Florida has been hit hard by the housing crisis, as many families continue to struggle to meet their mortgage commitments. Since the nation’s mortgage problems are now an undeniable fact, a number of financial companies have made special efforts to work with mortgage holders to helped them through the difficulties of the last few years. Ocwen Financial Corporation’s West Palm Beach office is said to be one such company. According to Hope Now, a mortgage industry group, Ocwen has aided thousands of Florida residents through its loan modification program.
The executive director of Hope Now recently thanked the employees of Ocwen for their work in providing loan modifications. During an organized event to tout how the mortgage industry has helped homeowners, the director suggested that servicers such as Ocwen can be more flexible in restructuring loans than the federal government can. In her speech, the director said that, because federal loan modifications use tax payer money, those modifications are more restrictive, reducing the number of persons qualified to take advantage of the programs. The director of Hope Now said that mortgage servicers have created about 4.1 million permanent loan modifications, while the federal Making Home Affordable program has created only 900,000.
Still, for Florida residents distressed with the housing market, alleviation offered by both mortgage servicers and the federal government is welcome. Although private servicers tout their achievements in mortgage modification programs, it is important for homeowners to know that federal programs may also help them. For those facing difficult financial decisions concerning their homes, a detailed analysis of all available programs is the best first step to achieving relief.
Source: palmbeachpost.com, “Ocwen praised for ‘bold’ mortgage modifications,” Kimberly Miller, Nov. 16, 2011