I have been reading people's posts and have found a lot of hope in them that I might be able to get out of my own situation.
I contacted OCWEN in November of last year to inquire about a loan modification. I have a 3/1 Interest Only ARM that has an adjustment scheduled to start on June 1, '09. I was told that nothing can be done until the adjustment is calculated which takes place in March. My concern is that if I wait until after the adjustment is calculated in March then that only gives me 2 months to start the process of the loan modification and hopefully complete it before the June 1st payment is due.
What is the best course of action here? I have never been late on any payments and don't want to make a late payment because the new adjusted payment will likely be too expensive. I have been told that the increase will probably be around $700. That will be impossible for my wife and I.
I am trying to be proactive here in contacting OCWEN and do the loan modification before the new payment is due, but it sounds like that is not what they want to do.
Can anyone offer any help or insight on this?
Thank you so much.