Selling the home for less than you owe
This option allows you to sell the home and pay off a portion of your principal balance when you owe more money on your mortgage loan than the home is worth.
The benefit to the option is that it allows you to move out of the home and avoid foreclosure. In some cases, relocation assistance may be available.
Releasing your property to Lender
(Deed in Lieu)
If you're having trouble making your mortgage payments and are unable to sell the home, you may still be able to avoid foreclosure and make a fresh start by releasing your property.
You may be able to transfer the ownership of your property to us if this is a first mortgage loan.
This option allows you to move out of the home without going through foreclosure. In some cases relocation assistance may be available. This is useful when there are no other liens on your property.
it’s a Federal government program that offers maximum discount, its also referred as Obama modification plan, The government’s HAMP modifications have a number of restrictions for eligibility, so not everyone qualifies. If HAMP does not work for you, Ocwen offer several non-HAMP modification programs that may fit your situation.
Please Note: All modification terms are governed by rules set by the owner of your loan. As a result, not all modifications will follow these exact steps or contain these exact terms.
You must be ineligible or declined for all government HAMP modifications. Your mortgage loan is delinquent, or payment default is reasonably foreseeable. If your loan was previously modified under the HAMP program, you must no longer be in good standing as defined by HAMP guidelines.
Shared Appreciation Modification (SAM)
This program is for homeowners who are "underwater" in their mortgage (owe more than the property is worth), and is available in all states except New York. Under SAM, your loan terms change and you share any future appreciation in your home's value with Ocwen.
Ocwen may agree to change loan terms, using any combination of the following:
Forgive Principal – lower your principal loan balance, down to 95% of your property value. The amount removed from your balance will be forgiven within three years of modifying. Ocwen may/will forgive 1/3 of the removed amount for each year of on-time payments. Lower your Rate – reduce interest down to 2% Extend the Loan Term – monthly payments calculated over 480 months (this may create a balloon if we cannot extend the loan repayment period)
Ocwen may also share appreciation: If your property value goes up after modification, you will share 25% of the increase with Ocwen when you sell or refinance the home.