43
» VISIT US ONLINE @ DSNEWS.COM
It is hard to earn Even tougher to maintain
A&D Property Services 7346 S Exchange, Chicago, IL 60649 | 773-933-7840 office
info@adpropertyservices.com email | www.adpropertyservices.com
A&D PROPERTY SERVICES
IS YOUR PRESERVATION
SOLUTION
Decades of attentive service have
allowed us to keep your trust
SERVICES:
» REO
» Residential
» Commercial
» Property Maintenance
» Property Management
» Disaster Relief
» Vacant Property
Preservation
PROPERTY SERVICES
THE LEADER
IN DEFAULT
SERVICING
NEWS
Help shape the next
issue of DS News.
Drop us a line at
Editor@DSNews.com.
OCWEN FORGIVES
MILLIONS IN MORTGAGE
DEBT
Ocwen Financial Corporation's loan
modification assistance program, which allows
for a mortgage payment reduction of up to 20
percent to qualified borrowers and also has a
principal forgiveness option, has forgiven about
$595 million in mortgage debt since January 1,
2017, according to Ocwen's first-half results.
Ocwen has provided struggling borrowers
with $19.2 million in housing assistance
through state-level Hardest Hit Fund programs
for the first half of the year. Hardest Hit Fund
programs were created by the George W. Bush
administration to help strengthen the housing
market in states that were most affected by the
housing crisis.
Since the program's inception in 2008,
Ocwen has made around 750,000 loan
modifications.
"Ocwen's consistent philosophy has been
that all parties benefit when solutions are
offered that allow borrowers to cure their
delinquencies and remain in their homes and in
their communities," said Ron Faris, President
and CEO of Ocwen. "Ocwen continues to
lead the industry in providing responsible and
sustainable loan modifications to struggling
homeowners, and we are proud of the
difference we make in our customers' lives."
Borrowers in certain states have been
specifically targeted over the course of the
year. In the first half of 2017, California had
approximately 3,500 loans modified with a
forgiven debt of about $70.3 million, while
Florida had 2,750 loans modified at the cost of
$74.1 million. New York had the largest amount
of debt forgiven at $104.2 million and 2,550
loans modified.
