Loans, Debt & Credit - View Single Post - Trial Loan Modification

Ledeen · 10-12-2009, 03:21 PM

After 3 attempts to get a Loan Modification through OCWEN, they finally sent me a 3 month Trial Loan modification paperwork.

It works out to be 31% of my gross including a new impound account for taxes and insurance. I am elated...!

But I am worried now after reading posts from others who were given the 3 month trial and then never given the final loan modification.

The paperwork does state one of the reasons of not finalizing the modification would be if the servicer doesnt submit the final paperwork before the last month of the trial ends.......

No reason for why they might not send you the final paperwork, but basically that they dont have to do anything even if you make your payments on time. I am hoping this is simply a legal out for them in those cases they cannot finalize it.

My loan is actually owned by Greenwich Capitol from best I have been able to determine. So perhaps they still need their approval? I would really have hoped they had that before offering the trial....

Does anyone have any experience with OCWEN and their 3 month trial under the Federal Governments Home Affordable Modification Program?

Thanks!

Ledeen

10-12-2009, 03:21 PM	#1 (permalink)
Ledeen Member Join Date: Sep 2008 Location: Long Beach, CA Posts: 26 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Trial Loan Modification - Question After 3 attempts to get a Loan Modification through OCWEN, they finally sent me a 3 month Trial Loan modification paperwork. It works out to be 31% of my gross including a new impound account for taxes and insurance. I am elated...! But I am worried now after reading posts from others who were given the 3 month trial and then never given the final loan modification. The paperwork does state one of the reasons of not finalizing the modification would be if the servicer doesnt submit the final paperwork before the last month of the trial ends....... No reason for why they might not send you the final paperwork, but basically that they dont have to do anything even if you make your payments on time. I am hoping this is simply a legal out for them in those cases they cannot finalize it. My loan is actually owned by Greenwich Capitol from best I have been able to determine. So perhaps they still need their approval? I would really have hoped they had that before offering the trial.... Does anyone have any experience with OCWEN and their 3 month trial under the Federal Governments Home Affordable Modification Program? Thanks! Ledeen Last edited by Ledeen; 10-12-2009 at 03:23 PM.. Reason: spell check