Option One Mortgage Review
Option One Mortgage owned now by WL Ross & Co. after purchasing the company from H&R Block for $1.3 Billion and merging it with the defunct American Home Mortgage (AHM) to form American Home Mortgage Servicing Inc.(AHMSI), was one of the leading subprime lenders. We uncovered four phone numbers, their website, a few lawsuits, and a plethora of customer complaints.
Option One Mortgage – American Home Mortgage Servicing Website and Phone Contacts
Website: www.ahmsi3.com
American Home Mortgage Servicing Phone: (214) 260-7000
Customer Care: Phone: 877.304.3100
Tax-Related Inquiries: 877.283.0046
Insurance Inquiries: 800.278.9939
Home Retention Team 877.304.3100
Address: . P.O. Box 631730, Irving, TX 75063-1730
Option One Mortgage – American Home Mortgage Servicing Review
Our review of Option One Mortgage – American Home Mortgage Servicing is not very favorable. I’ll break this into two pieces to discuss the old origination practices or the “no more” Option One mortgage and then the servicing company reviews of the ongoing AHMSI.
Option One with their parent company of H&R Block went on a rampage originating subprime mortgages and did so in the way a drunken sailor on shore leave spends money. In do so, they managed to anger many customers and State Attorney’s General getting sued by more than one for, “deceptive or predatory” lending practices. They built up a valuable servicing portfolio of mortgages that was eventually sold to billionaire bottom-feeder, Wilbur Ross.
The new and ongoing company, AHMSI, now services all of the old Option One and American Home Mortgage loans. American Home Mortgage (AHM) was more of a prime lender with their own wholesale and bank division, but that’s another story.
If you have a mortgage with either Option One or American Home Mortgage, it’s now serviced by AHMSI, and you’ll have to discuss loan modification with them. The phone number is above under Home Retention Team.
NOTE: If you are facing foreclosure and need information on how to save your home, check out our book, Stop Your Foreclosure Now!
It appears when I search for mortgage complaints against Option One Mortgage, there are some. Click the link to see all the
Option One Mortgage complaints listed in Google.
It appears when I search for mortgage complaints against American Home Mortgage Servicing, there are some. Click the link to see all the American Home Mortgage Servicing complaints listed in Google.
BBB Activity on Option One Mortgage and American Home Mortgage Servicing Inc.
The BBB no longer process complaints for Option One Mortgage since their sale to Wilbur Ross. However, we searched for BBB complaints on AHMSI and got this:
“BBB processed a total of 249 complaints about this company in the last 36 months, our standard reporting period. Of the total of 249 complaints closed in 36 months, 146 were closed in the last year.”
Ouch!
See Comments Below to Add/Read Customer Opinions On Option One Mortgage or American Home Mortgage Servicing
We would really like to hear your experience with either of these companies, so add your comments in the section below.
Thanks!
Author: The Mortgage Insider
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I am so glad I found this site. I am so fed up with AHMSI!! No one at that company knows what they are doing. I have been yanked around since August saying I was approved for their SWR(stipulated relief workout program) Was offered this because I and my husband are both currently unemployed and this program would help us out till we gained employment again. They put 2 owed pmts back into my principal and gave me my remaining pmt deadlines so our pmts would now be current. I did electronic signature online they walked me thru the process and I honored their payment agreements. Then I get a call stating that e-signature was not on file, which was non-sense because i did a follow-up with a cs rep on the phone who verified that my signature was taken and on file!!! I argued with cs reps and then got a supervisor on the phone who said I would now need to start SRW process over!! So I faxed my SRW forms to them, they called back a week later by a cs rep who said they were missing one page of my fax and SRW which was BS because I had verification from place where I had faxed that all pages had gone thru!!!Ugh!! So I got a supervisor to listen to my problems and she said that if i re-faxed they would consider reinstating the SRW. So I re-faxed by the new given deadline and did a follow-up call and she said that yes, all pages were accounted for this time and was approved for reinstatement SRW as long as my pmt was made by Oct 5th I made my last arranged pmt with CS rep on the 5th who said for my convenience I could do pmt over the phone. Feeling good that all was now well, I get a call a week later saying that SRW program not valid since I did pmt with cs rep over the phone–needed to have made pmy by cashier’s check or West Union. I explained that rep misadvised me on the pmt by stating to me ok to do pmt over the phone and that I had done nothing wrong. When someone at the co. says to ok to do something I do it and put my trust in them. I was told by a supervisor that they would look into getting the SRW back for me sice i was wrogly advised by their cs rep but no promises!!! I am so frustrated, they keep giving me the run around and meanwhile it looks on my record like I have not been making pmts. now they are threatening foreclosure and I have done everything they have asked me do to guarantee the SRW, they have messed up royally but don’t want to admit it–The supervisor that was trying to get SRW program reversed since I was advised wrong on my pmt., I have now found out he is no longer with the co.!! Ugh!!!! Now when I call, no one will connect me with a supervisor, says they don’t have access to their extensions, but will gladly e-mail a supervisor to call me back–well, now it has bee a week since they told me that BS and not one call back from a supervisor!!!! LIARS!!! I have never bee treated like this from a company in my entire life!!! What gives with this company!! It is poorly run, all the cs reps are poorly trained and I just LOVE the ones that can’t understand english!!! So upset that my mortgage is affliated with such a terribly run company!!
Thanks for letting me vent on here!