Our office recently obtained a loan modification with OCWEN Loan Servicing. While it took some time to reach the result, we were able to get principal reduction with OCWEN. Further, we were able to reduce the interest rate and term of the loan. Finally, we were able to modify the loan after the bank had foreclosed on the home. If you are struggling with OCWEN, contact the attorneys at De Novo Law Firm today for a Free Consultation. Call Today (951) 801-5570. Read the terms of the modification below.
Client D.C. in Hemet, California
Before Modification:
Monthly Mortgage Payment: $3,200 (principal, interest, taxes, and insurance)
Principal Balance: $354,000
Loan Term: 40 years
Loan Rate: Adjustable Rate Loan with Floor of 7% (cannot go below 7%)
OCWEN Loan Modification:
Loan Modification Mortgage Payment: $1,041 (principal, interest, taxes, and insurance included)
Principal Reduction: $175,000 (New Principal Balance of $171,000)
Loan Term: 25 years (reduction of 10 years)
Interest Rate: 2% steps up to 3.5% fixed rate for life of loan
The new loan results in a huge principal reduction that gives our client equity in her property after being more than $150,000 underwater on the loan. The mortgage payments reduced by more than $2,000 with fixed interest rates for the life of the loan. Finally, the loan term is reduced to a normal 30 year loan with a credit for the first 5 years on the loan. As a result, our client will only make payments for the next 25 years on the loan, not the 35 years that were originally left.
If you or someone you know is considering a modification of their home loan with OCWEN loan servicing, contact our office at (951) 801-5570 for a free consultation.