$157,105 Wells Fargo Principal Reduction
JS is a hard working taxi driver. He came to us after a financial hardship, including a divorce.
Ocwen is his servicer, however, the important fact is that Wells Fargo is the investor, the owner of his mortgage. Wells Fargo gives principal reductions because it was nailed in the recent robo-signing scandal.
In this case JS is getting a principal reduction of $52,368.51 per year for three years, for a total of $157,105.53. Further, there is a principal and interest forbearance of $40,600, which means that this amount of his loan will bear no interest and require no payments for 34 years.
His payment dropped from $1,936.28 to $1,074.41.
Yes, JS is a happy taxi driver.
See this modification by clicking on this link.