Ocwen Loan Modification
What is an Ocwen Loan Modification?
An Ocwen loan modification can be a great way to prevent foreclosure for homeowners having trouble paying their current mortgages. In the event that a homeowner defaults on their mortgage, it can be very difficult trying to decide the best plan of action when facing foreclosure. Loan modifications may be able to reduce monthly mortgage payments, reduce intersect rates, and lengthen the terms of a loan. Ocwen Financial Corporation is a popular loan modification provider that specializes in residential and commercial mortgage loan servicing.
Ocwen Loan Modification Advantages
An Ocwen loan modification may be able to:
- Reduce mortgage interest rates between 2-4%
- Lower monthly mortgage payments to less than 32% of income
- Fix adjustable rate mortgages for the duration of the loan
- Extend loans up to 40 years
- Prevent foreclosure
- Add late payments and charges to the back of the loan
Is An Ocwen Loan Modification The Right Choice For Me?
An Ocwen loan modification can be a good choice for homeowners who are behind on their mortgages. This can include homeowners who are under foreclosure or facing foreclosure, because of a significant financial hardship. A loan modification from Ocwen can also be a good choice for homeowners who owe more than the current market value of their homes or their adjustable rate mortgages have recently gone up.
Ocwen Loan Modification Qualifications
Homeowners who cannot continue to pay their current mortgages may be able to qualify for one of Ocwen’s mortgage modification programs:
- Your loan is secured by a one to four unit primary residence
- Your mortgage is not under bankruptcy
- You are facing a financial hardship (valid hardships can include a medical crisis, death in the family, loss of a job, or an unavoidable increase in expenses)
Ocwen Loan Modification Necessary Documents
In order to obtain a loan modification, homeowners will have to gather a number of required documents. Ocwen’s required documents may include financial and bank statements, pay stubs or other proof of income, and a hardship letter detailing your financial difficulties.