My wife and i just received a modification through our mortgage company. Our servicer is Ocwen. We had been trying to work with them for a while and were getting no where. We had reieved a modification a couple years ago and were happy with the payments just hit a rough time. After being denied a repayment plan they began working on a modification. Last week we received the offer and could not believe what they were offering us. The total debt on our loan was $129.487.60. This new modification stated "The new principal balance on your loan will be $57,078.64. With an interest rate of 2%. Our payments are $448.68 and were originally $651.xx. The mod docs stated were were to sign and have our first payment in by 12/15 which we did by the 12th.
My question is this:
On their website on our account it has stated all paperwork was received with payment, and it may take up to 1 billing statement to reflect the new modification agreement.
Now their website states:
Account Updates: Your loan modification does not qualify under the Home Affordable Program guidelines. We urge you to speak with one of our representatives, to work out an alternate Resolution.
Can they go back on a loan mod after we have signed and submitted payment?