Garland Foreclosure Listings TX - Garland Foreclosure Homes

The question on the lips of many is whether the servicers gain from  foreclosure rather than from modification. This is causing HAMP to be  failing in meeting targets.Speaking on behalf of the servicers Paul Koches of Ocwen said that  modification leads to a gain for the servicers. The job is easy when  all the interested parties are satisfied. Ocwen’s work is jut to send  out the bills and collect the payment. When the house owners default  there has to be increased staff to field calls, manage piles of paper  work and extra dollars to be paid as legal expenses. Ocwen is a small  servicing firm but has one of the largest mortgage modification rates.On the other hand Mark Seifert of ESOP (Empowering and Strengthening  Ohio’s People) contends that foreclosures are more beneficial to the  servicers than modification. They add on fee over fee which is pocketed  entirely by them. Once the borrower is out they have nothing to do with  the hassle of the loan.The rates charged by the servicers for mortgage negotiations vary from  one to another. The smaller companies charge more modest rates.A spokesperson of JPMorgan Chase Mary Kay Bean said one of the major  hurdles is to obtain current documents from the borrowers. Chase has  enrolled 280,000 borrowers in the trial run period. Of these 178,000  were covered by HAMP. The monthly payments of 94% have been decreased.  But a mere 26% continued to make the 3 consecutive payments during the  trial period and or submit proper documents. Till the end of October  the fate of 98,344 loans remained undecided.Koches commented that he had apprehended a wave of foreclosures  gushing in and the firm had accordingly got itself prepared to meet the  onslaught by nearly doubling its staff during the previous 2 years. He  said modification can be considered a science. The modified rate has to  be acceptable to both sides – the borrower and the investor. Moreover  it has to be more than what the house would be bring in from the  market. He said, “We have an understanding of the psychological  pressures that folks are under. It's usually a product of other things  that have crept into their lives.” Bigger banks have started to emulate  the steps taken by Ocwen as regards loan modification. Koches  explained, “We're an independent servicer, so we're really set up  better in terms of structure, technology and expertise.”