Option One Mortgage Foreclosure Help and Loan Modification

 


Option One Mortgage Foreclosure Help and Loan Modification

Option One Mortgage, one of the leading subprime lenders, has been bought by WL Ross & Co. and merged with the American Home Mortgage (AHM) to form the current American Home Mortgage Servicing Inc.(AHMSI).

If you are thinking of other ways on how to pay up your dues, then why don’t you consider applying for loan modification programs. But before you do, you should know first what options you have and what requirements are necessary for your application. Of course another you have to know would be whether or not you are qualified for such type of loan. Of course this type of loan is very popular at present and it will be advantageous on your part so you might want to try it out.

There are several different types of mortgage loans but there would be one that we will focus on and that is the option one mortgage loan. This type of loan is basically interest only mortgage loan types, except that the first year, you have to pay only 1.25% of the interest on the loan. The remainder of the interest that is accruing is being added to the loan amount. In the second year of your payment, you have to pay a greater amount of interest rate and then gradually pay it or pay in full whatever you like and whatever is best for you. Such a loan is called as such This type of loan modification program i actually called as such because you have a lot of payment option on your hands. You can pay in full, pay in parts, or simply pay what you can afford at the moment. Whatever situation you are in, you will defintely have to make it work to your advantage.

You are typically offered four different types of payment options that can be attached to your bill.

Here are some of the payments options that can be provided to you and that you can take advantage of.

  1. You can pay your dues within a 15 year fully amortized payment sum.
  2. You can pay your dues within a 30 year full amortized payment sum.
  3. You can pay only the interest or portion of the loan that you applied for.
  4. Lastly, you can also make a partial interest payment that would depend on the type of loan that you applied for. Then you pay for the interest and then pay the total amount loaned after a period of time. This type of loan is good if you want to take advantage of lower payment terms.

Contact Information:

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