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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com

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Ocwen Is Reducing Principal Balances


OCWEN Financial has developed a program to help assist all their borrowers who are upside down on their mortgage.  Homeowners who are interested in this program have to agree that when they sell their home they will give the bank 25% of what they make on the sale of their home.  All the homeowners have to do is stay current on their mortgage payment as well.  The program consists of three steps. The first step is that the bank is going to reduce the loan balance to make it where there is 5% equity in their home.  The next step is that the bank will modify your loan, so that you can have a mortgage payment that is equivalent to your new loan balance.  Lastly, over the next three years OCWEN "will write off the amounts of the original debt balance that we reduced".