Trial Loan Modification - Question

[Ledeen]

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

[Evan Bedard]

Hi Ledeen,

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?

In every case they will have to rereview you for a permanent modification after the trial period is complete. They do this to make sure that your financial information has not changed since you entered the program.

You are correct as there are many homeowners that do not get approved for a permanent modification after the triail is over..

[Ledeen]

Is the reason many dont get approved after the trial because of their situation changes, or are the banks playing games? Are you familiar with any other OCWEN customers as to whether if they paid the payments did OCWEN finalize their mod?

Also, I do have a HELOC with bank of America, and I read on the government web site they have an automatic program for 2nds once the first is modified, BUT I read on one of your threads from another senior member that no lenders are signed up for the 2nds.

Do I need to contact the Bank on my own for the 2nd?

Thanks,

Ledeen

[Evan Bedard]

Also, I do have a HELOC with bank of America, and I read on the government web site they have an automatic program for 2nds once the first is modified, BUT I read on one of your threads from another senior member that no lenders are signed up for the 2nds.

Do I need to contact the Bank on my own for the 2nd?

Yes the automatic modification on your second mortgage is not happening at all. You will have to contact Bank of America and go through the modification process with them as well..