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.
A newly single Florida homeowner had endured a financial hardship for nearly half a decade, and by the time he was able to begin picking up the pieces, he was 5 years and over $156,000 behind on his mortgage payments to Ocwen Financial. This homeowner was locked into a monthly mortgage payment of $2,341.74 at an astronomically high 10.30% interest rate. He had already been offered a loan modification which he wasn't able to afford, and his home was about to be sold in foreclosure if he didn't do something quickly. However, this homeowner's situation changed completely in the months after he retained our firm this February 2013.
Within 3 months our team had arranged for a foreclosure conciliation conference in lieu of mediation with Ocwen. A conciliation conference enables voluntary negotiation between a lender and a homeowner's lawyer without the cost or pressure that comes with a traditional court trial or mediation. This method of negotiation offers the best chance at coming to a solution, since both parties are fully dedicated to finding one.
Our attorney successfully negotiated for a HAMP trial loan modification for the homeowner. This trial modification slashed the homeowner's interest rate by more than 80 percent to 2%, allowed the homeowner to pay $1,045.97 for 3 months (less than half of his original mortgage payment), and would postpone the homeowner's foreclosure sale date once his payments were received on time. After successfully completing his trial loan modification, the homeowner was awarded a permanent HAMP loan modification with the same terms. If the homeowner paid his payments on time for the next 3 years, then he would have over $234,000 forgiven from his principal balance. Most importantly, the homeowner will be able to keep his home for good.
Ocwen Loan Modification Overview | |||
|---|---|---|---|
| July 2013 | Before | After | |
| Monthly Payment | $2,341.74 | $1,045.97 | |
| Interest Rate | 10.30% | 2% | |
| Foreclosure | Foreclosure Sale Date Set | Foreclosure Sale Stopped and Case Dismissed | |
| Benefits to Homeowner | $234,653.97 Principal Balance forgiven if homeowner stays current. Monthly payment reduced by 55%, saving $1,295.77 per month |
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This case is an example of why it's necessary to hire a foreclosure defense attorney in order to get the best loan modification. Amerihope Alliance Legal Services concentrates on providing legal counsel to help homeowners avoid foreclosure or have their best chance at securing a brighter financial future. We have helped over 5,000 homeowners save their homes since 2008, and we're looking forward to helping even more homeowners in the future.
