Trying to get sam - ocwen

[martymart]

Hello!
We purchased our home in 2004 for 340k and current homes in our area identical to ours our selling at 125k. We applied and were approved for HAMP in 2011 our payments went from 2400 to 1700 per month. We are current on our payments but we are still struggling to make payments and HOA that is 330.00 per month. We heard about SAM and applied for SAM through OCWEN we had several conversations with them and thought we might get approved but recently received a letter advising that we were denied because we are current on our payments with HAMP. Has anyone been approved for SAM through OCWEN that had previously been approved with HAMP ... if we could get a principal reduction it would make our lives so much better ..its hard paying for a home that is underwater especially when your neighbors move in and you know that they paid 125k for the same house. Any help our guidance would be appreciated - ohhh BTW we reside in San Jose California. We are feeling trapped in our home with no way out.

[Evan Bedard]

Has anyone been approved for SAM through OCWEN that had previously been approved with HAMP ... if we could get a principal reduction it would make our lives so much better ..its hard paying for a home that is underwater especially when your neighbors move in and you know that they paid 125k for the same house. Any help our guidance would be appreciated - ohhh BTW we reside in San Jose California. We are feeling trapped in our home with no way out.

Welcome and thanks for joining the forum.

Unfortunately, most lenders will not allow you to apply for another modification for at least 12 months after signing into an agreement.. This is most likely the reason they are not allowing you to apply for another mod..

[Cat Damiano]

Hi martymart,


Welcome to the forum and thank you for joining........


Your payments including your HOA dues should have been put at 31 percent of your gross income with the HAMP modification, are they not? Also the SAM modification is an inhouse modification by OCWEN for those that are denied HAMP so that may not be a possibility for you.

[martymart]

Your payments including your HOA dues should have been put at 31 percent of your gross income with the HAMP modification, are they not? Also the SAM modification is an inhouse modification by OCWEN for those that are denied HAMP so that may not be a possibility for you.[/QUOTE]

Hi Cat - so only my husband in on the loan with OCWEN. I am not included in the loan .. would it only be his income that is used to calculate the 31% of our gross income for the HAMP payments our would it be both our incomes?

thanks!

[Evan Bedard]

When you applied for the modification did you provide both yours and your husbands income? If so, they are going to base the 31% off both incomes..

[Cat Damiano]

What did you submit? You had posted that you were already approved for the HAMP modification and were still struggling. I was just pointing out that the payment including the HOA should be at 31 percent of the gross income that you submitted. If you are not on the mortgage and your income is not relied upon for any part of the mortgage, then you wouldn't have been required to submit your income.