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Time’s up on unpaid fees for Bentley Brook time-share owners: Auction will offer weeks at Jiminy Peak resort

HANCOCK — Real estate auctions in the Berkshires often bring bargain-hungry investors.

But those who buy and “flip” properties are likely to take a pass Tuesday, when 40 foreclosures come up for sale at a Pittsfield lawyer’s office.

Starting at 10 a.m., auctioneer Anthony Marcella will seek bids on a long list of time-share weeks at Bentley Brook, a resort at the Jiminy Peak ski area in Hancock.

Over the last several years, the Pittsfield law firm Martin Oliveira LLP has managed several sales of time-share properties for the resort. Tuesday’s auction will be held in a conference room at the firm’s fifth-floor office in the Clock Tower Business Park at 75 South Church St.

Attorney William E. Martin said people who’ve fallen behind on maintenance payments on time shares rarely respond to calls for them to catch up, despite notice both 90 and then 30 days before auctions.

“Frankly it’s not even as important to people as their car,” Martin said. “It’s one of the first things that they stop paying.”

On one hand, buyers at auctions like this have an advantage over typical sales. Because single weeks are for sale, there is good reason to believe the property involved is in good shape, since it may be occupied by different owners the other 51 weeks of the year. In other types of foreclosure auctions, prospective buyers are rarely able to inspect the insides of buildings.

But once purchased, “interval” ownership is hard to sell, Martin said.

“There is no obvious market. That’s one of the challenges,” he said. “There’s very little investor demand. It’s not something you can buy and flip.”

In advance of this sale, Martin’s firm sent default notices to nearly four dozen owners. Of that, roughly 10 percent paid past-due fees and penalties, “curing” their ownership issues and removing liens.

Because of that, weeks owned by five interval owners listed in a legal notice published Oct. 16 in The Eagle will not be sold.

But for the majority, the sales offer a chance to walk away from an investment that, for one reason or another, no longer makes sense.

The value of one week at the resort is roughly $5,000, Martin said. Maintenance fees come to about $500 a year.

“If they want it, they could pay,” Martin said.

Most owners are behind on at least three years’ worth of payments. It doesn’t take long for the cost of the “cure” to top the value of the investment.

“It’s not something you can easily sell. People will essentially abandon it,” Martin said.

By clearing out the defaults, the Bentley Brook Interval Owners’ Association helps owners in good standing who pay maintenance fees. Their assessments must rise to cover gaps left by unpaid fees, Martin said.

Most of the shares for sale are linked to specific weeks. But 10 are based on accrued “membership interest points” that can be exchanged for lodging.

While some bidders have turned up at past auctions, usually interested in specific weeks, the owners association is also poised to bid, usually paying the amount of the debt, Martin said.

Larry Parnass can be reached at lparnass@berkshireeagle.com, at @larryparnass on Twitter and 413-496-6214.

Article source: http://www.berkshireeagle.com/stories/times-up-on-unpaid-fees-for-bentley-brook-time-share-owners-auction-will-offer-weeks-at-jiminy,525035

An Affordable Housing Movement Is Rising from the Wreckage of the …

Friday, Nov 17, 2017, 11:08 am

BY Michael Arria

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On January 16, 2017 in New York, N.Y., the Citywide Alliance Against Displacement held a rally at City Hall to demand Mayor de Blasio step down for promoting racist rezoning plans that target communities of color and to commemorate Martin Luther King Jr.s legacy of ghting against racial and economic injustice all over the country. (Photo by Erik McGregor/Pacific Press/LightRocket via Getty Images)  

In late September, activists staged actions in 45 cities to draw attention to predatory rent practices and vast cuts to Housing and Urban Development funding. “Renters Week of Action” was partially inspired by a report put out by the Right to the City Alliance (RTC) highlighting solutions to the problems tenants now face after the foreclosure crisis.

“The majority of all renters pay an unaffordable rent,” Darnell Johnson of RTC told In These Times. “Eviction, rising rents and gentrification are racial, gender and economic violence harming our people.”

The coordinated actions stem from a long history. The rent control movement gained momentum during the late 1970s and early 1980s, spreading beyond New York City and taking hold in California. In 1978, California voters approved Proposition 13, which lowered property taxes throughout the state.

Many believed that the savings would mean lower home prices and rents. But almost 40 years later, California is a symbol of the era’s failed optimism. The median California house costs 2.5 times more than the median national house, and rents are some of the highest in the nation. Cities throughout the country have now experienced decades of gentrification from a real estate industry consistently looking for ways to subvert the few remaining housing protections that exist for tenants.    

Over the last few years, housing activism has boomed—a trend that transcends the issue of rent control through its focus on halting gentrification and protecting low-income people of color from displacement. This work is even more important in the era of Trump, as the GOP is actively pushing a tax plan to benefit the richest members of U.S. society. House Republicans just passed a tax plan that will cut corporate rates down to 20 percent while increasing taxes for households that make between $10,000 and $30,000 a year.

The movement has taken hold throughout the country, and it’s recently chalked up a number of important victories. After activists staged a hunger strike in San Jose, lawmakers approved some of the strongest renter protections in the nation. Seattle’s city council was pushed to end housing discrimination against formerly incarcerated individuals. Earlier this year, New York became the first city to guarantee attorneys for low-income renters facing eviction.

One group with a track record of effective strategy is the Minneapolis-based Inquilinxs Unidxs Por Justicia. Organizer Roberto de la Riva told In These Times that the group has a direct-action approach to combating his city’s housing crisis. The racial breakdown of housing in Minneapolis is stark: Most people of color rent, while most people white people own homes. He spoke of Latino residents being fined hundreds of dollars by landlords for opening their windows during the winter—and being forced to pay their rent via money order.

“As an organization that works with directly-affected tenants in the most affordable housing in Minneapolis, we see first-hand the amount of power that landlords hold over tenants,” said de la Riva. “They can intimidate freely without anyone holding them accountable and use the system for their business model. Because of the lack of effective organizing and renter protections like rent control, and just cause protection against eviction, landlords get free reign in the city.”  

“When we organize with tenants against their landlords,” he added, “we are able to break down fear and isolation, equalize power relations and move tenants to defend their rights to negotiate with the landlord on renters’ terms.”

One of the most effective ways Inquilinxs Unidxs Por Justicia has fought for tenants is through the acquisition of pro-bono attorneys to fight for renters in court. This method has led to a major rent return lawsuit, charging two Minneapolis landlords with hiding their ownership of properties from the city and purposely suppressing the costs of repairs for financial gain. If successful, the lawsuit could financially benefit thousands of Minnesota residents. “It could be the largest case in terms of damages and rent refunds in U.S. history,” housing attorney Larry McDonough told The Star Tribune. “I could not find a single class action around the country that had this kind of price tag on it.”

De la Riva said tenants and activists are up against powerful, moneyed interests in Minneapolis.

According to advocates, this trend extends nationwide, “Entire communities and cultures are being erased by aggressive development,” Johnson underscored. “We’re occupying their offices, taking back our communities and escalating. Because this isn’t a game. We’re fighting for our lives, our communities and our futures.”

In Boston, 2016 saw an uptick in resistance to predatory rent practices, with activists fighting for “Just Cause Eviction” rules that would prevent landlords from evicting tenants for improper reasons. Through organizing, communities advanced the Jim Brooks Community Stabilization Act, a piece of legislation that has already cleared Boston’s city council and will now make its way to the state legislature. If passed, the act would require landlords with more than six units to provide a reason for evicting a tenant—and mandate that they report the eviction to the city. The city would then be required to notify the tenant of their rights as a renter.     

Ten miles outside of downtown Boston is the city of Lynn, where an organization of local residents is fighting back against unjust evictions and foreclosures. Lynn United for Change’s Isaac Simon Hodes told In These Times that unaffordable rent is a massive problem in the city, and the group is committed to working with homeowners.

“We bring together homeowners facing foreclosure and tenants facing eviction because all of these battles are part of the broader struggle to defend the human right to housing,” said Hodes, “Whether it’s big banks that are foreclosing or corporate landlords that are causing displacement, we’ll only be able to challenge the damage they’re doing to our communities by building a strong and broad movement for housing justice.”

Last year, Lynn Mayor Judith Flanagan Kennedy declared that the city already had enough affordable housing but needed more rich residents for economic expansion. “Lynn has more than its share of affordable housing right now,” said Kennedy. “We have exceeded the goal, and one of the things that Lynn needs to succeed in is its long-term economic development is to have people with disposable income in the mix of the housing that we offer.”

During “Renters Week of Action,” Lynn United for Change members occupied a development site demanding that affordable housing be included in a new set of waterfront apartments. “We do not oppose development,” reads the petition that activists passed out during the event on September 26. “We want to see our city grow and improve. But new development will only be good for the people of our city if it takes our needs and concerns into account and does not push out current residents.”

Article source: http://inthesetimes.com/working/entry/20699/affordable-housing-tenant-organizing-renters-foreclosure-crisis

Tallying the Foreclosure Damage

Delinquency rates experienced an increase in Q3 2017 for mortgage loans on one-to-four-unit residential properties, according to the MBA’s National Delinquency Survey. At a seasonally adjusted rate of 4.88 percent of all loans outstanding, the rate was up 64 basis points from Q2 2017 and 36 basis points higher from Q3 2016.

Foreclosure action starts represented 0.25 percent of all loans in Q3, a one basis point decrease from the previous quarter and five basis point decrease from a year ago.

According to Marina Walsh, MBA’s VP of Industry Analysis, Q3 2017 Hurricanes Harvey, Irma and Maria caused disruptions and destruction in numerous states. Florida, Texas, neighboring states, as well as devastated Puerto Rico, saw substantial increases in their past due rates.

“In future surveys, we may see a temporary drop in foreclosure starts in hurricane-impacted states due to storm-related foreclosure moratoria, as was seen during Hurricane Katrina in 2005,” Walsh said.

The seriously delinquent rate, which combines loans that are 90 days or more past due with those loans in the process of foreclosure, was 2.52 percent in the third quarter, up 3 basis points from the previous quarter, but 44 basis points lower than one year ago.

Mortgage delinquencies increased on a seasonally adjusted basis. The FHA delinquency rate increased to 9.40 percent from 7.94 percent in the second quarter, a 146 basis-point increase and the highest quarter-over-quarter increase reported in the history of our survey.

Other delinquency increases included conventional (3.97 percent in Q3 2017, 3.47 percent Q2 2017), and VA (4.24 percent in Q3 2017, 3.72 Q2 2017).
“While the storms played a critical factor in explaining the rise in the overall delinquency rate, there are other factors to consider, especially given delinquency rate increases in other states not directly impacted by the storms,” Walsh said.

The first factor noted was the timing issues associated with the last day of the month being a Saturday. Second, delinquency rates were already at historic lows in Q2 2017.

Meanwhile, other considerable factors include seasonality, rising loan-to-value and debt-to-income ratios for certain product types, normal loan aging, and declining average credit scores on new FHA endorsements since 2014 as the agency has withdrawn from its counter-cyclical role during the crisis.

Article source: http://www.dsnews.com/daily-dose/11-17-2017/tallying-foreclosure-damage

Turns Out, The Drever Has Been Posted for Foreclosure

After news broke on Monday that Drever Capital Management was in default for a $55 million loan to renovate the 1401 Elm building downtown, it turns out, the building has been posted for foreclosure.

Public filings show that the 52-story former First National Bank tower will be sold at auction on Dec. 5, following default of its loan from GCP Income Opportunities in April. This foreclosure record was filed Monday, the same day as a public record stating that the loan’s original trustee had been replaced with a substitute, an administrative step often indicating foreclosure is on the horizon. D CEO obtained the notice of foreclosure document on Friday.

From the notice of substitute trustee’s sale record: “Notice is hereby given that on Tuesday, December 5, 2017 … the substitute trustees will commence the sale of the property, in parcels or as a whole, at public auction to the highest bidder …”

Though Drever Capital Management statement on Monday did not directly address the foreclosure, a Drever spokesperson reiterated that same statement on Friday in regards to the foreclosure.

“We remain in ongoing discussions with the lender. While we are on track in closing new financing, construction continues and we are looking forward to completing construction on schedule in 2019,” the statement said.

Article source: https://www.dmagazine.com/commercial-real-estate/2017/11/turns-out-the-drever-has-been-posted-for-foreclosure/

Tallying the Foreclosure Damage – DSNews

Delinquency rates experienced an increase in Q3 2017 for mortgage loans on one-to-four-unit residential properties, according to the MBA’s National Delinquency Survey. At a seasonally adjusted rate of 4.88 percent of all loans outstanding, the rate was up 64 basis points from Q2 2017 and 36 basis points higher from Q3 2016.

Foreclosure action starts represented 0.25 percent of all loans in Q3, a one basis point decrease from the previous quarter and five basis point decrease from a year ago.

According to Marina Walsh, MBA’s VP of Industry Analysis, Q3 2017 Hurricanes Harvey, Irma and Maria caused disruptions and destruction in numerous states. Florida, Texas, neighboring states, as well as devastated Puerto Rico, saw substantial increases in their past due rates.

“In future surveys, we may see a temporary drop in foreclosure starts in hurricane-impacted states due to storm-related foreclosure moratoria, as was seen during Hurricane Katrina in 2005,” Walsh said.

The seriously delinquent rate, which combines loans that are 90 days or more past due with those loans in the process of foreclosure, was 2.52 percent in the third quarter, up 3 basis points from the previous quarter, but 44 basis points lower than one year ago.

Mortgage delinquencies increased on a seasonally adjusted basis. The FHA delinquency rate increased to 9.40 percent from 7.94 percent in the second quarter, a 146 basis-point increase and the highest quarter-over-quarter increase reported in the history of our survey.

Other delinquency increases included conventional (3.97 percent in Q3 2017, 3.47 percent Q2 2017), and VA (4.24 percent in Q3 2017, 3.72 Q2 2017).
“While the storms played a critical factor in explaining the rise in the overall delinquency rate, there are other factors to consider, especially given delinquency rate increases in other states not directly impacted by the storms,” Walsh said.

The first factor noted was the timing issues associated with the last day of the month being a Saturday. Second, delinquency rates were already at historic lows in Q2 2017.

Meanwhile, other considerable factors include seasonality, rising loan-to-value and debt-to-income ratios for certain product types, normal loan aging, and declining average credit scores on new FHA endorsements since 2014 as the agency has withdrawn from its counter-cyclical role during the crisis.

Article source: http://www.dsnews.com/daily-dose/11-17-2017/tallying-foreclosure-damage

City to sell properties from springtime ‘mass foreclosure’ – messenger

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Article source: http://www.messenger-inquirer.com/news/local/city-to-sell-properties-from-springtime-mass-foreclosure/article_fac3dfa5-fc83-55d5-9b2a-4215e83c27c6.html

Turns Out, The Drever has Been Posted for Foreclosure

After news broke on Monday that Drever Capital Management was in default for a $55 million loan to renovate the 1401 Elm building downtown, it turns out, the building has been posted for foreclosure.

Public filings show that the 52-story former First National Bank tower will be sold at auction on Dec. 5, following default of its loan from GCP Income Opportunities in April. This foreclosure record was filed Monday, the same day as a public record stating that the loan’s original trustee had been replaced with a substitute, an administrative step often indicating foreclosure is on the horizon. D CEO obtained the notice of foreclosure document on Friday.

From the notice of substitute trustee’s sale record: “Notice is hereby given that on Tuesday, December 5, 2017 … the substitute trustees will commence the sale of the property, in parcels or as a whole, at public auction to the highest bidder …”

Though Drever Capital Management statement on Monday did not directly address the foreclosure, a Drever spokesperson reiterated that same statement on Friday in regards to the foreclosure.

“We remain in ongoing discussions with the lender. While we are on track in closing new financing, construction continues and we are looking forward to completing construction on schedule in 2019,” the statement said.

Article source: https://www.dmagazine.com/commercial-real-estate/2017/11/turns-out-the-drever-has-been-posted-for-foreclosure/

City helps curb homelessness through education

Staff members don’t offer emergency services or shelter for homeless people; they instead provide education, with the goal of never letting anyone become homeless in the first place.

“We offer a lot of resources and education to prevent someone from getting into that situation,” said Rhonda Kleyn, the city’s neighborhood development coordinator. “If it’s a homeowner, we have foreclosure prevention services. You can work with a housing counselor to help you figure out what is causing you to be in this situation.”

The counselor will explore options that may be available before you end up on the street, including Step Forward Michigan Funds or working with the lender to see if you qualify for a mortgage modification or temporary forbearance.

“The sooner you come to us when you’re having difficulty with payments, the better,” Kleyn said. “We see people waiting until they get a Sheriff Sale notice on the door. Once there’s a Sheriff Sale, there’s nothing that can be done.”

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There are many companies advertising foreclosure prevention and debt consolidation, but beware, Kleyn says.

“There are a lot of scams out there,” she said. “There are a lot of companies that will charge you. Anybody that is going to charge you money might not be reputable.”

The city’s services are confidential and neutral, according to Kleyn.

“We’re not a bank that wants your money and we’re not an organization that’s going to make any money off you,” she said. “It’s all unbiased.”

Kleyn said the department was formed in 2007, when the economy started tanking and many families were forced into foreclosure.

“Around 2008, 2009, for several years all we did full-time was foreclosure prevention,” she said. “So many people were facing foreclosure that needed help. Now we can focus more on the educational side of things.”

The city’s Neighborhood Housing Services Department currently serves about 150 households per year.

Financial education and renter education classes are free to anyone who lives, works or plans to relocate to Ottawa County. There is a small fee for the homebuyer education class.

“We have our financial education classes,” Kleyn said. “You can come one-on-one or to group classes. Those can help you improve your credit score, develop a budget and reduce debt. Credit scores are, of course, linked to home buying, but they’re also linked to the rate you’re going to get on a credit card or a home loan.”

Kleyn said many people are unaware that credit scores are also linked to homeowner insurance rates. A poor credit score can as much as double your insurance premium.

“Improving your credit score can be really beneficial for anyone,” she said.

Kleyn said anyone having financial difficulties may call her.

“We can help early on,” she said. “Everyone knows when you’re facing financial hardship, it just snowballs. When you start to get overwhelmed, sometimes you can’t even think straight. Coming in and talking to a housing counselor to get things straight in your brain is really helpful. Don’t wait months and months until your situation is really desperate. The sooner you come in, we can help you before you reach the homeless stage.”

If it’s too late, don’t despair.

“We can certainly help, too, if you have become homeless and need to figure out how to get back on track,” Kleyn said. “You can come to us and we’ll help you figure those things out, too. We can’t offer emergency homeless services. We don’t have shelters. But the education we offer can certainly help you avoid that situation.”

For more information, or to schedule an appointment, visit www.grandhaven.org/housingservices, call 616-935-3275 or email rkleyn@grandhaven.org.

Article source: http://www.grandhaventribune.com/Local/2017/11/17/Grand-Haven-helps-curb-homelessness-through-education-classes.html?ci=stream&lp=1&p=1

Land bank nears teardown deadline

Scioto County is closing in on one year of the Land Reutilization Program commonly referred to as the land bank. Chairman of the Scioto County Commissioners and the land bank Bryan Davis explained that the program is barely making deadline.

The land bank had a deadline to tear down 60 houses by Nov. 18.

“As far as I understand, right now we have 46 torn down with 19 scheduled to be torn down,” Davis commented. “The contractors will tear those down when they schedule to tear those down. We don’t control that.”

Davis explained that because the contracts have been awarded for demolition, the 19 properties scheduled for tear down will not count against the county. Scioto County works with the Ohio Fair Housing Authority (OFHA) on land bank funding. Davis stated that OFHA is aware of the 19 properties that have not been torn down and have found no issue with those properties not meeting the upcoming deadline. Davis added that the County is not currently in any danger of losing state funding.

“The big challenge to date has been that the houses are getting sold at sheriff sales and are not going to the land bank,” Davis explained.

When houses go to sheriff sales rather than land bank, Davis explained that those properties will go back on the tax roll; however, they may not get immediately rehabilitated or may not get rehabilitated at all.

Properties available for land bank must first go through the prosecutors office. They should be blighted properties that are in foreclosure. By first presenting the properties for sale through sheriff auction, members of the community have an option to buy the property before it falls into the land bank program.

“The public should have first dibs,” Davis stated. “Then and only then, if they don’t sale, then the properties go to the land bank. The other important thing to realize is that not every house that is in terrible condition is up for foreclosure.”

Thus, the land bank only has access to those houses up for foreclosure due to non-payment of taxes. Since the land bank started, more people have been paying their taxes or entered into a payment agreement in order to avoid foreclosure.

Davis stressed that the county focuses only on foreclosed properties that are blighted or torn down.

When the program started, the county acquired a line of credit to get the program running. Scioto County is required to keep insurance on all properties going through the lank bank. This insurance is not only to protect people working with the land bank but also people who may break into a blighted structure and be injured as a result.

“It is a very cyclical process,” Davis commented, explaining that once properties are torn down, the land bank gets reimbursement from the OFHA which is then used to cover costs to tear down another group of houses.

Nearly a year ago, when the program started, it began with an in-kind donation of $10,000 from the Treasurer’s Office and $10,000 from the Commissioners Office, Davis explained.

These donations, in addition to the $200,000 line of credit through the OFHA helped get the program running. Davis further explained that just the insurance on properties costs $14,000 a year. The funding from OFHA only covers demolition of 10 to 12 houses. The commissioners then agreed to do a revolving loan to help speed up the process.

According to Davis, the funding process has been part of the delay. Reimbursements from the State have taken longer than expected, which delayed progress. Davis explained that the State has been working with the County to prevent and limit those delays in the future to help hurry the tear down process along.

“Last month, we were out of money for two weeks, waiting on money to come in for reimbursements. The bids were already out,” Davis stated. “When you don’t have money, you can’t tear down houses.”

Davis added that the County has been working with the Andy Gedeon, who is over the City of Portsmouth’s land bank program. Davis added that the City has been working with the County on demolishing houses because the City land bank is currently focusing on three gas stations.

Davis added that the legal process for acquiring properties is also a timely process as many of the properties have liens and other legal issues.

“We’re hoping to take down more in the future,” Davis stressed.

Davis added that the land bank is also working with the state on potential funding for commercial buildings, so the demolition of blighted commercial buildings may be coming in the future.

Though the program is still in it’s early stages, Davis explained that the County is starting to look at options for the sale and use of land bank properties.

“At the end of three years, we can sell property to anyone for $1, so we will probably have people willing to buy at that point,” Davis stated.

Currently, properties are first made available to neighbors looking to expand the adjacent properties. The properties can be bought for as a little as $200. However, if a neighbor is not interested, Davis said there are other options. The land bank has the funding to mow and maintain properties for three years. They can then decided to use the properties for a variety of community improvement options ranging from the development of a community garden to recreational uses such as the construction of a basketball court.

Davis stated that with less than a year of operation, the land bank is not ready to make those decisions as the current focus has been on acquiring properties and getting those demolished. However, when it comes time to focus on the sale or utilization of properties, Davis said the land bank will focus on using properties in a way that is conducive with what the community would like. Community input will be an important part of that decision-making process.

By Nikki Blankenship

nblankenship@aimmediamidwest.com

Reach Nikki Blankenship at 740-353-3101 ext. 1931.

Reach Nikki Blankenship at 740-353-3101 ext. 1931.

Article source: http://www.portsmouth-dailytimes.com/news/21413/lank-bank-nears-teardown-deadline

Ocwen Works with Ohio Community Groups to Produce Results for Struggling Borrowers

Helped 1,200 struggling Ohio homeowners avoid foreclosure to date in 2017

Provided 26,500 loan modifications and forgiven $342 million in debt to Ohio borrowers since 2008

WEST PALM BEACH, Fla., Nov. 17, 2017 (GLOBE NEWSWIRE) — Ocwen Financial Corporation (NYSE:OCN), a leading financial services holding company, announced loan modification borrower assistance results for struggling Ohio homeowners through the third quarter of 2017.

Central to Ocwen’s core mission of helping homeowners is the Company’s commitment to help customers become current on their mortgage payments through sustainable loan modifications that are permitted by relevant investor agreements.

Working closely with nonprofit agencies in the first nine months of 2017, Ocwen forgave approximately $14.6 million in mortgage debt and helped approximately 1,200 Ohio families avoid foreclosure and remain in their homes. The Company has provided more than 26,500 loan modifications to Ohio borrowers and forgiven nearly $342 million in debt since January 1, 2008.

Ocwen services approximately 44,000 loans in Ohio, a state that was severely impacted by the housing crisis and continues to rebuild many of its neighborhoods. In an effort to reach even more struggling borrowers, Ocwen will join with Neighborhood Housing Services (NHS) of Greater Cleveland on Thursday, December 14, from 3:00pm to 8:00pm Eastern Time to help families find mortgage solutions to avoid foreclosure. This event is exclusively for Ocwen homeowners and will take place at 5700 Broadway Avenue in Cleveland, OH. Borrowers who attend will meet one-on-one with Ocwen Home Retention Agents and housing counselors to discuss their unique situations and explore potential solutions to lower their mortgage payments.

Additionally, Ocwen is sponsoring the Working In Neighborhoods (WIN) Annual Hall of Fame event on Monday, November 20. Ocwen has collaborated with WIN for the past eight years and is pleased to continue supporting the important services the organization provides to the Greater Cincinnati area to help families achieve a strong financial foundation through homeownership.

“Ocwen’s focus on its customers and community organizations in Ohio produces positive results,” commented Jill Showell, Senior Vice President of Government and Community Relations at Ocwen. “We are proud to work closely with local nonprofits, such as NHS of Greater Cleveland, Empowering and Strengthening Ohio’s People (ESOP), and WIN to help homeowners in Ohio find solutions that allow them to remain in their homes. Ocwen is making a real difference in the lives of many struggling homeowners across the state of Ohio, and remains committed to helping families and communities.”

Michael Pires, Interim Executive Director of NHS of Greater Cleveland, added, “My team and I know first-hand the challenges facing families hoping to achieve, preserve, and sustain the American Dream of homeownership. I encourage borrowers to attend our upcoming event to learn more about local resources and ways to work with NHS and Ocwen to make their home more affordable.”

Ocwen customer testimonials and specific state-by-state data on our modification results can be found at OcwenCares.com.

Nationwide, Ocwen has completed approximately 755,000 loan modifications and provided billions of dollars in debt forgiveness.

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-works-with-ohio-community-groups-to-produce-results-for-struggling-borrowers-20171117-00197