OCWEN 2nd 3.95 per rate freeze????? - Loan Modification Forum

juliea · 07-28-2009, 12:56 PM

I called OCWEN to start modifying my loan and the rep said have
you taken advantage of the pre approved offer we sent you? Of course,
this made me immediately go through my mail. What they are offering
3.95 percent (currently my 2nd is around 12 percent) This will reduce
my payment from around 900 something to 600 something. It will bring
my loan current although they will add all late fees and late payments
to the loan. Is this a decent deal. I was told it was offered to only 1 percent
of their customers. (however, not sure to believe OCWEN)

Also, all calls to OCWEN are routed to India unless you ask to have
your file assigned to the US. Which of course I did. The wait times
are atrocious.

Any thoughts on this?????????????

Moe Bedard · 07-28-2009, 04:18 PM

My thoughts are that this looks great. Now, if they follow through and you get through will be the test.

juliea · 07-28-2009, 11:55 PM

Moe,

I have the paperwork in my hot hands and have looked it through carefully. The 3.95 percent
is for 5 years only at which time it reverts back to the original interest rate.

Should I jump on this because for 5 years it will help me financially? It does save me 300
a month, which is 3600 a year and 18,000 over 5 years. In addition to some "breathing"
room. Or am I looking at this all wrong?

If anyone else would like to answer, please do so. I am all ears

hlane · 07-29-2009, 04:33 AM

I don't have Ocwen, my second is through GMAC, the rate is a little over 11%, but it they gave me that offer I'd jump on it in a heartbeat.

Good Luck

juliea · 07-29-2009, 11:54 AM

I faxed and also Fedex in the agreement today. There was nothing that said
to notarize the agreement but I have read on this forum they usually want
this done. Any thoughts on this? Or the interest rate freeze for only 5 years?

Also, what should I be prepared to do in 5 years? Obviously, I don't want
to get in this mess again.

juliea · 07-30-2009, 12:17 AM

Still looking for an answer to the above. Thanks!

mbmullen · 08-02-2009, 07:14 PM

I wish I had advice for you but I'm not an expert. Just curious about what you decided to do? What was you lender on the 1st offering, if anything?

sonvme1 · 08-18-2009, 05:23 AM

5 years is a long time. Get prepared for it by seeking ways to increase your cash flow and improving your credit as you know your payments are going to go up. Good luck!

07-28-2009, 12:56 PM	#1 (permalink)
juliea Member Join Date: Jul 2009 Posts: 9 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	OCWEN 2nd 3.95 per rate freeze????? I called OCWEN to start modifying my loan and the rep said have you taken advantage of the pre approved offer we sent you? Of course, this made me immediately go through my mail. What they are offering 3.95 percent (currently my 2nd is around 12 percent) This will reduce my payment from around 900 something to 600 something. It will bring my loan current although they will add all late fees and late payments to the loan. Is this a decent deal. I was told it was offered to only 1 percent of their customers. (however, not sure to believe OCWEN) Also, all calls to OCWEN are routed to India unless you ask to have your file assigned to the US. Which of course I did. The wait times are atrocious. Any thoughts on this?????????????

07-28-2009, 04:18 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: OCWEN 2nd 3.95 per rate freeze????? My thoughts are that this looks great. Now, if they follow through and you get through will be the test. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

07-28-2009, 11:55 PM	#3 (permalink)
juliea Member Join Date: Jul 2009 Posts: 9 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: OCWEN 2nd 3.95 per rate freeze????? Moe, I have the paperwork in my hot hands and have looked it through carefully. The 3.95 percent is for 5 years only at which time it reverts back to the original interest rate. Should I jump on this because for 5 years it will help me financially? It does save me 300 a month, which is 3600 a year and 18,000 over 5 years. In addition to some "breathing" room. Or am I looking at this all wrong? If anyone else would like to answer, please do so. I am all ears

07-29-2009, 04:33 AM	#4 (permalink)
hlane Senior Member Join Date: Jan 2009 Posts: 72 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: OCWEN 2nd 3.95 per rate freeze????? I don't have Ocwen, my second is through GMAC, the rate is a little over 11%, but it they gave me that offer I'd jump on it in a heartbeat. Good Luck

07-29-2009, 11:54 AM	#5 (permalink)
juliea Member Join Date: Jul 2009 Posts: 9 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: OCWEN 2nd 3.95 per rate freeze????? I faxed and also Fedex in the agreement today. There was nothing that said to notarize the agreement but I have read on this forum they usually want this done. Any thoughts on this? Or the interest rate freeze for only 5 years? Also, what should I be prepared to do in 5 years? Obviously, I don't want to get in this mess again.

07-30-2009, 12:17 AM	#6 (permalink)
juliea Member Join Date: Jul 2009 Posts: 9 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: OCWEN 2nd 3.95 per rate freeze????? Still looking for an answer to the above. Thanks!

08-02-2009, 07:14 PM	#7 (permalink)
mbmullen Senior Member Join Date: Jul 2009 Posts: 31 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: OCWEN 2nd 3.95 per rate freeze????? I wish I had advice for you but I'm not an expert. Just curious about what you decided to do? What was you lender on the 1st offering, if anything?

08-18-2009, 05:23 AM	#8 (permalink)
sonvme1 Senior Member Join Date: Jul 2008 Posts: 55 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: OCWEN 2nd 3.95 per rate freeze????? 5 years is a long time. Get prepared for it by seeking ways to increase your cash flow and improving your credit as you know your payments are going to go up. Good luck!

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