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Chandler, AZ

"Modifying Mortgages Can Be Tricky"

February 18, 2009
The New York Times

by Vikas Bajaj and John Leland

Other companies like Ocwen Financial and Litton Loan Servicing, a subsidiary of Goldman Sachs, have modified a big portion of their delinquent loans, according to Credit Suisse. (The studies cover only loans packaged into securities, not those held on the books of banks.) In the case of Ms. Reeves, Ocwen cut the interest rate to 5.6 percent, from 8.9 percent, lowering her payments by $125, to $1,027. Officials at the company said the reduction would cost less than seizing and selling Ms. Reeves’s modest two-bedroom house near Dolphin Stadium. “Ocwen was very patient with me, and they really worked with me,” said Ms. Reeves, who has back problems and breast cancer… Ocwen, which is based in West Palm Beach, Fla., modified half of the delinquent loans it resolved last year. It foreclosed on a third, and most of the rest were sold before foreclosure for less than what was owed on them.

 

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