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Loan servicers have quite a reputation. They collect mortgage payments and keep the records and they have no concern other than to keep profit coming. In these times when homeowners are faced with foreclosure crisis, they play a very vital role.

In the previous year, almost one million properties have gone through foreclosure. This is not expected to stop in the next few years, but rather, is expected to further increase in number. When that happens, the country will be facing a worse economic situation.

Despite the numerous efforts of various sectors, the foreclosure crisis still persists. None of the solutions seems to work.

Ocwen, one of the biggest subprime loan servicers in the country, has come up with an approach that could probably put an end to the foreclosure problem.

The loan servicer used to have an unimpressive reputation. Its clients have complained about unnecessary fees and unresponsiveness. Now, it might be able to redeem its reputation and help keep troubled homeowners in their distressed homes.

Many times in the past, the company offered options to delinquent borrowers so they could catch up on missed payments. Now that the housing economy is problematic, the same system could prove to be tedious.

To cope with the times, Ocwen reprogrammed its computers in such a way that they could reveal the best way to haul out value from loans, whether dropping rates, cutting principal or changing from adjustable to fixed rates. Thus, almost 100 percent of the time, Ocwen successfully devises an affordable payment plan.

Ocwen also provides loan modification options for secondary home owners ? those who purchase homes as investments. That is a win-win situation both for Ocwen and the homeowner, and the tenants of these investment homes are likewise benefitted.

The foreclosure prevention measures taken by Ocwen prove that while the company seeks to gain profit, the economy and public welfare need not be compromised.

In an effort to stave off the rising number of foreclosure homes, the Davidson County Community Action has decided to host a foreclosure prevention seminar by the end of this month.

The said event is a response to the overwhelming 552 percent increase in foreclosure filings in the last ten years. With the soaring interest rate and increasing unemployment rate, the weak local economy has become one of the factors that is currently resulting to more and more homeowners in danger of losing their homes to foreclosure.

According to the data gathered by the Community Action group, many homeowners are delayed on their mortgage payment by as long as 40 days. Such delay is considered to be manageable enough and these homeowners will only need some form of intervention in order for them to avoid foreclosure.

If the delay in mortgage payment lasts longer than three months, it will become very difficult for the homeowner to catch up with their mortgage payments. Foreclosure experts advise that, before legal people got involved, homeowners should try to turn around and solve their mortgage problems.

This is perhaps the reasons why many local officials believe that the foreclosure prevention seminar will provide much needed assistance. Among the many attendees is a lawyer from Legal Aid of North Carolina, who will be discussing the many options that homeowners can explore in order to avoid losing their homes to foreclosure.

Local banks are also contacted so that they could encourage their clients to attend the said seminar.

Pre-registration is required but no fees will be charged to the attendees.

Distressed homeowners should take advantage of opportunities such as these so that they could gather sufficient facts and information about the foreclosure process. In any event, it will certainly help them make informed decisions regarding their mortgage obligations.