Help for owners and lenders Palm Beach Post
Ocwen Financial Corp.'s newest loan modification program is a model for the nation's largest lenders who have balked at the suggestion they reduce balances owed by struggling homeowners to keep them out of foreclosure.
The shared appreciation modification program reduces the principal for homes that are under water, and allows mortgage investors to later recoup a portion of that money. Ocwen Executive Vice President Paul Koches estimates that 40,000 of the company's 460,000 loans would be eligible. Ocwen, based in West Palm Beach, specializes in servicing risky home loans.
Critics of principal reduction, including Florida Attorney General Pam Bondi, say it is an incentive to default. Many borrowers who are under water, however, already are walking away . Studies show that when lenders reduce principal, thereby increasing a borrower's equity and lowering their mortgage payment, they are less likely to default again.
Ocwen began the program as a pilot a year ago. It now operates in 33 states. Mr. Koches said the company is awaiting regulators' approval in the other 17.
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Help for owners and lenders Ocwen, based in West Palm Beach, specializes in servicing risky home loans. Critics of principal reduction, including Florida Attorney General Pam Bondi, say it is an incentive to default. Many borrowers who are under water, however, |
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West Palm Beach firm rolls out a new loan modification for underwater borrowers
WPTVWEST PALM BEACH — Lenders have long resisted cutting loan amounts for struggling homeowners, fearing it would entice more borrowers to default. But one locally based servicer, Ocwen Financial Corp. of West Palm Beach, believes it has found a solution. Loan modification plan offers solution for distressed homeownersall 53 news articles »
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