Bank of America sold our loan to Ocwen...what does this mean?

[tryingtoloanmod]

I am hoping that someone will be able to help me. Here is our story:

We have been delinquent with BofA for 9 months and trying to modify for 4 of the months after our short sale fell through (new buyers were in the military and got transferred) so we thought maybe we should try to modify...well we were denied for a modification because we made too much money (husband is a fire fighter/paramedic and works a lot of overtime). After we were denied and sent a notice of default, we just now received a new letter stating that our loan was sold to Ocwen as of 9/1/12. We are now going to try to start another modification with Ocwen and now have had my husband not work any overtime so we can lower our income to qualify (do we need to lower our income to qualify with Ocwen?). I was wondering if anyone has had success with them? We are $150k upside down and in a 10 year interest only. Any advice would help! Thanks!

[KimberlyS]

My loan just got sold or transferred to Ocwen, I was at the end of my trial modification. All I know at this point is that they will work you but it takes some time for the loan to get set up in their system. The woman I'm working with stressed that I continue to make payments (even though loan was in default when they got it) so I have done that. I have no idea how my situation will play out but they are working with me. They postponed my foreclosure date, too, once I finally got through to someone who knew what I was talking about.

[tryingtoloanmod]

That gives me hope....thank you so much for the info!

[KimberlyS]

I'm subscribed to this thread now so if you post questions, I'll see them and try to answer. You can register on their website if you have an Ocwen loan number. At first it will say the loan is being transferred into their system. After a few days, much of your info will be on the website. At that point I'd call and find out about applying for a loan mod with them. There's info on the website, too. I think it's just Ocwen.com but you can google it. I found it a bit unnerving to have the loan transferred before anything was resolved, but I've gotten over the shock! My previous servicer did me the courtesy of setting a foreclosure date before transferring.

What state are you in?

[tryingtoloanmod]

It was so weird too because we were just about to start another remod with BofA and them bam we were given to Ocwen. We had a notice of default from BofA...does that still remain in effect with the new lender?? I am actually happy we were given a new lender because we weren't getting ANYWHERE with BofA....we hated them! I hope all goes well with your loan and you're able to get what you need! We are hoping for principle reduction but will take an interest rate cut at this point. We've been looking at rentals and realized it isn't worth losing our house for all the garbage people are trying to rent out...and for an outrageous price! I'd rather just stay in my home even if I have to pay more. Have you heard if Ocwen is good with remods??

[tryingtoloanmod]

and as of now we do not have a new loan number so I will contact them on the 1st and see what they say....thanks for the website info though..I will definitely be going there

[KimberlyS]

They'll send you a letter at some point in the near future. My number was on paperwork from old servicer letting me know of the transfer, but it wasn't b of a. Yes, notice of default sticks after it is recorded, unless that varies state to state, I don't know.

I just remembered, although I had the loan number, they also gave me that info on the phone.

I have heard they are good with mods. So hoping for the best for both of us!!