Loan Modification Success: Major Ocwen Principal Reduction

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.

Many homeowners would feel completely discouraged if they had problems affording their mortgage payment and were denied a loan modification by their lenders. Some homeowners would even throw in the towel and give up. A select few other homeowners would decide to dust themselves off and find a way to do it better, and that's just what this homeowner did on her way to getting a great loan modification.

We began working with this homeowner in Spring 2012. She was a single mother who held a mortgage with Ocwen financial. She could not afford to pay her $1400 mortgage payment and hadn't paid it for about two years. This homeowner turned to us for a better chance at a loan modification after being denied for a loan modification for being insufficiently prepared.

Ocwen Makes Things Difficult

The problems with the bank continued while we completed the loan modification process. Around the time we started working with her, the bank sent agents to the homeowner's house to inform her that there was now officially a foreclosure sale date in place for September (which our lawyers stopped).

Even after the homeowner was approved for a trial loan modification in June 2013, the bank failed to properly notify anyone about the trial modification. Fortunately, our cognizant staff noticed the bank's error before the homeowner suffered negative consequences, like the loss of her modification opportunity.

The Final Modification

After paying 3 trial mortgage payments, the homeowner was approved for a final loan modification. Her debt of $64,600 was forgiven, and her principal was reduced by over $143,000 in total. Her monthly payment was reduced by over $500 to $961.04 monthly, and her interest rate was cut almost in half to a fixed rate of 2.375%

This successful loan modification is an example of why it's so important to hire a foreclosure defense attorney to get you the best loan modification result possible. Amerihope Alliance Legal Services concentrates on providing legal counsel to help homeowners avoid foreclosure or have the best chance at a bright financial future. We've helped over 5,000 homeowners save their homes since 2008, and are looking forward to assisting even more people in the future.