I will be brief, we got the HAMP in August of 2010 was paying on time till my lay off this past November, we are 2 months behind and Ocwen is the servicer, we are trying really hard not to lose the HAMP, but we are stuggling since im on unemployment, my wife is working full time but other bills are falling behind as well. We are seriously considering Bankrupty either 7 or 13, we want to keep home, and strip the 2nd mortgage, 1st mortgages is 480K 2nd is 30K but the current market value in our subdivision is 310K. If we dont make a payment by Feb 19th (80 days late) Ocwen says they will then want all that is in arrerage in full which will be approximately 5900.00.
My question is if we file for 7 or 13 will Ocwen take us out of the HAMP program? If we cant make this payment and file for bankrupty and the payments are 90 days late then will Ocwen have us pay the original loan amount after filing bankrupty?
Sorry if i may not be making sense, just trying to find the best solution.