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Ocwen Loan Modification Case Results

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Ocwen Loan Modification [ID: #0916]

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Before

Client was behind about $6,000.00 in mortgage payments and had two prior modifications (2010 with Chase, and 2013 with Ocwen). Their monthly payments were $1,654.25, and the interest rate 7.95%.

Trial Payment Plan HAMP II

Our client was approved for a trial plan from August 2016 to October 2016, with monthly payments of $921.86.

Final Loan Modification HAMP II

Our client was just approved for their final modification. Their new interest rate is 3.125% and they have only 18 years remaining on the loan. $5,000.00 of the principal balance will be forgiven in 5 years if all payments are made on time.

Ocwen Case Studies

What is an Ocwen SAM Modification?

Loan Modification Success: Exemplary Ocwen Payment Reduction

Loan Modification Success: 20 Months Past Due with Ocwen? No Problem

Loan Modification Success: Ocwen Mortgage Payment and Interest Reduction

Ocwen Loan Servicing - [ID: #0001]

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Before

Rate of 9.50%, payment of $1,141.22 (principal and interest).

After:

Rate of 6.95%, payment of $785.51.

Ocwen Loan Servicing - [ID: #0002]

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Before

Rate of 12.440%, payment of $722.23 PITI. Property was in foreclosure.

After

Rate of 3.95% for five years. New PITI payment is $486.67, savings of $235.56 per month.

Ocwen Loan Servicing - [ID: #0003]

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Before

Loan maturity was 2/1/2009, borrower owed $4,893.00 on mortgage payment and late fees, not including attorney’s fees for account in foreclosure.

After

Payoff agreement for $2,500.00 to satisfy mortgage and cancel foreclosure.

Ocwen Loan Servicing - [ID: #0004]

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Before

Previous payment $1,479.00 adjustable rate mortgage, in active foreclosure.

After

New payment of $1,138.30, 3 month trial plan, saving $340/month. Sale date placed on HOLD.

 

Ocwen Loan Servicing - [ID: #0005]

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Ocwen Loan Servicing - [ID: #0006]

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Ocwen Loan Servicing - [ID: #0007]

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Ocwen Loan Servicing - [ID: #0008]

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Ocwen Loan Servicing - [ID: #0009]

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Before

Borrower was 20 months past due, owing $64,745.00 and property was in foreclosure. Monthly payment was $2,938.35.

After

Three month trial plan with monthly payments of $2,375.73, saving $562.62 per month.

Ocwen Loan Servicing - [ID: #0010] Guide: How to Write a  Hardship Letter  for Loan Modification

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Before

Past due $33,852.45 and in foreclosure. Monthly payment was $3,399.87.

After:

House saved from foreclosure, approved for reduced interest rate of 3.95%, new monthly payment is $2,050.89 saving $1,348.98 per month.

Ocwen Loan Servicing - [ID: #0011]

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Before

Past due $62,976.89 and in foreclosure.

After:

House saved from foreclosure, approved for 3 month trial plan, paying $3,805.92 per month. Monthly savings of $867.22.

 

Lender: Ocwen Loan Servicing - [ID: #0012]

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Before

This Ocwen loan was past due $31,664.38 and in foreclosure. Monthly mortgage payments of $2,123.73 and a 5.04% interest rate. Homeowners also had an escrow shortage of $6.552.52.

Trial Loan Modification:

The foreclosure was stopped and homeowners were approved for a Making Home Affordable trial plan with new monthly mortgage payments of $1,337.72 PITI, for a monthly savings of $786.11.

Final Loan Modification

The trial payments were made permanent and the homeowners get a new low interest rate of 2% for 5 years, which will increase 1% every year until it fixes at 4.875% for the life of the loan. Homeowners will also have $35,101.51 of their principal balance forgiven every year they successfully make their mortgage payments for 3 years, for a total principal reduction of $105,303!

Ocwen Loan Servicing - [ID: #0013]

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Before

This investment property was in active foreclosure and was almost 2 years behind (missed 21 mortgage payments). The monthly PITI payment was $683.36 and there was a 7.650% interest rate.

After

The new interest rate is 2.00% for the life of the mortgage, and the new monthly mortgage payment is $488.33, saving $195.03 per month.

Ocwen SAM

The Shared Appreciation Modification states that after 3 years, almost 33% of the mortgage $23,043.12 will be forgiven, and the new mortgage balance will be $75,120.30. This is a great loan modification on an investment/rental property.

Ocwen Loan Servicing - [ID: #0014]

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Before

This Ocwen borrower was 14 months behind on their mortgage, owing Ocwen $32,312.74. Their monthly mortgage payment was $2,229.00 with 6.50% fixed interest.

Shared Appreciation Modification (SAM Permanent Loan Modification)

The new monthly mortgage payment is 60% lower than before, $1,310.37, which saves $918.63 per month. The next fixed interest rate is 2.00% for the life of the mortgage. The principal mortgage balance is $331,659.00, and over 3 years $86,559.00 will be deferred as a principal reduction. The new principal balance is $245,100.00.

Ocwen Loan Servicing - [ID: #0015]

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Before

Original mortgage payment was $1,998.66 PITI with 8.48% interest. Principal balance was $501,225.40. Borrower was 6 years behind and in active foreclosure.

Shared Appreciation Modification (SAM Permanent Loan Modification)

Homeowners were assigned three trial loan modification payments of $954.43.

Final Loan Modification and Principal Reduction

Ocwen permanent loan modification with monthly payments of $1,120.35 and an Ocwen principal reduction of $357,336.88! Great loan modification after SIX years of not paying a mortgage. We are so happy that they were able to keep their home — and afford it!

 

Download the free guide to applying for a loan modification.