Ocwen Loan Servicing Discusses Miami Loan Modifications

At a roundtable discussion that included officials from top federal agencies, Ocwen Loan Servicing discussed its efforts at mortgage loan modifications in Miami and beyond. boardroom.jpg

Our Miami loan modification attorneys have negotiated several cases on behalf of clients whose loans were held by Ocwen, and were able to establish their principal payments at a fair market value.

People with Ocwen loans may be at somewhat of an advantage considering the institution is implementing more forward-thinking options to its customers than other loan servicers. However, that does not mean you would be wise to approach the process on your own. Despite its efforts to reach out to underwater homeowners, it is still just a business that is looking out for its own interests. You need someone who is watching out for yours.

We have experience in handling Ocwen loan modifications – going toe-to-toe with the bank and winning a fair market value loan amount for many of our clients.

At this recent roundtable discussion, which stretched on about three hours, participants included officials with the Federal Deposit Insurance Corporation, the U.S. Department of Treasury, the Federal Housing Finance Agency, the HOPE NOW Alliance, Fannie Mae and Freddie Mac – and Ocwen Financial Corporation.

It’s interesting to note that Ocwen has put itself in a position to lend an ear to our representative government officials. Some of what was discussed in the meeting:

  • How Freddie Mac and Fannie Mae are implementing a servicer alignment initiative to aid distressed homeowners;
  • How the Obama Administration might be able to assist more underwater homeowners in their applications for loan modifications and other foreclosure alternatives;
  • How unemployed or underemployed homeowners, now relying on federal or state assistance, might go about qualifying for loan modifications;
  • How the Treasury Department is carrying out its “Hardest Hit Program,” which offers some relief to those in neighborhoods that have been devastated by foreclosures;
  • How to incorporate Internet outreach to individuals who need counseling or other sociel support services;
  • How to protect homeowners from scammers intent to target underwater homeowners at a time when they are at their most vulnerable.
  • How there might be more collaborative efforts between mortgage servicers like Ocwen and grassroots service groups that could result in early-on assistance that could help avoid the foreclosure process before it starts;

Ocwen’s CEO was quoted as saying that banks as well as investors, communities and businesses all have a stake in keeping people in their homes.

(We would note that perhaps they should have thought about that before participating in tactics that have resulted in a massive wave of foreclosures throughout the nation.)

But we digress.

Sure, we do applaud Ocwen’s efforts, at least as compared to those made by other institutions, to implement more creative solutions to the problems their customers are currently facing. Namely, there is the SAM modification program, which allows homeowners to finagle a fair market value for their home.

However, it doesn’t excuse their past actions and it doesn’t mean that they are doing you any favors to allow you a mortgage modification.

If your Miami loan is serviced by Ocwen, call our experienced Miami foreclosure defense attorneys, who can help you explore all your options and who will ensure that your rights are protected throughout the loan modification process.

If you’re battling foreclosure in Miami or the surrounding areas, contact Jacobs Keeley for a confidential appointment to discuss your rights. Call (305) 358-7991.

Additional Resources:
Housing Leaders Congregate to Seek Housing Market Solutions, Staff Report, National Mortgage Professional

More Blog Entries:
Miami Mortgage Modification: Bank of America Begins Reducing Balances, May 15, 2012, Miami Mortgage Modification Lawyers