foreclosure: Company Will Modify Your Mortgage And Reduce The Principal If It Can Share The Equity
- 12/07/11 06:37 PM
Ocwen Financial Corporation, a leading mortgage servicer, has launched an innovative loan modification program. The program, Shared Appreciation Modification, will help homeowners who are underwater with their mortgages.The program writes down a homeowner's principal balance to 95% of market value. Thus immediately creating equity of 5%. The amount that is written down is forgiven over a period of three years. This amount is in three equal portion. One of the conditions stipulates that the homeowner must remain current with the mortgage over the three year period.Ocwen makes their money when the house is sold or is refinanced. The company collects 25% … (3 comments)
Ocwen Financial Corporation, a leading mortgage servicer, has launched an innovative loan modification program. The program, Shared Appreciation Modification, will help homeowners who are underwater with their mortgages.The program writes down a homeowner's principal balance to 95% of market value. Thus immediately creating equity of 5%. The amount that is written down is forgiven over a period of three years. This amount is in three equal portion. One of the conditions stipulates that the homeowner must remain current with the mortgage over the three year period.Ocwen makes their money when the house is sold or is refinanced. The company collects 25% … (3 comments)
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