The California modification attorneys at De Novo Law Firm recently obtained a loan modification with OCWEN.  The loan was previously owned by GMAC but was sold to OCWEN.  As a result of the sale, our office was able to finalize the modification with OCWEN.  OCWEN has become one of the largest loan servicers and has inherited thousands of files from failed banks.  Our office has previously obtained modifications with OCWEN through litigation.  In this case, we were able to get principal forgiveness without pursuing foreclosue litigation.  If you are considering a modification with OCWEN, contact De Novo Law Firm today for a free consultation.

Before OCWEN Modification:

Payment: $2900 (principal, interest, taxes, and insurance)

Interest Rate: 5.25%

After OCWEN Modification:

Payments: $2,550

Interest Rate: 4%

Loan Term: Unchanged (no additional time added onto loan)

Includes principal reduction of $65,000

As a result of the modification, the client will save nearly 12% of their monthly payment.  More importantly, the client will have equity much sooner in the property because of the principal foregivess of the loan.  As long as the client is current during the first three years of the loan, he will qualify for full principal forgiveness.  If you are considering a loan modification or are worried about making your mortgage payments, contact De Noco Law Firm at (951) 801-5570 for a free consultation.

 

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