In an effort to keep homeowners current, and give them some skin in the game, so-to-speak, Ocwen has just introduced their principal reduction program that they call SAM, short for Shared Appreciation Modification program. This program will aim to reduce upside down homeowners’ mortgage principal balance to 95% of market value, and in return the investor on the loan(s) being serviced will receive 25% of the appreciation/profit once the home is eventually sold or refinanced.
This is per the press release that Ocwen just released on July 26, 2011: Found Here
Here is the phone number to Ocwen Customer Service: (800) 746-2936
Upside down on your mortgage? Is it being serviced by Ocwen? Call them to find out if you qualify for this program?
Here’s our SCV Real Estate 360 video on the new Ocwen SAM program, call us if we can ever be of any assistance for any of your Santa Clarita real estate needs.
*don’t call us for help with loan modifications, we do not help or advise on such subjects, please contact your lender directly for help