Loan mod with Ocwen

[quebal]

Has anyone received a loan modification through Ocwen. Im curious to know!!!!! Any and all comments will be appreciated........

[AZOwner]

Do a thread search for Ocwen. You'll have more information than you could read in an hour!

Join our effort to do something about the mortgage mess.

Reps from loansafe needed for all states!

good luck!

[quebal]

Originally Posted by AZOwner

Do a thread search for Ocwen. You'll have more information than you could read in an hour!

Join our effort to do something about the mortgage mess.

Reps from loansafe needed for all states!

good luck!

Thanks for the tip:-)

[lemaudit]

I am also dealing with Ocwen and their BS - have been for over a year now

And writing about it: Richard Zombeck: Ocwen Bank: Fun With Numbers

Anyone have good info, paperwork, horror stories, I intend on working more to expose and bring them to their knees. I'm lucky to have a platform like a major News outlet, but these guys are putting out press releases about how great they are with no proof or back up.

Plus, and here's the scary part, they told NPR and Time that other banks are coming to them for advice. Did anyone else just get a chill?

[Shayster3570]

We are/have been dealing with Ocwen... we entered into the trial mod, making the 3 months of payments, and JUST received the new mod papers, that we need to sign, notarize and return. I can NOT understand alot of the mumbojumbo in it, but one thing that scares me is a mention of a balloon payment at the end of the loan in 2034. I need some answers... but we went from 10.65% to 2% years 1-5, 3%-year 6, 4% year 7, 5% in year 8 and from year 9 to the loans maturity, @ 5.250%. This helped us GREATLY NOW... but I am wondering is this going to bite us in the butt later on...

[lemaudit]

Originally Posted by Shayster3570

We are/have been dealing with Ocwen... we entered into the trial mod, making the 3 months of payments, and JUST received the new mod papers, that we need to sign, notarize and return. I can NOT understand alot of the mumbojumbo in it, but one thing that scares me is a mention of a balloon payment at the end of the loan in 2034. I need some answers... but we went from 10.65% to 2% years 1-5, 3%-year 6, 4% year 7, 5% in year 8 and from year 9 to the loans maturity, @ 5.250%. This helped us GREATLY NOW... but I am wondering is this going to bite us in the butt later on...

If there's a chance we could talk that would be very helpful.
I was (and still am) concerned with the "mumbojumbo.

The pre-trial agreement said: "Any expenses incurred in connection with the servicing of your loan, but not yet charged to your account as of the date of this Agreement, may be charged to your account after the date of this Agreement" which is scary enough, but I also saw that the POST trial agreement has this:

7. BY EXECUTING THIS MODIFICATION, YOU FOREVER IRREVOCABLY WAIVE AND RELINQUISH ANY CLAIMS, ACTIONS OR CAUSES OF ACTION, STATUTE OF LIMITATIONS OR OTHER DEFENSES, COUNTERCLAIMS OR SETOFFS OF ANY KIND WHICH EXIST AS OF THE DATE OF THIS MODIFICATION, WHETHER KNOWN OR UNKNOWN, WHICH YOU MAY NOW OR HEREAFTER ASSERT IN CONNECTION WITH THE MAKING, CLOSING, ADMINISTRATION, COLLECTION OR THE ENFORCEMENT BY OCWEN OF THE LOAN DOCUMENTS, THIS MODIFICATION OR ANY OTHER RELATED AGREEMENTS. 8. BY EXECUTING THIS MODIFICATION, YOU IRREVOCABLY WAIVE ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS MODIFICATION AND ANY RELATED AGREEMENTS OR DOCUMENTS OR TRANSACTIONS CONTEMPLATED IN THIS MODIFICATION.

according to this post OCWEN First Step success (finally)

This along with your balloon payment (IMO) keeps you in an over priced rental until you end up with a balloon payment later that you may not be able to afford. That's just my opinion and paranoia though and I could be completely wrong, but I'm working on that theory that I'd like to speculate on Huffington Post ( Richard Zombeck ) that's me.

If you'd like to talk you can reach me at richard[AT]fladdap [DOT]com I'd be interested in speaking with you.

Sorry bout the cryptic e-mail, but I don't like spam - replace the @ and '.' where they need to go ;-)

Read more at: Richard Zombeck: Deck Stacked Against Homeowners

[Shayster3570]

I would love to talk with you...I am not a very good typer...NO PATIENCE for all this... if you would like I can e-mail you my phone number...if not, this is fine as well.

I am assuming the first part you wrote about the fees being added, is all of Ocwens charges that you incur if they start/try/succeed in forclosing. We went through this at leat twice.

Your line 7, is so "legal", I am lost myself...

I have a feeling by other lines in the agreement, that this will either come back to haunt us, of my children, if I ever see the house paid off...

I will e-mail my #...