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Plan to transform Akron’s iconic Rubber Bowl into entertainment …

AKRON, Ohio – Efforts to revitalize Akron’s iconic Rubber Bowl as a live music and entertainment venue have come to an end.

Team 1 Marketing Group, the Rubber Bowl’s recent owners, posted this message on the stadium’s Facebook page on Tuesday.

Thanks to all who supported us in our efforts to bring the Rubber Bowl back to life. We just couldn’t get the city and derby on board. Summit County Land Bank is the owner of the property now. We hope they will find a group they will let finish our dream of bring this great venue back to life.

Since it bought the stadium, Team 1 has had trouble getting responses from the city, said attorney Bill Corgan.

“The city basically doesn’t want to work with Team 1,” he said. “Without getting any kind of cooperation from the city, they aren’t getting funding to move forward.”

Team 1 has agreed to turn the deed to the property over to the Summit County Land Bank to avoid foreclosure proceedings.

“We are in discussions with them about signing over the property,” land bank Executive Director Patrick Bravo said. “It’s still a couple weeks away.”

Both the city and the land bank have received numerous complaints about vandalism and the condition of the Rubber Bowl, where the University of Akron football team used to play.

Recently, when land bank staff was inspecting the stadium as part of the tax foreclosure process, kids were running around the site, with one kid dangling off the side of the press box.

“It’s only a matter of time before someone gets hurt,” Bravo said.

The back story

In its former life, the Rubber Bowl was the home of the University of Akron Zips, while big music acts from Simon Garfunkel to the Rolling Stones to the Pretenders drew thousands of music lovers to the stadium.

But when the Zips moved to InfoCision Stadium in 2008, the bowl went dark. In 2013, the University of Akron sold the stadium for $38,000 to Canton-based Team 1. Team 1 owners, Bill Dunn and Sean Mason, had plans to make the venue the home of a United States Football League franchise. But embezzlement charges against the football league’s top management forced them to consider a different use.

With the stadium’s 32,000-seat capacity, Team 1 has fought for the past couple years to turn the Rubber Bowl into a music, sports and theater venue. The company was hopeful Akron’s Black Keys would headline the venue’s first concert, and the site would become the home of two large music festivals each year.

Team 1 also envisioned the stadium working in tandem with the nearby skate park to attract other recreation-based entities. But, from the start, Team 1 has faced a stream of set backs.

Safety

A hip-hop concert planned in 2015 was cancelled when the city of Akron determined the site was unsafe. Then, vandals began breaking into the property at night, damaging the property further. The city ordered the company to secure the site. Team 1 repeatedly installed fencing and secured entrances only to have them knocked down, and often completely destroyed, overnight,

Zoning

Unbeknownst to Team 1, the bowl’s zoning changed once it was sold to private buyers. Prior to its purchase, the Rubber Bowl was owned by the state and zoned for public recreation. However, once the stadium was bought by private entity Team 1 the zoning reverted to residential, which means it couldn’t be used for public recreation. To have the zoning changed, Team 1 had to go through Akron’s conditional use process.

That required Akron Planning Commission approval, with a public hearing before Akron City Council for resident input before a City Council vote.

Financing

As part of the rezoning process, the city wanted more detailed plans on renovating the facility than Team 1 could afford to have created. In the meantime, AEL Capital Partners in Colorado, Team 1′s investor, wanted assurance from the city the project would go forward, before sinking money into the plans.

Taxes

An unexpected tax bill also caused problems. When the project was launched, Dunn and Mason spoke with Summit County’s late Executive Russ Pry about receiving a tax abatement. They expected to receive the abatement, based on a verbal agreement. But Pry died unexpectedly in 2016 and Summit County assessed taxes on the Rubber Bowl based on a value of $2.3 million. Team 1′s tax bill rose to nearly $200,000.

Foreclosure

For now, the future of the Rubber Bowl is unclear.

“We’ve been in discussion with city of Akron regarding the future of the property,” Bravo said. “The city may have possible interest in acquiring the property from us but nothing formal has been presented.”

Want more Akron news? Sign up for cleveland.com’s Rubber City Daily, an email newsletter delivered at 5:30 a.m. Monday through Friday.

Article source: http://www.cleveland.com/akron/index.ssf/2017/08/efforts_end_to_transform_akron.html

What Types of Income Count When Filing Bankruptcy?

Every year, close to a million Americans file for bankruptcy protection and a fresh start. Lots of famous people have filed over the course of our history. Here are a few that might surprise you.

• The famous rodeo performer, Buffalo Bill, filed in 1913.

• Singer Eddie Fisher filed in 1972.

• Walt Disney, who turned cartoons into an empire, filed in 1923 and correct me if I am wrong may have started an amusement park

• Ulysses S. Grant, former general and U.S. president, filed in 1884.

• Former president Abraham Lincoln filed in 1833.

• Country singer Tammy Wynette filed in 1988.

• American author, Samuel Clemons, a.k.a. Mark Twain filed in 1894.

• Boxing champion Leon Spinks filed in 1986.

• Larry King, former CNN host, filed in 1971.

• The former governor of Texas, John Connally, filed in 1987.

• Wayne Newton, known as Mr. Las Vegas, filed in 1992.

• P.T. Barnum, creator of The Greatest Show on Earth, filed in1871.

• Henry John Heinz, the condiment king, filed in 1873.

• Henry Ford’s first company filed for bankruptcy in 1903.

• Johnny Unitas, the Hall of Fame quarterback filed for Bankruptcy protection in 1991 in order to save his home from foreclosure.

• Lawrence Taylor, the All-Pro linebacker for the New York Giants filed for Bankruptcy protection in 2009 due to back child support and to avoid foreclosure on his home.

• Gary Coleman, the actor from “Different Strokes” filed for Bankruptcy protection in 1999 due to legal battles and medical troubles.

• Jerry Lee Lewis, the music icon filed for Bankruptcy protection in 1988 due to back taxes and medical bills.

• Tom Petty, the rock star filed for Bankruptcy protection in 1979 after legal issues with his record company.

• Stanley Kirk Burrell, a/k/a M.C. Hammer, the rapper filed for Bankruptcy protection in 1996.

• Oscar Wilde, the writer filed for Bankruptcy protection in 1895 and was thus able to save his home.

• Mike Tyson, the former heavyweight champ filed for Bankruptcy protection in 2003.

• Michael Vick, the former NFL Quarterback star filed for Bankruptcy protection in 2008 while behind bars.

• Burt Reynolds, the actor filed for Bankruptcy protection in 1996 after a messy divorce from Loni Anderson along with a failed Florida restaurant chain business.

• Rembrandt, the famous painter filed for Bankruptcy protection in 1656; By the way, one of his paintings has sold for over 30 million in the past 10 years.

• Don Johnson, the “Miami Vice” actor filed for Bankruptcy protection in 2004 in order to save his Colorado ranch from foreclosure.

• Willie Nelson, the country music star filed for Bankruptcy protection in 1990 due to back IRS taxes.

• Toni Braxton, the R B singer filed for Bankruptcy protection in 1998 and then again in 2010.

• Milton Hershey, the chocolate candy guru filed for Bankruptcy protection in 1882 after a his 1st attempt in the candy business failed and without bankruptcy protection his later attempt with the “Kiss” wouldn’t have been possible; and not to mention this exhaustive list as follows:

• Detroit, Michigan – 2013; Texaco, Inc. – 1987; Regal Cinemas – 2001; Sbarro, Inc. – 2011; Reader’s Digest Assn. – 2009; Mickey Rooney – 1962; Saab Automobile – 2011; Schwinn Bicycle Company – 1992; Sunbeam Corp. – 2001; Six Flags, Inc. – 2009; Delta Airlines, Inc. – 2005; Merle Haggard – 1993; FAO Schwartz Toy Stores – 2003; General Motors – 2009; Marvel Entertainment Group – 1996; Orange County, California – 1994; Paramount Studios – 1932; Pepsi Cola Company – 1923 and 1931; Planet Hollywood International – 1999 and 2001; Jefferson County, Alabama– 2011; Polaroid Corporation – 2001; US Airways – 2002; Atari – 2013 Puerto Rico, US Territory – 2017.

This is just a small sample, but in each case, these people from all professions of life have invoked bankruptcy protection to get a fresh start. They have taken advantage of our legal right to file bankruptcy for either themselves or for their business and each one eliminated debt with their bankruptcy. Once their debt was gone, they were able to move forward with their lives and accomplish great things. If you have dreams of your own that you can’t reach because you are tired, stressed and struggling with debt please call us and let’s talk about it. It will be a free initial consultation and we can help you develop a plan back to financial security to take the stress and worry off your shoulders. We can help you!!


Bond, Botes, Sykstus, Tanner McNutt, P.C.

Web: www.bondnbotes.com

Facebook: facebook.com/Bond-Botes-Sykstus-Tanner-McNutt-PC-203986783117475/

102 South Court St, Suite 314, Florence, AL 35630

Phone: 256-760-1010 • Fax: 256-760-1023

Office Hours: Monday – Friday • 8am to 5pm

No representation is made that the quality of legal services to be performed is greater than the quality of legal services to be performed by other lawyers.


 

Article source: http://www.courierjournal.net/columnists/on_your_debt/article_325c08c2-8cc2-11e7-abc9-732017659a12.html

No faxing ~ personal unsecured loans ~ Loan to avoid foreclosure

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Article source: http://forwardflorida.com/?x20d=1571501743

Mass. foreclosure petitions plunge – telegram.com

Foreclosure starts in Massachusetts plunged nearly 34 percent in July and petitions are down 15.5 percent over the first seven months of 2017, although completed foreclosures are up slightly this year, The Warren Group reported Tuesday.

“We’ve seen some impressive year-over-year drops in petitions recently as the backlog of foreclosures gets cleared up, but this is among the biggest,” said Timothy Warren, CEO of The Warren Group. “The July 2017 total is the lowest of any month since January of 2015.”

There were 683 petitions filed in July, compared to 1,032 in July 2016. There have been 4,464 foreclosure auctions so far this year, down 18.4 percent from the 5,470 over the same period in 2016.

Year to date, the state filed 3,487 total deeds, up 1.37 percent from the 3,440 filed over the same period in 2016. The deeds, representing completed foreclosures, were down 26.5 percent in July.

 

Article source: http://www.telegram.com/news/20170829/mass-foreclosure-petitions-plunge

Subway Singer Mike Yung Supported by Fans After House …

Mike Yung is a 57-year-old man, who has been singing in New York subways for decades. He actually became internet famous in 2016, when he performed the song “Unchained Melody” by The Righteous Brothers in the subway at the station on 23rd and Sixth Avenue. After a video of him singing was posted on YouTube, it went viral. Now, Yung is a contestant on America’s Got Talent and this is not his first time on television. When his viral video was at its peak online, he appeared on James Corden‘s The Late Late Show.

Over this past year, Yung has been trying to sing on the subways less and follow his dreams of becoming a recording artist. With the financial help of others, he has provided for his family while pursuing his music career. Unfortunately, Yung recently fell on hard times and earlier this month, he posted a GoFundMe Page in hopes of earning money for a place to live for his family. On the page, he wrote:

As hard as this is, I am reaching out to you because I have no other choice. I haven’t been able to sleep much the past few nights thinking about what I am about to say.

The house my family lives in was foreclosed on and we received court papers to vacate the premises. I do not have the money to pay first months rent , or the deposit for a new place.

Since last Sept I have been getting help financially from two young guys who have become my managers. They have been able to help me take care of my family, pay each months rent, as well as wipe our overdue utility bills in the winter to keep the heat and lights on. This has allowed me to spend time away from the subway and start getting into studios to begin writing original records for my debut album. However, after almost a year of receiving assistance and help from them …they too have completely exhausted their own life savings to keep my dreams alive.

He then continued:

I am skeptical to ask for help from anyone, its just the way I am and was raised. I have been fighting my managers about publicly coming out about my situation for almost a month now but I don’t know what else to do as we have passed the court order date to vacate the premises (7/31). Its taken a lot for me to publicly come out like this. I don’t want anyone to think I’m putting my family’s well being second to myself and my career. Chasing my dream is something I’ve been waiting for my whole life but making sure my kids and grandkids have a home is more important than anything else.

I made a new friend @tinydan_the_frenchie

A post shared by Mike Yung

Article source: http://heavy.com/entertainment/2017/08/mike-yung-subway-singer-agt-americas-got-talent-gofundme-house-foreclosure/

Hurricane Harvey victims granted temporary relief from foreclosure

Hurricane Harvey has caused thousands in and around the Houston area to flee from the rising waters engulfing their homes and killed at least 14 people to date.

In this time of crisis, federal mortgage agencies Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) have announced that they are suspending evictions and foreclosures on homes in eligible disaster areas impacted by Hurricane Harvey and secured by mortgages owned or guaranteed by one of the three agencies.

Together the agencies back about 400,000 mortgage loans in the 18 counties Harvey has hit, though the scope of the property damage won’t be known until the storm and its attendant flooding have subsided, Reuters reported. The counties are Aransas, Bee, Brazoria, Calhoun, Chambers, Fort Bend, Galveston, Goliad, Harris, Jackson, Kleberg, Liberty, Matagorda, Nueces, Refugio, San Patricio, Victoria and Wharton.

“We continue to monitor the situation in the affected areas. The storm, while weakened, continues in many areas, and it is simply too early to provide any data or assessment about the scale or scope of damage resulting from Hurricane Harvey,” said Carlos Perez, Fannie Mae’s senior vice president and chief credit officer, in a statement.

“Preliminary assessments of actual damage at this point may be inaccurate and potentially misleading. We will continue to work with our single-family servicers to communicate our policies and ensure borrowers have access to the information and resources they need to help manage their housing challenges.

“We also continue to work with our Multifamily DUS lenders and borrowers to determine appropriate actions to assist renters impacted by the storm.”

Fannie Mae and Freddie Mac

Starting today, Fannie Mae and Freddie Mac have put in place a 90-day foreclosure sale suspension and a 90-day eviction suspension for borrowers with properties located within a Federal Emergency Management Agency-declared disaster area that are eligible for FEMA Individual Assistance.

Homeowners with Fannie Mae loans impacted by Hurricane Harvey may also qualify for a forbearance, a temporary suspension or reduction of their mortgage payment for up to six months.

The agency encouraged homeowners with Fannie Mae loans to reach out for free information and assistance through the Fannie Mae Mortgage Help Network or by telephone at 1-800-232-6643.

Those with Fredde Mac loans may qualify for forbearance and repayment plans for up to 12 months if their homes or places of employment are located in eligible disaster areas.

Freddie Mac authorized its mortgage servicers to verbally grant 90-day forbearances to such borrowers, including borrowers with mortgages that have been previously modified or are in a modification trial period plan.

Freddie Mac will also be working with servicers to ensure that no property inspection costs resulting directly from Hurricane Harvey will be passed on to the affected borrowers, the agency said.

“We’re committed to ensuring that homeowners receive the mortgage assistance they need to overcome the devastating tragedy of Hurricane Harvey,” said Yvette Gilmore, Freddie Mac’s vice president of single-family servicer performance management, in a statement.

“Once they’re out of harm’s way, homeowners should contact their servicers — the company to which they send their monthly mortgage payments. They may be eligible for forbearance on mortgage payments for up to one year if their mortgage is owned or guaranteed by Freddie Mac.”

Freddie Mac’s disaster relief policies also authorized servicers to waive assessments of penalties or late fees against borrowers with disaster-damaged homes as well as not report forbearance or delinquencies caused by the disaster to the nation’s credit bureaus.

Don’t know if your or a client’s loan is owned by Fannie Mae? Visit www.knowyouroptions.com to find out. Think a loan might be owned by Freddie Mac? Check here.

FHA

The U.S. Department of Housing and Urban Development (HUD), which oversees FHA, granted a 90-day moratorium on foreclosures and forbearance on foreclosures of FHA-insured home mortgages starting Monday. About 200,000 FHA-insured homeowners live in the impacted counties, the agency said.

HUD detailed additional steps it is taking to help disaster victims, including:

  • Assisting the state of Texas and local governments in re-allocating existing federal resources toward disaster relief through HUD’s Community Development Block Grant (CDBG) and HOME programs to allow the state and communities to redirect millions of dollars to housing and services for disaster victims and the repair and replacement of damaged housing.
  • Making mortgage insurance available through HUD’s Section 203(h) program, which provides FHA insurance to disaster victims who have lost their homes and face the task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders may be eligible for 100 percent financing.
  • Making insurance available for both mortgages and home rehabilitation through HUD’s Section 203(k) loan program, which enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home.
  • Offering Section 108 loan guarantee assistance to state and local governments for housing rehabilitation, economic development and repair of public infrastructure.
  • Providing information on housing providers and HUD programs to FEMA and the state. This includes information on housing providers that may have available units in the impacted counties, such as public housing agencies and multifamily owners.

Email Andrea V. Brambila.

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Article source: https://www.inman.com/2017/08/29/hurricane-harvey-victims-granted-temporary-relief-from-foreclosure/

Detroit suing 700 property investors for unpaid taxes

The city of Detroit is in the process of filing 700 lawsuits by Thursday against landlords and housing investors in a new effort to collect unpaid property taxes on abandoned homes that have already been forfeited to the government.

By the end of November, the litigation sweep may hit 1,500 companies and investors whose abandonment of Detroit homes is blamed for contributing to the city’s neighborhood blight epidemic.

Motor City Law PLLC, working on behalf of the city, has filed more than 60 lawsuits since Aug. 18 in Wayne County Circuit Court and the rest of the lawsuits will be filed before a Thursday statute of limitations deadline, Detroit attorney Andrew Munro told Crain’s.

The lawsuits target banks, land speculators, limited liability corporations and individuals with three or more rental properties in Detroit who typically buy the homes for cheap at a Wayne County auction and then eventually stop paying property tax bills and lose the home in foreclosure, Munro said.

“The targets are the landlords and the people who are abusing the auction system,” Munro said Monday.

A second wave of 800 lawsuits will be filed over the next three months.

“There’s a statute of limitations issue, which is why we broke it up in two tranches,” Munro said.

A year ago, Detroit sued more than 500 banks and LLCs that had an ownership stake in houses that sold at auction for less than what was owed in property taxes.

Last year’s stack of lawsuits has netted more than $5 million in judgments, “while many cases are still being litigated,” said Eli Savit, senior adviser and counsel to Mayor Mike Duggan.

“The city’s outside counsel is in the process of collecting on those judgments,” Savit said in a statement to Crain’s.

City officials did not have an exact figure Monday on how much property tax is owed by the 700 property owners who are being sued this week.

“We are still going through the data of all of the property subject to this year’s lawsuits, but the amount of delinquent taxes involved is in the tens of millions,” Savit said.

The 69 lawsuits filed since Aug. 18 in circuit court were for tax bills exceeding $25,000 each. Unpaid tax bills for less than $25,000 will be filed in district court.

The unpaid taxes date back years as the properties were auctioned off by the Wayne County Treasurer’s Office between 2013 and 2016 or sent to the Detroit Land Bank Authority, which oversees demolitions if homes can’t rehabilitated or sold.

In most Michigan counties, the treasurer’s office recoups the unpaid taxes on a home that was seized in foreclosure through sale of the home at an auction. But in Detroit’s depressed housing market, where homes sell at auction for as little as a few hundred dollars, the tax bills for three or more years assessed at a higher value can be thousands of dollars.

“For instance, out in Oakland County, they don’t have this problem,” Munro said. “In Wayne County, it’s a huge problem.”

The lawsuits Munro’s firm has filed come attached with a letter advising the defendants to call and settle the debt, plus attorney fees.

“There is no legitimate debate that assessed owners are personally liable for uncollected taxes under Michigan law,” the letter says. “Should you defend the complaint on the basis that there is no personal liability for property taxes the court may find such a defense unwarranted and frivolous.”

The lawsuits indicate the former property owners have no recourse for lowering their unpaid tax debt because they’re now “time barred from filing an appeal” with Detroit’s Board of Review or the Michigan Tax Tribunal.

Motor City Law PLLC has set up a call center for tax collections inside a building on West Seven Mile Road where the small firm is based.

City officials said individual homeowners would not be targeted by the lawsuits for unpaid taxes.

But the lawsuits do seek to establish a legal means for going after investors who buy cheap homes at auction and either rent them out and not pay the taxes or walk away from the house because it’s damaged beyond repair, Munro said.

“That’s the kind of behavior the city is trying to change,” he said.

Munro said suing past property owners for the balance of unpaid taxes after an auction is a concept he pitched to former Emergency Manager Kevyn Orr during Detroit’s 2013-14 bankruptcy.

“This is a program no other city has ever done in the state of Michigan,” Munro told Crain’s. “It took a while to convince everybody that it’s viable, but it is.”

Article source: http://www.crainsdetroit.com/article/20170829/news/637586/detroit-suing-700-property-investors-for-unpaid-taxes

Palm Bay reaches settlement on Homes for Warriors property

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More questions arise on the Homes for Warriors participants.
WAYNE T. PRICE/FLORIDA TODAY

PALM BAY — The recipients of a free house through Palm Bay’s Homes for Warriors program on Monday reached a settlement with the city, with Palm Bay recouping most of its investment in the property. 

The home, which the couple received for free through a veterans’ housing program, was sold Monday for $200,000.

Palm Bay Assistant City Attorney Rodney Edwards, in announcing the settlement, said the city collected two checks for outstanding fees owed on the home of Eric and Megin Davidson, including $154,584 the city invested in the property and $1,291.95 in unpaid utility bills to the city.

The Davidsons will get the remaining money, about $44,124.

They declined to make a statement Monday.

It wasn’t immediately know who bought the home or if the Davidsons plan to remain in Brevard County.

In July, after learning the Davidsons planned to sell their home before the agreed-upon period of 15 years, when the house would become theirs outright, Palm Bay filed a foreclosure action and an injunction to stop the sale. Monday’s settlement ended that action.

“As a fellow veteran, I felt it was important to work with these families and not against them,” Edwards, a U.S. Marine veteran, said in a statement.  ”However, I also serve the citizens of Palm Bay, and the intention of this program was never that they would be unduly enriched from the sale of these homes.”

More: “Homes for Warriors” house for sale

More: More questions about Homes for Warriors properties in Palm Bay

More: FLORIDA TODAY investigation finds little oversight of Palm Bay’s Homes for Warriors program

The Davidson house became the latest focal point the controversial Homes for Warriors program run by city, with support by a Palm Bay veterans’ group called the Space Coast Paratroopers Association. The group changed its name to the Space Coast Veterans Alliance, and is in the process of disbanding after questions arose about bookkeeping and other issues.

The program has drawn scrutiny from state auditors and investigations by state and federal law enforcement for questions over how the program was managed.

So far, Palm Bay has built or rehabilitated seven homes and turned them over to disabled veterans.

Under the program — which was funded by state grants — the veterans signed interest-free mortgages, but no payments were required as long as veterans remained in the home. After 15 years, the mortgages would be forgiven.

If the veterans sold or moved out of the homes, though, they would have to pay the full amount of the mortgage back to the city.

But those mortgages were for only $50,000, regardless of the value of the homes or the amount the city spent on them.

A state audit, released earlier this year, highlighted the problem and the city had four homeowners sign additional mortgages. But that audit only looked at that program through 2014.

A FLORIDA TODAY investigation published in June found that three homes built after 2014 — including the Davidsons’ — were still covered by only single mortgages of $50,000.

Contact Price at 321-242-3658 or wprice@floridatoday.com. You can also follow him on Twitter @Fla2dayBiz.

 

 

 

 

 

 

 

Article source: http://www.floridatoday.com/story/news/2017/08/28/palm-bay-reaches-settlement-homes-warriors-property/609686001/

More seniors are taking loans against their homes — and it’s costing …

As she was getting on in years and her resources dwindled, Virginia Rayford took out a special kind of mortgage in 2008 that she hoped would help her stay in her three-bedroom Washington, D.C., rowhouse for the rest of her life.

Rayford, 92, took advantage of a federally insured loan called a reverse mortgage that allows cash-strapped seniors to borrow against the equity in their houses that has built up over decades.

But the risks of the financial arrangement are stark — and today the frail widow finds herself facing foreclosure.

Under the terms of the loan, Rayford can defer paying back her mortgage debt that totals about $416,000 until she dies, sells or moves out. She is, however, responsible for keeping up with other charges — namely, the taxes and insurance on the property.

Ocwen Releases Borrower Assistance Results for First Half of 2017 …

Helped 30,000 struggling families avoid foreclosure during the first half of 2017

Reduced consumer mortgage debt by $595 million through borrower assistance programs

Distributed over $19.2 million of housing assistance through state-administered Hardest Hit Fund programs

WEST PALM BEACH, Fla., Aug. 29, 2017 (GLOBE NEWSWIRE) — Ocwen Financial Corporation (NYSE:OCN), a leading financial services holding company, announced loan modification borrower assistance results for the first half of 2017. Working closely with non-profit agencies, Ocwen helped approximately 30,000 families avoid foreclosure and remain in their homes in the first six months of 2017.

Since the sunset of the U.S. Department of the Treasury’s Home Affordable Mortgage Program (HAMP) at the end of 2016, Ocwen has continued to optimize its own loan modification products to assist struggling borrowers. The company’s products include a principal forgiveness component to qualified borrowers and allows for a mortgage payment reduction of up to 20 percent to achieve an affordable mortgage payment and a sustainable performing loan.

During the first half of 2017, Ocwen forgave approximately $595 million in mortgage debt as part of its industry-leading borrower assistance programs. Similar to the HAMP program, all modifications are designed to be sustainable for homeowners, while providing an estimated net present value for mortgage loan investors that is superior to that of foreclosure.

Below are the top 10 states where Ocwen modified loans and forgave debt in the first half of 2017:

State
Number of Loans Modified
(rounded)
Total Debt Forgiven
(millions rounded)
California
3,500
$70.3
Florida
2,750
$74.1
New York
2,550
$104.2
Texas
2,000
$8.3
New Jersey
1,450
$76.7
Pennsylvania
1,450
$17.1
Illinois
1,250
$32.8
Maryland
1,200
$33.4
Georgia
1,100
$13.2
Ohio
950
$12.4

Additionally, Ocwen customers were the beneficiaries of over $19.2 million of housing assistance distributed through state-administered Hardest Hit Fund programs in the first half of 2017. Ocwen is working directly with state housing finance agencies and local non-profit agencies on creative ways to reach qualified borrowers, including targeted outreach campaigns to customers in California, Florida, Illinois, Michigan, Nevada, and North Carolina.

“Ocwen’s consistent philosophy has been that all parties benefit when solutions are offered that allow borrowers to cure their delinquencies and remain in their homes and in their communities,” said Ron Faris, President and CEO of Ocwen. “Ocwen continues to lead the industry in providing responsible and sustainable loan modifications to struggling homeowners, and we are proud of the difference we make in our customers’ lives.”   

From 2008 through the first half of 2017, Ocwen has granted approximately 750,000 loan modifications. Ocwen customer testimonials and specific state-by-state data on our modification results can be found at OcwenCares.com.

About Ocwen Financial Corporation
Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, originates and services loans. We are headquartered in West Palm Beach, Florida, with offices throughout the United States and in the U.S. Virgin Islands and operations in India and the Philippines. We have been serving our customers since 1988. We may post information that is important to investors on our website (www.Ocwen.com).

For Further Information Contact
John Lovallo
T: (917) 612-8419
E: jlovallo@levick.com


Source: Ocwen Financial Corp.

Article source: http://www.nasdaq.com/press-release/ocwen-releases-borrower-assistance-results-for-first-half-of-2017-20170829-00260