BOA to Ocwen Loan Servicing

[WendyLee]

I have posted here before about our BK and that our house is still sitting there over a year later. Court still hasn't released it to BOA to foreclose on. Now I get a letter from BOA that our loan will now be serviced by Ocwen Loan Servicing. What does this mean?

[Cat Damiano]

That just means that the loan servicing, ie, who the payments were being sent to, is being changed to Ocwen. Are you moved out of the house? Had you tried to do a workout with BofA previously and been denied?

[WendyLee]

Yes and yes. We tried a loan mod, made the payments for 9 months w/o fail and then was told no. We filed BK and based on the advise of our atty, we moved out after the discharge. We now know that was the wrong thing to do but we were trying to protect our kids and not have them come and knock on our door giving us X amount of time and moved out on our terms. But now the house is still sitting there, the courts haven't released it back to the bank yet. So it hasn't been foreclosed on. Thus we are still in that limbo of not being able to move on until 3 years after the sale (we've been discharged for over a year now).

Just not sure how this change will effect us going forward with trying to get past this.

[Cat Damiano]

I was asking due to the fact that Ocwen has the most agressive inhouse modification program out there for those that were previously denied HAMP. You may receive information once the transfer takes place, and if you do, then you can decide at that point what to do.

[WendyLee]

We surrendered the house in our BK, I don't think there is anything we can do, is there?

[Evan Bedard]

We surrendered the house in our BK, I don't think there is anything we can do, is there?

Are you referring to expediting the foreclosure or reapplying for a loan modification? You can always reapply for a loan modification even though the mortgages have been discharged and you are no longer in the home. However, if you are looking to expedite the foreclosure unfortunately there is really not much you can do to make the foreclosure happen sooner. I'm sorry to hear you received bad advice from your BK attorney as you could have been living there all this time while saving up a significant amount of $$ until the foreclosure was finalized..