Here in Florida, our foreclosure defense clients have seen two more excellent principal reduction offers in the past month – both from Ocwen. Both reductions were to the fair market value, maybe even below, and both were reduced over $100,000. Additionally, the interest rates were reduced to 4% for the remaining balance.
As I’ve reported in the past, Ocwen is buying the servicing rights for many mortgage loans, including Litton and Saxon, so when you open your mail and find your loan has been transferred once again, don’t fret if its Ocwen, as it may be a blessing in disguise.
Both of the above cases were involved in litigation with our law firm so that may also have been a relevant fact, but we really don’t know. All I can say on behalf of my clients is: Thank you Ocwen. Kudos.
Both of these modifications were obtained with minimal paperwork from us and our clients. The principal reduction modifications are permanent with no balloons or equity sharing elements.
Now these two clients are back to performing on their mortgages and extremely happy with the results. The foreclosure cases should be dismissed shortly. And Ocwen has helped its clients as well in these seriously delinquent mortgages by making them performing loans once again at a reasonable rate of interest. In the both cases, the loans are reportedly owned by a securitized trust.
If you believe that you can benefit from defending your foreclosure and seeking similar modifications such as this, please consider contacting our firm, Arkovich Law