Ocwen Loan Mod. Investor Loan?

[bmillsap]

I am desparately seeking some advice/information/direction! I have tried to get a loan mod with Ocwen and they will not reduce my interest rate, rather the proposal they gave me is actually an interest rate increase and my monthly payment would more than double to $6k per month! We struggled at $3+K and were hoping to get $1,500 to $2K per month. Ocwen says the problem is our loan is an investor loan and they have certain guidelines the investors make them use. We have a special needs child that requires medical care that is very $$$ and my husband has had a dramatic loss of income. Any information about how to proceed would be greatly appreciated.

[Moe Bedard]

Is this a different property than the Downey Savings 850k loan?

[bmillsap]

Same property. After Downey was taken over by US Bank, my understanding is they gave all their delinquent mortgages to Ocwen to handle, thus how I ended up with Ocwen.

[Moe Bedard]

If the investor has guidelines in place of what they are willing to do for a modification, then you would need to ask Ocwen if there are other options from the investor on your loan and go from there...............

If this is the only property that you own...............you can also see if NACA may be able to help...........they are a HUD certified counseling agency and the services for their Home Save modification are free, so it won't cost anything to see if they can help...............here is the link for the info............
https://www.naca.com/refinance/refinanceTenStep.jsp

[bmillsap]

Thank you so much for the information. I will get in touch with them and hopefully they can help.