Re: Anyone work w/ Option One Mortgage?

Posted by Jim V on April 29, 2005 at 19:01:55:

In Reply to: Anyone work w/ Option One Mortgage? posted by Shawn on April 29, 2005 at 16:10:39:

I haven't worked with Option One, but a common downpayment amount will be 50% of the arrears(past due amounts). Lower amounts can be negotiated.
If you take your gross monthly household income and multiply times .40 you'll have a ballpark number for what can be spent on payment, property taxes, insurance and payment on the arrearage. Your lender will actually look at your net income and expenses to determine whether a workout is feasible or not.
Hopefully that helps.

: My loan is with Option One Mortgage. I filled out loan modification paperwork but was wondering what would be entailed in qualifying and how much of a down payment is needed?

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• Re: Anyone work w/ Option One Mortgage? - Tanya 14:50:59 01/25/06 (0)

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Comments:
: I haven't worked with Option One, but a common downpayment amount will be 50% of the arrears(past due amounts).  Lower amounts can be negotiated.
: If you take your gross monthly household income and multiply times .40  you'll have a ballpark number for what can be spent on payment, property taxes, insurance and payment on the arrearage.  Your lender will actually look at your net income and expenses to determine whether a workout is feasible or not.
: Hopefully that helps.

: : My loan is with Option One Mortgage.  I filled out loan modification paperwork but was wondering what would be entailed in qualifying and how much of a down payment is needed?


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