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They are just a service company for your loan company. A loan modification can relieve some of the financial pressure you feel by lowering your monthly payments and stopping collection activity. By geoff williams and dawn papandrea. Ocwen is a large company and the rules are literally changing every day. It may involve a reduction in the interest rate, an extension of the length of time for repayment, a different type of loan, or any combination of the three.
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By geoff williams and dawn papandrea.
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Ocwen will actually agree to reduce the principal balance to current market value and restructure the payments, based on the reduced amount.
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