Written by attorney Margery Ellen Golant


Most mortgage borrowers who have experienced economic hardship in the past several years, or who for any reason have gotten behind on their mortgage or are under water on their mortgage, are looking desperately for a mortgage 'modification'. This is usually an extremely difficult road, and unfortunately, due to the many people in need of a modification, it has become a road loaded with scams and obstacles. The Obama Administration created something called HAMP (Home Affordable Modification Program) that has a generally terrible track record. People try over and over to get into it, and despite all their efforts, their mortgage servicer loses their papers, the documentation gets stale, and it is often an endless, frustrating road to nowhere. And, while they are trying to find a solution, the mortgage company is trying to foreclose on them and take their home away. Even those who do get in often find that their mortgage debt goes up, not down, with the result that they are so underwater they will never see equity in their property.

In this generally miserable and discouraging landscape, there is now a ray of hope: mortgage servicer Ocwen Loan Servicing has pioneered a mortgage modification program that actually solves the problem ! If the borrower qualifies,. Ocwen will actually agree to REDUCE THE PRINCIPAL BALANCE TO CURRENT MARKET VALUE and restructure the payments, based on the reduced amount. As long as the borrower makes the payments on time for three years, the reduction is permanent. The only additional detail is that if the property is sold in the future, and if the home value has increased after the loan modification, the borrower agrees to share that increase with the loan owner, with the borrower retaining the vast bulk of the benefit.

I got very excited when I heard about this program, because it is the first and only REAL solution to the "mortgage hell" in which so many homeowners are trapped. I used to be Asst. General Counsel at Ocwen, quite a while ago. As a result, when I heard about this program, I contacted the people I knew at Ocwen to see how I could help to get people into this program. The result is that Ocwen and I are teaming up to make this happen, and I will be able to assist people who have Ocwen as their mortgage company to apply for the program and I will be able to assist them in getting through the process and achieving a successful result.

So, if Ocwen is your mortgage company and if you are hoping for a loan modification and would like our help, please let us know.

Additional resources provided by the author

Free Q&A with lawyers in your area

Can’t find what you’re looking for?

Post a free question on our public forum.

Ask a Question

- or -

Search for lawyers by reviews and ratings.

Find a Lawyer