should also mention that my name was not on the loan, just my husbands and this guy was yelling at me! So anyway, as I said, we closed on our new loan, OPtion One was paid off and today I get a letter, dated Oct 5th, stating that they could foreclose on our house, yada, yada.. So what I'd like to know is this, they were "collecting" on a loan that was not legally late, now threatening foreclosure on loan they don't own and giving out third party disclosure regarding the payments on this loan. Do we have any recourse? I feel abused by this company and feel they are not following the FCRA with regards to collections. By the by, we were never late, (passed the 15th.)Sorry about the long post, but geez, these people are deluxe! |
| Christine Baker (Admin) | Tuesday, October 10, 2000 - 07:13 pm
My first reaction was to agree with Shylock regarding the timing.
But then I thought it doesn't make sense that a lender can't charge you a late fee, but they can harass you on the phone and threaten with foreclosure.
Something seems wrong there. Could they actually start foreclosing on you while still in the grace period mandated by law?
I'd send the letter to their licensing agency and find out. If it's legal, the law needs to be changed to prohibit any collection efforts within the grace period other than a **courtesy notification** advising that the payment hasn't been received.
However, I definitely think that it is illegal to attempt to collect from a person who doesn't owe a penny.
If you weren't on the loan the collector has no right to discuss the loan with you. PROVING what was said is going to be the key.
I'm glad you posted here, consumers AND brokers should know about Option ONE. I used to get their newsletters and rate sheets for many years when I still brokered loans.
Only real scummy outfits would employ such awful intimidation tactics.
If you post an E-mail address or fax number for them, I'll be happy to forward this posting to them. I'd like to give Option ONE the opportunity to respond. |
