Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 5,000 homeowners, here is one of their stories.
Sometimes with our crazy work schedules and other obligations, it almost seems like it would be impossible for us to deal with any additional stress. That's what banks depend on when your home is in foreclosure- taking the necessary steps to get a loan modification on your own is almost a full-time job in itself, which is why homeowners should hire a law firm that works with foreclosure defense and loan modification if they wish to save their homes.
4 Years Overdue, but a Glimmer of Hope
That was exactly the case with this homeowner. When she retained us in late 2012, she was newly employed after experiencing long-term unemployment. Unfotunately, she was also over 4 years past due on her $1,237 mortgage payment to Ocwen, and her interest rate was a high 6.30% adjustable rate. Ocwen had already filed a foreclosure lawsuit on her mortgage, and she needed to begin acting fast or risk losing her home to foreclosure sale.
Immediately after she retained us- our legal team moved to request a conciliation conference with Ocwen. This would allow our legal team and Ocwen's lawyers to voluntarily discuss her mortgage outside of a courtroom. Our legal team also filed a motion for extension of time, which would give our legal team an adequate amount of time to review the homeowner's files before the foreclosure process moved any further. In December 2012, we also filed a Motion to Dismiss the case, which countered Ocwen's ability to bring the law.
In the meantime, our home retention department began working with the homeowner to get the necessary information to assemble a loan modification package. This process actually took several months, because the homeowner had trouble gathering some of the important documents. Her financial situation ended up improving, so we had to alter her new loan modification package accordingly. Finally, in August 2013, the homeowners' financial package was submitted to the bank for a loan modification.
New Hope After Denial
After some review, Ocwen denied the loan modification and requested more documentation from the homeowner. We gathered this documentation with the homeowner's assistance, and by the end of November 2013, Ocwen had approved a loan modification for the homeowner. The payment would be lowered to $781 each month, and the interest rate would be lowered to 2% for the first 5 years. After that, the interest rate would be lowered to 4.1% for the remainder of the loan. Our legal team was now free to dismiss the homeowner's foreclosure case.
Ocwen Loan Modification Overview | |||
|---|---|---|---|
| November 2013 | Before | After | |
| Monthly Payment | $1,237.11 | $787.07 | |
| Interest Rate | 6.30% Adjustable |
2.00% Fixed for 5 Years |
|
| Foreclosure | 65 months behind; foreclosure served | Foreclosure case to be dismissed | |
| Benefits to Homeowner |
✓ Monthly payment reduced by nearly 37%, saving over $456.04 per month |
||
At Amerihope Alliance Legal Services, our team has helped over 5,000 homeowners obtain loan modifications, and looks forward to making the future better for many more homeowners and their families.
