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.
Our firm is dedicated to helping clients file bankruptcy, obtain loan modifications, and helping clients get a fresh start. For more information on what First Source Law can do for you, please fill out our free evaluations for bankruptcy and loan modifications.
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.