Trying to get loan mod from Ocwen

[Schwinn]

I am new to this forum, but I've read some stories here. We have a 10 year balloon payment on our mortgage that is due in March of 2009 (Ocwen). We intended to refinance before now but because of health problems I've been dealing with over the last several years (brain tumor/ surgery / treatments / recovery), we don't qualify for a re-fi at this time. We've been struggling to pay medical bills and our first and second mortgage. We are less than 30 days late on our mortgage payment, but I'll be able to pay it this week.
Currently we are in decent financial shape, other than our credit score is in the gutter due to late payments and some medical bills that were turned over to collections. We are working full time and paying our bills and our debt to income ratio is good.
Yesterday I applied online for a mod from Ocwen to extend our balloon mortgage over the remainder of 30 years. I have the hardship letter, pay stubs, w2's, tax returns and bank statements to fax them today.
Any advise on how to proceed with this would be greatly appreciated. I haven't seen on the forum where anyone else was dealing with our set of circumstances which is trying to extend the mortgage beyond the due date of the balloon payment.
Thanks for taking the time to read.

[Moe Bedard]

Hi Schwinn,

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

We have had a couple of other members have the balloon removed and the loan amortized over 30 years as part of their modification...so that type of modification has been done...........but it would be up to the investor on your loan................
When you fax your information, just make sure you put the loan number and the last four digits of your social on each of the documents.........also number them in the corner........just in case a page or two does not get received...........


Loan Resolution Dept.
1-877-596-8580
Fax# 1-407-737-5693

Early Intervention Dept.
1-800-446-2936


Please keep us posted on your progress...............

[Schwinn]

***,
Thank you for the reply. It makes me feel better that others have been successful with modifying a loan like ours. I faxed all the information they requested. When I filled out the info online yesterday they said they would contact me within 2 days after receiving my faxed documents. If I don't hear from them by Thursday I'll start calling them.

kjlawhorn,
Good luck on your journey. I have read about success stories as well as failures. But it sounds like the key is being persistent. We'll see what happens.

Schwinn

[Schwinn]

This is just an update. I paid my 9/25 mortgage payment today on line with Ocwen (26 days past due). But at least we're current for now.
Then I called Ocwen to see if they had received my online request for loan mod and my faxed documents. The call was answered by Zahin and his accent was so heavy I could barely understand him. He told me the information had not been entered into their system yet, but suggested I call back on Monday 10/27. He also asked me about our September payment. I gave him the confirmation number for the payment I made online and he said he would note it on our account.
Then 2 hours later I received a call from Ocwen. The caller spoke very fluent English but still with the Indian accent (unfortunately I didn't get his name). He called to see if I had any questions about my account (odd I thought). I told him my only question was whether or not they had received the information I submitted online and the faxed documents. Again, I was told the information was not entered in their system yet and he suggested I call back Monday. I asked him how long until we know about a modification and he said about 30 days after they review the initial information. He said a decision is based on the financial information we submit.
So now I wait. I don't think I'll wait until next Monday to make my next call...probably Friday or Saturday. I'll continue to update here.
You know...I've faced a brain tumor diagnosis, brain surgery (shaved head and all), radiation, and physical therapy, I even had strangers ask me why "a lady" would cut her hair so short...but none of that was as bad as not knowing if we will lose our home in a few months. I suppose this too shall pass.

[bitrswt99]

Schwinn ~ Good luck... I am going through the same thing with them, but I am into the loan mod process about 2 weeks. After being told on the 8th that everything is moving forward and that my down payment (1 mo mortgage payment) would need to be sent in by the 20th, but NOT BEFORE the loan mod was confirmed, otherwise it will interrupt the mod process. Well here I am calling almost everyday, only to be told by "John," "David," "Stephen," "Sara," etc... that the paperwork is still under review. So now I have a late charge on my Oct payment, since it's past the 16th and they are the ones that told me to wait! Now they tell me it's up to me if I want to make the payment -- either I chance jeopardizing the loan mod and wait on making a payment or I chance waiting and having them report me late. I posted a thread in detail called: "Ocwen (1st)/Litton (2nd)... success... dort of... HELP," if you want to read it.

[Schwinn]

Hi bitrswt99,
At least you are talking to "John" "David" "Stephen" "Sara". I spoke with "Zahin" from India yesterday. I would love to speak with someone I can understand. Can you tell me the phone number you are calling? My calls are going directly to collections.
Thanks for posting. It sounds like you are on the way to approval, but it is confusing about whether or not to make scheduled payments. Since they are telling me that the financial information I sent Tuesday is not in their system yet I went ahead and made my September 25th payment before it became 30 days late. I intend doing that until they give me an answer about my mod.
Good luck

[Schwinn]

I'm desperate at this point. I spoke with Ocwen this morning and was told that they cannot offer a modification because the maturity date of the loan is March 25th (balloon payment due on that date of approximately $103,000.00). I don't qualify for a refinance because of late pays and medical collections on our credit report.
We can make our payments, we just want to extend the payment terms, but they are telling me they cannot extend the mortgage beyond the maturity date.
I was on hold and speaking to the folks from India for over 45 minutes just now. I was told I would be transferred to someone who could help me further and then went back into their "recorded options".
Does anyone have other phone numbers for them other than early intervention or loan resolution. I am having no luck with them.
Thanks

[Moe Bedard]

Ocwen Financial Corporation
William C. Erbey (CEO)

[Schwinn]

Thank you ***,
I just emailed my hardship letter along with an explanation about my phone calle this morning to that email address. I'll let you know what happens.
One of the people I spoke with this morning said that I could just continue making payments after the maturity date and that they have other accounts that have done it. But he had just told me that they could not modify the loan beyond the maturity date. It made absolutely no sense. I asked him if I could get something in writing that they would continue to accept payments beyond the maturity date. That's when he said he would transfer me to someone else who would help me and I was transferred back into their phone systems recorded options. I think he just wanted rid of me.
Schwinn

[Moe Bedard]

call the office of the president also.............

[Schwinn]

I did call the presidents office and spoke with a gentlemen who told me the same thing. They absolutely will not extend the terms of our loan. I'm feeling very sick right now.

Any other suggestions?

He suggested refinancing through another company, or selling the property. I don't think either of those options are open to us.

[Moe Bedard]

It would have to do with the investor on the loan.............if the loan term can not be changed through modification, the only other option is the refinance to change a loan term...............

The question you would need to ask at this time is what are the options the investor on the loan would have...........

[Schwinn]

I did ask that very question. He went into a lengthy explanation about the investors counting on the balloon payment at the maturity date and again said that the only options were to refinance or sell. He said the loan mods did not extend beyond the maturity date of loans. So basically I'm out of time.
I told him that those were not reasonable options since the home would not sell for the amount owed, if at all. He said they might work with an offer from a buyer. I'm really disgusted about that, because they are not willing to work with me for the full amount owed, but might work with a buyer offering a lower amount.

[Schwinn]

I also sent an email to the ombudsman and got a standard reply back that Ocwen would review my request and get back with me within 5 days.

[Schwinn]

Here is an update on my situation. Basically Ocwen is telling me they don't have any options open other than a) pay the balloon payment of $103,000.00 on March 25, 2009; b) refinance our mortgage; c) sell the house.
Yesterday I spoke with a loan officer at our local bank, gave all our financial information and they feel confident they can refinance our mortgage. It turns out our credit rating must not be as bad as we feared, and we do have good income. Hopefully the house will appraise well. I'm feeling sceptical about it, but we don't have anything to lose at this point.

[sonvme1]

As a last resort, you could always do a hard money loan to buy time.