Just recieved a letter package from Ocwen stating the terms of my modification. I got approved for a trial period mod back in October. Out of the 3 trial period payments I was only able to make one of payments because under the purposed modification I still cannot afford the payments. The last payment I made was december. I didnt pay October or november and I will be unable to make January's either.
Now I recieve this package telling me the terms of the modification and that it takes affect Feb 1st. They decreased my intrest rate to 4.25 from 7.78 for 5 years then after that the rate goes to 5 percent for the term of the loan. They also added a monthly escrow of $130.00 ( for insurance only) which brings my monthly payment to $1414. My original monthly payment was 1623. So you can see that there is not much of a difference. My question is, being that my income has changed and I still cant afford the payments under this mod, can I request a new mod reflecting the change in my income. One problem though, I cant seem to talk to anyone at Ocwen and I have left a number messages and no one returns my calls.
Any advice from anyone will be greatly welcomed!!!!