The same thing is happening to me and I don't know what else to do! Why isn't it allowing me to reset????

Hi Ry3 Ry3,

Try powering off the phone and then pressing and holding "Volume Down" and "Power"
The phone should hopefully show the "System Recovery" screen
From there, use the volume rocker to highlight "Factory Data Reset" and press "Power".

As a side note, the way you access the recovery menu can change after certain firmware updates.
I hope this method helped.

It's not letting the master reset process start??? I been trying over and over it keeps vibrating and showing the LG sign. And it jus turns on still locked. What do I do????

WARNING! Master resetting the LG Ultimate 2 will result in the deletion of all the data stored on the internal memory, including downloaded apps / content, media files, contacts (if stored on the storage), ringtones and so on. All settings will return to factory values. Content stored on the SIM and SD cards will not be affected.

NOTE: To learn how to back up and restore data on the LG Ultimate 2, follow this link and this thread respectively.

Master / Factory Reset via Settings:

1. Press "Menu" while on the home screen
2. Tap "System settings"
3. If necessary, press "Menu" and switch to list view
4. Under "Personal", tap "Backup & Reset"
5. Tap "Factory data reset" > "Reset phone"
6. Tap "Erase everything"
7. Review the warning info and tap "OK" to confirm. When the process completes, your phone will restart automatically

Master / Factory Reset Hardware Buttons:

NOTE: Use this reset method in case you are unable to factory reset the smartphone via settings (as explained above).

1. Make sure the LG Ultimate 2 is powered off
2. Press and hold the "Power", "Home" and "Volume Down" simultaneously
3. When the "Factory Hard Reset" screen appears, release all hardware keys
4. Press "Power" to confirm and reset the smartphone. It will automatically reboot with all settings returned to factory values and clean storage