Ocwen Financial Corp (NYSE:OCN) and the Seattle King County NAACP are saying that they are up to something interesting for distressed homeowners in Des Moines, Washington.
The two entities will host what looks like a mortgage clinic dubbed Help & Hope for homeowners in Des Moines on September 10. The event is targeting homeowners in Seattle, Tacoma and their neighborhoods.
Something to keep in mind is that delinquency rates are fairly high in the areas that Ocwen and the NAACP are targeting with their Help & Hope for Homeowners event.
Ocwen is welcoming its customers to the Help & Hope for Homeowners event. The session with Ocwen customers will take place at the Highline College Student Union Center inside building 8 and it will run from 8 a.m. to 2 p.m.
What’s on offer?
The reason Ocwen is hosting Help & Hope for Homeowners event is that it wants to help borrowers in the region to explore loan modification options available to them. The idea is to provide struggling homeowners with real solutions to their problems. Some of the loan modification programs that borrowers can take advantage of to reduce their mortgage burden include principal reduction.
As such, Ocwen said that homeowners will meet its Home Retention Agents as well as financial counselors approved by the U.S. Department of Housing and Urban Development (HUD).
Mortgage crises in King County
There are many struggling homeowners in King County. It is estimated that at least one in every 2,353 homes in the county is in foreclosure. In certain parts of Seattle, the rate of foreclosure is even higher. Take the case of Seattle’s Industrial District whose foreclosure rate is one in 253 homes. In Pierce County, which encompasses Tacoma, the foreclosure rate is one in 1,022 homes, while inside Tacoma one in every 980 properties is reportedly in foreclosure.
As a financial services provider with a solid track in mortgage business, Ocwen believes it can help the distressed borrowers in Des Moines. Ocwen says that it has managed to successfully complete loan modifications numbering more than 680,000.