West Palm Beach, Fla.-based Ocwen Financial Corp. plans to donate $425,000 to assist Milwaukee homeowners who are struggling with mortgage payments, as well as rehabilitate foreclosed homes.
Ocwen will donate $225,000 over the next three years to the City of Milwaukee’s Strong Homes Loan program, which aids homeowners who are underwater on their mortgages, but current on payments, and who need help making capital improvements.
The company will also hold outreach events for Ocwen customers struggling with meeting their mortgage payments, in partnership with the city and nonprofit organizations. It expects to grant $200,000 to community partners through 2018 as part of this effort.
Ocwen also plans to review its real estate owned properties in Milwaukee and determine whether they could be donated for rehabilitation.
“As a nationwide servicer, Ocwen understands the foreclosure crisis is not over and that many geographic areas in the country, including Milwaukee, are still dealing with the aftermath of the mortgage crisis,” said Ron Faris, president and chief executive officer of Ocwen. “We understand the problems facing homeowners and communities across America and we look forward to working with the city to offer real solutions and financial support that can help make a difference for homeowners in Milwaukee. Since 2008, more than 2,000 Milwaukee families have received a modification from Ocwen and over half of those involved a reduction in principal.”
“I’m pleased Ocwen shares my commitment to doing everything we can to keep Milwaukee homeowners in their homes,” said Milwaukee Mayor Tom Barrett. “This program will help homeowners who face economic challenges by providing loan modifications as well as low interest loans to help finance critical repairs to their homes. Residents who own their homes add value and stability to Milwaukee neighborhoods, and I don’t want anyone to lose their home unnecessarily.”