Another Bank Talks About Principle Reduction Program

So, Ocwen Financial is now talking about principle reduction for underwater homeowners. Bank of America and Wells Fargo have been as well. Ocwen is taking an even more inventive approach. They want a share of the equity when the home value goes back up and the seller sells the home. Sounds fair to me.

Ocwen Financial Expanding Program For Underwater Borrowers

If we can get more people to stay in their homes, we can get through this sooner. People that can afford to pay though, still seem to have to pay. People that are not able to pay are getting the breaks. Don't get me started on that opinion....

At any rate, it seems like this is going to be full steam ahead with more and more banks. 

If you are underwater, always call your mortgage company and see if they will be able to modify your loan. THEN, ask them if they are considering a principle reduction program. 

Great Luck out there !