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New Initiative Announced For Underwater Mortgages
NEW HOPE FOR UNDERWATER MORTGAGES
Globe Newswire reported on July 25, 2011, that an innovative approach to "fixing" delinquent mortgages had been announced by Ocwen Financial. Ocwen is a mortgage service provider.
They are going to offer a program designed to help underwater homeowners by forgiving part of their debt and bringing their mortgages current.
The program allows the resetting of the mortgage to 95% of the current market value. This gives the homeowner an instant equity position. The deficit amount is forgiven in stages over a 3 year period as long as the homeowner stays current on the new lower mortgage payment. If the homeowner sells the property they agree to participate with Ocwen and share appreciation at the rate of 75/25. 75% to the homeowner and 25% to Ocwen. The investors at Ocwen are banking on our real estate market taking an upswing and restoring some of its lost value.  Homes which might otherwise fall to foreclosure are going to be saved.  Investors who would receive pennies on the dollar are now going to receive a larger return on their investment.  If equity grows through the revival of the real estate market, and the home is sold at ... more

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