Hello, I came across this site while searching for Ocwen success / failure stories on the internet and I makes me feel a little better to hear that some of these modifications actually work out.My story is still in the making. Long story short I was divorced in 2010 and I kept the house. The payments were a little much so I applied for a HAMP with my then service provider AHMSI. I wasn't underwater in my house (yet) and the payments only lowered about $70. But it caught me up, and was a little savings so I did it. Completed the trail process and everything was good.
Through other circumstances I feel behind again. Trouble is for the past year and a half, I would pay my mortgage every month, only it was always a month late. So it would be late, late fees pile up, I'd pay it, let the late fees pile up, I'd pay it, month after month.So in my mind I knew I had to do something. My late fees are equal to another mortgage payment, and my credit I'm sure takes a hit each time I'm late. While I was a month late, I contacted OCWEN and asked if there was anything I could do to catch me up. Maybe pay my late payments over a period of time, put that late payment at the back of the loan, anything. They said as long as my HAMP is in good standing there was nothing they could offer. So through some research and sleepless nights I've decided to let me HAMP go into default.
When I was always my usual month late I knew I was still ok. But I've never gone this late in my mortgage before. My house is now about $20k underwater. Ocwen has an in house (SAM) program that will lower your balance to 95% of you house value and lower your interest to 2%. That is what I am aiming for.I've done research and I found after 90 days a HAMP is considered in default. I spoke with my relationship manager at Ocwen and informed them of my plan. She said she can't tell me not to pay my mortgage, but understands why I am letting my HAMP go into default.So after my long winded explanation I wanted to ask this. Has anybody gone down this path before? Has it worked? I do want to stay in my home, and I felt this is the best path to achieve that. As of today, I am 55 days past due (June 1st) So I'm working my way towards something.
In order to get something accomplished, I will need to be at least 90 days late to qualify for anything, and as I understand this process it's no guarantee that this will actually work. If anybody out there has any insight about this company, or process it would be greatly appreciated.Thank you.Josh