Ocwen Amps Up Borrower Outreach Efforts

foreclosure-help BHOcwen Financial Corporation and Oakland-based NID Housing Counseling Agency will team up for a late-July event aimed squarely at low-to- moderate income and minority communities in California.

The combined effort is scheduled for Saturday, July 23, in San Bernardino, as a way to discuss home ownership and prevent foreclosures in lower-income areas. Ocwen home retention agents and certified NID housing counselors will meet with distressed homeowners face-to- face with to “explore options to make their mortgages more affordable through sustainable loan modifications,” the companies announced Thursday.

“We understand the pride and gratification derived from owning a home and the devastating consequences of losing it to foreclosure,” said Ray Carlisle, president of NID. “The foreclosure process does not just harm borrowers, but entire families and communities.”

The event will offer assistance with preparing Request for Mortgage Assistance (RMA) packages; information on borrower eligibility for state and federal foreclosure assistance programs; counseling on possible mortgage solutions tailored to fit their unique situations; and information on free follow-up housing counseling and education with NID.

Worries about California’s housing crisis have been growing over the last year or so. The state was hit hard by the recession, but bounced back to being a market of swift sales and rapidly escalating house prices. The downside to that growth has been limited inventory and increased competition that is especially daunting to younger buyers. Last year, the Los Angeles Daily News reported on the growing problem millennials are having trying to crack California’s housing market, and in February, Forbes named Riverside as one of the five overvalued markets (by 17 percent) that could be ground zero for the next housing bubble‒‒and pop.

NID claims it has worked with approximately 1,250 homeowners annually over the last eight years, with an average balance of $135,000 among its clients, translating more than $168 million in home value designed to keep wealth concentrations within local neighborhoods and mitigate against destabilization.

Ocwen, which is still grappling with the $30 million fallout revolving around accusations that accused the company of falsely certifying its compliance with federal mortgage programs services more than 265,000 mortgages in California during the recession, claims to have helped more than 625,000 families avoid foreclosure. In California alone, Ocwen has granted more than 80,000 loan modifications, of which 51 percent received a principal reduction.


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