Option One Mortgage Foreclosure Process, Loan and Mortgage Modification Programs
Recently, one of the leading subprime lenders in the country had been bought by WL Ross & Co. Option One Mortgage was merged with the American Home Mortgage (AHM) which formed the American Home Mortgage Servicing Inc. (AHMSI).
Option One Mortgage Foreclosure Assistance and Mortgage Modifications
A loan modification program is very useful to help as an option to settle payment of dues. If you find yourself lagging behind payments of mortgages, this will be the best way that you can cope up with that. As you may expect, a loan modification program is in demand especially with the economic crisis that happened.
To start with your application for a the loan modification program, you must first look at the requirements that are needed to complete the application. This will tell if you are qualified or not for the loan modification package that you are applying for to proceed with it. The first step is very important so that the whole loan modification application process will be continuous.
The Option One Mortgage loan is a convenient loan modification program to get. It is basically an interest-only type of loan mortgage. However, there is a requirement needed during the first year. The borrower must pay 1.25% of the interest on the loan. The rest of the interest will be added to the following loans to be paid. On the second year, the interest to be paid is greater. The settlement of the loan depends on whenever you feel you can do it.
This loan is very convenient as it provides the borrower the option to pay the loan. It depends on the capability of the person on how to settle the payment. You may pay in full payment or partial payment as long as you will be able to complete payment of the loan. There is no pressure on your part because you can adjust payment to the best of your capabilities.
Mortgage Payment Assistance
There are different payment options for loan modification packages that you will find on your bill. The following would be:
- Payment of dues within 15 years fully amortized payment total.
- Payment of dues within 30 years fully amortized payment total.
- Payment of the interest or part of the loan that was applied.
- Payment of partial interest based on the type of loan then settlement of the rest of the loan after a certain time frame. The advantage of this is to enjoy lower payment terms.
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