Easing the Burden

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Ocwen Financial Corporation released the results of its loan modification borrower assistance for the first half of 2017 on Tuesday.According to the announcement, the loan modification assistance program allows for a mortgage payment reduction of up to 20 percent to qualified borrowers, and also has a principal forgiveness option. Since January 1, 2017, Ocwen has forgiven about $595 million in mortgage debt.Ocwen has provided struggling borrowers with $19.2 million in housing assistance through state level Hardest Hit Fund programs for the first half of the year. Hardest Hit Fund programs were created by the Bush administration to help strengthen the housing market in states that were most effected by the housing crisis.Since the program’s inception in 2008, Ocwen has made around 750,000 loan modifications. “Ocwen’s consistent philosophy has been that all parties benefit when solutions are offered that allow borrowers to cure their delinquencies and remain in their homes and in their communities,” said Ron Faris, President and CEO of Ocwen. “Ocwen continues to lead the industry in providing responsible and sustainable loan modifications to struggling homeowners, and we are proud of the difference we make in our customers’ lives.”Certain states have been specifically targeted to help borrowers afford their mortgage payment. In the first half of 2017, California had approximately 3,500 loans modified with a forgiven debt of about $70.3 million, while Florida had 2,750 loans modified at the cost of $74.1million. New York had the largest amount of debt forgiven at $104.2 million, and 2,550 loans modified.You can see a full list of state-by-state modification activity by Ocwen since January 1, 2008 here. Home / Daily Dose / Easing the Burden The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Foreclosure, Headlines, News Easing the Burden Previous: Is HECM Down for the Count? Next: Counsel’s Corner: Matthew J. Richardson About Author: Joey Pizzolato Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] center_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Foreclosure Prevention Ocwen Share Save Related Articles Foreclosure Prevention Ocwen 2017-08-29 Joey Pizzolato August 29, 2017 1,610 Views Sign up for DS News Daily  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img

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