We were trying to do a short sale. After going through a month long process and having a contract in hand, right before approval, we were told Ocwen was "no longer doing short sales". My real estate agent suggested I call them again, so I did. They said they wouldn't do a short sale but would do a loan modification with me. We signed the paperwork and sent in the funds that they requested. We were told that it would take 3 months and then it would be in place and we could do what we wanted to with the house. We found another buyer. We put a 60 day closing to play it safe. We and the title company requested the payoff letter...but never received it. After 3 weeks of that, we were told it had to 'go through a billing cycle' and then a payoff letter for the modified loan could be produced. We waited. Started requesting the payoff letter again...weeks later it finally comes and lo and behold...it's the original loan figures again. They again told us we have to wait another billing cycle.
At this point, while we've managed to get an extension on the contract, the buyer will have every right to sue us for damages if we don't close. We're in Florida, he's moved his family from New Jersey, has expenses that he would not have incurred and sold his home there. He also will have an additional expense to relock his rate. All of this falls on us as we are the ones that would be in default.
Last week, while checking on the payoff letter, we were called by someone at the bank who told us we needed to send in $8000. We explained about the modification and needing the payoff letter, what were they talking about. We then got another call from a person who said she's handling the mofication but she doesn't have the paperwork. My real estate agent faxed and emailed it to her with a request for her to explain what is going on and when would we have the payoff letter. She got no reply. The title company can't get an answer either.
My relatives had been paying for my mortgage and can no longer do so. I am beside myself, feel I've gotten even deeper in debt and now am possibly liable for costs incurred by a qualified buyer who may very well walk and I'll be stuck even further!
What can/should I be doing? I found the email addresses posted here for Ocwen and my real estate agent has sent off an email to all of them. Is there something else I can do? I just need to get out from under and have been doing exactly what they told me to do...step by step.