One of the most difficult banks we deal with in obtaining loan modifications for our clients is OCWEN. While the bank can be difficult to work with, we have had significant success. One such recent example is our client R.H.
Old payment PITI: $1560
New payment PITI: $925
Old Rate: 6.25%
New Rate: 2%
Old unpaid principal balance: $235,000
New unpaid principal balance: $169,000
Monthly savings: $638.78
Principal balance reduction: $66,000
The significant reduction in principal along with the interest rate reduction results in significant savings for our client. Based on payment alone, the savings easily overcome any legal expenses. Contact our office today to see what services we can provide you including chapter 7 bankruptcy, chapter 13 bankruptcy and loan modification.
This post was written by Benjamin Yrungaray
Benjamin Yrungaray handles bankruptcy and loan modification cases at First Source Law. He is a member of the state bars of California (#256224), Pennsylvania (#208558), and New Jersey. He is also admitted in the Central District Court of California, Southern District of California, and New Jersey District Court.
My total gross income is $2294. Ocwen has offered me “trial period” payment of $1150. This amount is not consistent with the 31% target of HAMP, therefore I rejected the offer. What would be a more realistic, affordable, and sustainable payment?
It sounds like they did not qualify you under HAMP. What percentage rate on the loan gets you to a payment of $1150? Give us a call and we can give you an overview of the payment.