PHH Mortgage Bank Foreclosure Process, Loan and Mortgage Modification Programs


PHH Mortgage is part of the top 10 residential mortgage service providers in the United States. Their operations focus on originating their loans and services loans from other lenders. They have served more than $40 billion worth mortgages in the year 2006.

PHH Mortgage Bank Foreclosure Assistance and Mortgage Modifications

Customers have their full trust on PHH Mortgages. They stand by their mission statement: We promise to treat our customers like family. It is very evident with the kind of service that they offer to the public. As you can see, they have made sure that they offer something that will make them stand out as a mortgage service provider:

  • Closing date is guaranteed. ( If they do not abide by this, interest rate will be reduced by 1/8 of 1% for the mortgage loan life)
  • Pre-approval of qualifying buyer is free
  • Competitive rates for all programs offered

Mortgage Programs Available from PHH

Fixed Rate Mortgage

A stable mortgage with an unchanging principal payments and interest rate that is valid for the life of the loan. An advantage that you get from this is that you are protected from the fluctuating mortgage market. The downside is that the interest is higher than the adjustable one. If you are already planning to live in your home for more than 7 years, you should consider this.

Options for the fixed mortgage rate:

  • 40 Year Fixed Rate
  • 30 Year Fixed Rate
  • 20 Year Fixed Rate
  • 15 Year Fixed Rate

Interest Only

As the name of the mortgage program, borrowers with this type of loan modification program only pays the fixed interest. Borrowers are protected from the possible increase of the principal balance. This should be paid on a pre-determined time of :

  • 10 years
  • 7 years
  • 5 years
  • 3 years

The loans are re-amortized basing on the principal balance left monthly during the period of this loan modification program. After the time frame, the interest and the principal balance are fully amortized. The interests will now be computed based on the one-year LIBO index.

Adjustable Rate Mortgage

Interest rates for this type of loan change over the life of the loan. For homeowners who do not plan on staying that long, about 3 to 5 years only, this may be a good option to take.

Advantages that are provided include:

  • Lower initial interest rates compared to fixed rate mortgage, thus lower monthly payments
  • Interest rates adjusted accordingly, whether up or down
  • Rate mortgages are amortized over 30 years
  • Borrowers are protected by rate caps for interest rates which may increase annually over the life of the loan

Contact Information:

Hotline: Call (800) 210-884

Business Hours:

Mon-Fri 8:30am – 8:00pm EST
Saturday 8.30am – 5.00pm EST
Sun. Closed