We live in Las Vegas, NV (lucky us) and bought our "dream house" in 2007 (even LUCKIER us lol). Anyway, this nearly half million house is now worth about 200K if we're lucky and we still owe 300K. Since Ocwen took over this mortgage a couple of years in, we paid a company $2,000.00 to get our loan interest modified which they did. (from 6.5% to a 4 year ARM that caps at 4%) Since then, we have been harassed if we are only a couple of days late. Now I have lost my job and I was the main wage earner in our family and we are almost 2 months late.
- Does a "Loan Servicing" company like Ocwen foreclose faster than a bank.
- How long in Nevada at this point is it taking?
- Since we modified, would that put us on a faster track?
We are middle aged (60 and 62) so it might take me a while to find another job and I am trying to check out all of our options.
Thanks to anyone who can help