netrashetty
Netra Shetty
American Home Mortgage Investment Corporation (Pink Sheets: AHMIQ) was the 10th largest retail mortgage lender in the United States and was structured as a real estate investment trust (REIT).
It has filed for bankruptcy.[1]. The company stated that it was focused on earning net interest income from self-originated loans and mortgage-backed securities, and through its taxable subsidiaries, from originating and servicing mortgage loans for institutional investors.
Mortgages were originated through the company's employees as well as through mortgage brokers and purchased from correspondent lenders and were serviced at the company's servicing center in Irving, Texas.
The company filed for Chapter 11 bankruptcy protection in Wilmington Delaware federal court, on August 6, 2007. The week before the filing, the company said that many of its lenders had demanded their money back, and that AHM was also unable to deliver on about US$ 800 million in commitments for housing loans, and had laid off nearly ninety percent of its 7,000 employees.[2]
ne emerging technology in this sector has been Fiber-to-the-Home (FTTH), also called Fiber-to-the-Premises (FTTP) or Fiber-to-the-Building (FTTB). FTTH brings fiber optics directly to homes/buildings, while a similar technology, fiber-to-the-node (FTTN), brings the fiber optics to a community and then connects the fiber optics to the homes with a traditional copper cable. In the past, consumer telecom networks had a high-speed backbone with lower speed cables running to users' homes and offices. The high-speed backbones were able to carry the combined capacity of all the users, but the infrastructure running to the users severely limited the speed and bandwidth available to consumers. FTTH allows for much larger bandwidth and much faster delivery speeds, which are essential for modern "triple-play" deliveries in which access providers offer video, data, and telephony services. It also requires the installation of new transmission, wiring, and receiving infrastructure.
Currently, two major service providers are rolling out FTTH fiber optic access plans: AT&T, with U-verse, Verizon, with FiOS, while Comcast is rolling out a competing technology called Docsis 3.0. Consumers are increasingly streaming and downloading large files, like movies, and engaging in video-chatting, using the small cameras that are attached to many new laptops. Both AT&T[1] and Verizon[2] offer "high-speed" connections of speeds up to 10 Mbps - but with the demand that services like video-chatting and streaming video put on networks, the 50 MBPS offered by Docsis 3.0[3] and FiOS[4] look far more appealing. As a comparison, DSL has a speed of 1.5 Mbps. The telecom giants jumping on the FTTH bandwagon signals that fiber optics is set to go mainstream, and demand for fiber optics infrastructure will grow. It's likely that larger telecom infrastructure companies like Alcatel and Tellabs will receive most of the fiber optics business, but smaller firms like Emcore could also get in the game.
Making Home Affordable
American Home Mortgage Servicing, Inc. (AHMSI) participates in the government sponsored Home Affordable Modification Program (HAMP), the Home Affordable Refinance Program (HARP) and The Home Affordable Foreclosure Alternatives (HAFA). Click here for more information.
Repayment Plan or Special Forbearance
American Home Mortgage Servicing Inc. may be able to arrange a plan based on your financial situation to spread out repayment of your past-due balance over an extended period of time.
Loan Modification
It may be possible to modify your mortgage contract to incorporate your past-due amounts and sometimes even reduce your monthly payment. This may be done by extending the loan term, lowering the interest rate or capitalizing past-due interest. However, this is a legal change to the terms of the loan and involves obtaining approval from the loan owner or investor.
Pre-Qualifying Factors
Customer must have a source of Income
Income must be stable:
No Temporary Source of Income
No Unemployment or Temporary Social Security
Pensions are allowed as long as they are permanent.
Property and Mortgage must belong to person/s applying for the Loan Modification
All liable parties must be willing to sign the Modification Documents
**Note - A Processing Fee may apply, if applicable
Items Required For Review of Workout
Completion of Financial Analysis Form
A letter detailing the circumstances surrounding your current financial situation (Hardship Letter)
Copy of 2 most recent bank statements.
Copy of 2 most recent pay-stubs
**Note - 6 months of Profit and loss statements applicable, if self-employed
Previous year's Tax Return or W2
Mortgage Insurance Claim
American Home Mortgage Servicing Inc. may be able to work with you to obtain a one-time loan from the mortgage insurance fund to bring your mortgage current. Then the borrower would have to pay back this loan to the insurance company over time.
Short Sale or Pre-Foreclosure Sale
This will allow you to avoid foreclosure by selling your property for less than the amount you owe on your mortgage. This may be less damaging to your credit than a foreclosure.
Pre-Qualifying Factors
There is a formal written offer on the Property
The offer for the property is equal or less than the amount to payoff in full
Jr. Liens (i.e. 2nd mortgages) must be willing to have an open line of communication with customer on possible negotiation efforts.
The customer must be willing to allow AHMSI to evaluate the property's interior to gain a proper value for the workout
**Note - The customer may provide their own appraisal if available
Preferred that the property has been listed for sale on the market
Items Required For Review of Workout
Completion of Financial Analysis Form
Signed Purchase Contract by Seller and Buyer
Estimated HUD1 or Net Sheet
Pre-Approval letter for buyer, with no contingencies
**Note - For cash purchases proof of available funds
Listing Agreement
A letter detailing the circumstances surrounding your current financial situation (Hardship Letter)
Copy of 2 most recent bank statements.
Copy of 2 most recent pay-stubs
**Note - 6 months of Profit and loss statements applicable, if self-employed
Previous year's Tax Return or W2
Letter of authorization for third parties, if applicable
Deed-in-Lieu of Foreclosure
As a last resort, you may be able to voluntarily "give back" your property to the lender. You won’t be able to stay in your home, but it is not as damaging to your credit rating as a foreclosure. This option is only available if there are no other liens or judgments on the property.
Pre-Qualifying Factors
No liens or judgments (i.e. 2nd mortgages)
(Small liens or judgments that may be negotiated to accept less may still qualify for a DIL.)
Upon approval, property must be vacant and "open house clean" or "broom swept clean".
The customer must be willing to allow AHMSI to evaluate the property's interior to gain a proper value for the workout
**Note - The customer may provide their own appraisal if available
Preferred that the property has been listed prior and during the DIL process, but not required
Items Required For Review of Workout
Completion of Financial Analysis Form
A letter detailing the circumstances surrounding your current financial situation (Hardship Letter)
Copy of 2 most recent bank statements.
Copy of 2 most recent pay-stubs
**Note - 6 months of Profit and loss statements applicable, if self-employed
Previous year's Tax Return or W2
It has filed for bankruptcy.[1]. The company stated that it was focused on earning net interest income from self-originated loans and mortgage-backed securities, and through its taxable subsidiaries, from originating and servicing mortgage loans for institutional investors.
Mortgages were originated through the company's employees as well as through mortgage brokers and purchased from correspondent lenders and were serviced at the company's servicing center in Irving, Texas.
The company filed for Chapter 11 bankruptcy protection in Wilmington Delaware federal court, on August 6, 2007. The week before the filing, the company said that many of its lenders had demanded their money back, and that AHM was also unable to deliver on about US$ 800 million in commitments for housing loans, and had laid off nearly ninety percent of its 7,000 employees.[2]
ne emerging technology in this sector has been Fiber-to-the-Home (FTTH), also called Fiber-to-the-Premises (FTTP) or Fiber-to-the-Building (FTTB). FTTH brings fiber optics directly to homes/buildings, while a similar technology, fiber-to-the-node (FTTN), brings the fiber optics to a community and then connects the fiber optics to the homes with a traditional copper cable. In the past, consumer telecom networks had a high-speed backbone with lower speed cables running to users' homes and offices. The high-speed backbones were able to carry the combined capacity of all the users, but the infrastructure running to the users severely limited the speed and bandwidth available to consumers. FTTH allows for much larger bandwidth and much faster delivery speeds, which are essential for modern "triple-play" deliveries in which access providers offer video, data, and telephony services. It also requires the installation of new transmission, wiring, and receiving infrastructure.
Currently, two major service providers are rolling out FTTH fiber optic access plans: AT&T, with U-verse, Verizon, with FiOS, while Comcast is rolling out a competing technology called Docsis 3.0. Consumers are increasingly streaming and downloading large files, like movies, and engaging in video-chatting, using the small cameras that are attached to many new laptops. Both AT&T[1] and Verizon[2] offer "high-speed" connections of speeds up to 10 Mbps - but with the demand that services like video-chatting and streaming video put on networks, the 50 MBPS offered by Docsis 3.0[3] and FiOS[4] look far more appealing. As a comparison, DSL has a speed of 1.5 Mbps. The telecom giants jumping on the FTTH bandwagon signals that fiber optics is set to go mainstream, and demand for fiber optics infrastructure will grow. It's likely that larger telecom infrastructure companies like Alcatel and Tellabs will receive most of the fiber optics business, but smaller firms like Emcore could also get in the game.
Making Home Affordable
American Home Mortgage Servicing, Inc. (AHMSI) participates in the government sponsored Home Affordable Modification Program (HAMP), the Home Affordable Refinance Program (HARP) and The Home Affordable Foreclosure Alternatives (HAFA). Click here for more information.
Repayment Plan or Special Forbearance
American Home Mortgage Servicing Inc. may be able to arrange a plan based on your financial situation to spread out repayment of your past-due balance over an extended period of time.
Loan Modification
It may be possible to modify your mortgage contract to incorporate your past-due amounts and sometimes even reduce your monthly payment. This may be done by extending the loan term, lowering the interest rate or capitalizing past-due interest. However, this is a legal change to the terms of the loan and involves obtaining approval from the loan owner or investor.
Pre-Qualifying Factors
Customer must have a source of Income
Income must be stable:
No Temporary Source of Income
No Unemployment or Temporary Social Security
Pensions are allowed as long as they are permanent.
Property and Mortgage must belong to person/s applying for the Loan Modification
All liable parties must be willing to sign the Modification Documents
**Note - A Processing Fee may apply, if applicable
Items Required For Review of Workout
Completion of Financial Analysis Form
A letter detailing the circumstances surrounding your current financial situation (Hardship Letter)
Copy of 2 most recent bank statements.
Copy of 2 most recent pay-stubs
**Note - 6 months of Profit and loss statements applicable, if self-employed
Previous year's Tax Return or W2
Mortgage Insurance Claim
American Home Mortgage Servicing Inc. may be able to work with you to obtain a one-time loan from the mortgage insurance fund to bring your mortgage current. Then the borrower would have to pay back this loan to the insurance company over time.
Short Sale or Pre-Foreclosure Sale
This will allow you to avoid foreclosure by selling your property for less than the amount you owe on your mortgage. This may be less damaging to your credit than a foreclosure.
Pre-Qualifying Factors
There is a formal written offer on the Property
The offer for the property is equal or less than the amount to payoff in full
Jr. Liens (i.e. 2nd mortgages) must be willing to have an open line of communication with customer on possible negotiation efforts.
The customer must be willing to allow AHMSI to evaluate the property's interior to gain a proper value for the workout
**Note - The customer may provide their own appraisal if available
Preferred that the property has been listed for sale on the market
Items Required For Review of Workout
Completion of Financial Analysis Form
Signed Purchase Contract by Seller and Buyer
Estimated HUD1 or Net Sheet
Pre-Approval letter for buyer, with no contingencies
**Note - For cash purchases proof of available funds
Listing Agreement
A letter detailing the circumstances surrounding your current financial situation (Hardship Letter)
Copy of 2 most recent bank statements.
Copy of 2 most recent pay-stubs
**Note - 6 months of Profit and loss statements applicable, if self-employed
Previous year's Tax Return or W2
Letter of authorization for third parties, if applicable
Deed-in-Lieu of Foreclosure
As a last resort, you may be able to voluntarily "give back" your property to the lender. You won’t be able to stay in your home, but it is not as damaging to your credit rating as a foreclosure. This option is only available if there are no other liens or judgments on the property.
Pre-Qualifying Factors
No liens or judgments (i.e. 2nd mortgages)
(Small liens or judgments that may be negotiated to accept less may still qualify for a DIL.)
Upon approval, property must be vacant and "open house clean" or "broom swept clean".
The customer must be willing to allow AHMSI to evaluate the property's interior to gain a proper value for the workout
**Note - The customer may provide their own appraisal if available
Preferred that the property has been listed prior and during the DIL process, but not required
Items Required For Review of Workout
Completion of Financial Analysis Form
A letter detailing the circumstances surrounding your current financial situation (Hardship Letter)
Copy of 2 most recent bank statements.
Copy of 2 most recent pay-stubs
**Note - 6 months of Profit and loss statements applicable, if self-employed
Previous year's Tax Return or W2
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