Re: Anyone work w/ Option One Mortgage?

Posted by Tanya on January 25, 2006 at 14:50:59:

In Reply to: Re: Anyone work w/ Option One Mortgage? posted by Jim V on April 29, 2005 at 19:01:55:

: Were you approved for the modification? I am in the process and they want us to send them 5100.00 but how do I know they are not just trying to get us to pay them the money. We are in the middle of a foreclosure. I am just afraid they are trying to collect a debt.

: 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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Comments:
: :  Were you approved for the modification?  I am in the process and they want us to send them 5100.00 but how do I know they are not just trying to get us to pay them the money.  We are in the middle of a foreclosure.  I am just afraid they are trying to collect a debt.

: : 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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