Option One Extends Hurricane Mortgage Relief

Option One Mortgage Corp., Irvine, Calif., has announced that it will extend for an additional 90 days the payment deferral period for borrowers affected by hurricanes Katrina and Rita.The deferral period now extends to 180 days from the date of the disaster declaration for Hurricane Katrina by the Federal Emergency Management Agency, or until the end of February, Option One said. In addition to payment deferral during that period, the company said it will not file negative credit reports, assess late fees, or pursue legal actions in progress, such as foreclosure. "[W]e encourage any borrower who has not been in touch to please contact us so we can help them work out the best solution for their particular circumstances," said Teji Singh, Option One's senior vice president of servicing operations. Option One said it may extend the relief measures past 180 days on a case-by-case basis. The company can be found online at http://www.optiononemortgage.com.