Ocwen Modification SUCCESS!! - Loan Modification Forum

nickwrob · 03-10-2008, 05:09 PM

My wife and I have battled with Ocwen for the past 5 months concerning our mortgage. Our loan was illegally adjusted to a higher rate, without notification of any kind. WE were told that HSBC (the previos lender) had raised the rate in agreement with the loan documentation. In protest, we didn't pay the entire amount when we were billed. I'm getting ahead of myself, we were billed for 3 months the rate we were supposed to be at. And the n in Nov. 2007 they adjusted in mid month (we have statement for the month- they claim it is in error). We did not pay the extra and spoke with Francis (a floor manager there who said he would waive the excess and late fee) We still disputed the extra rate claims, while paying our mortgage as the terms of our loan stipulated. They researched the loan (15 days of uselessness) and sent us a report stating that the loan was adjusted under previous lender HSBC. In 5 months of phone conversations, we asked for the letter that they must have had since they bought the loan and proof of the loan adjusted. I got very heated with them on every occasion that we spoke. They finally screwed with me for the last time in lat Feb of this year. We were told in late January because we paid what was considered most of the balance of what they felt we owed them that they would NOT report us as being late. We were in the process of doing a refinance with someone when we found out that we had the months of January and February as reported late. I blew my top and screamed at them on the phone for approx. 3 hrs. I told them that by the time I hung up the phone, we would have this mess cleaned up and they would have us current and the late payments would be removed from our credit record. In the end we accepted paying their stupid, late fees, extra money for the adjustment and some certified mail fees (approx $266 since we started paying extra for Jan and FEb)They agreed to remove the lates from our credit report and recently mailed us a report stating the same. I paid there blood money but got to a point where I could get out from under them. They at the same time recommended me to loan modification. I went through there screeners stated how much I made, expenses the works, kind of in jest since I really didn't want to deal with these mothers anymore. They cam up with a mod that didn't seem bad at all (payments at 839.56 when they were at approx $1200 with the new adjustment) (also fixed rate at 7.5% when it was at 10.2 something). One thing didn't seem to be right. I owe about 139,000 on my house and it states (I'll cut and paste from there email):

1. You agree that the new principal balance due under your modified Note and the Mortgage will be $115,703.00. Upon modification, your Note will become contractually current; however fees and charges that were not included in this principal balance will be your responsibility.

2. You promise to make an initial down payment in the amount of $1,302.97 on or before March 15, 2008, after which you will commence payments of principal and interest in the amount of $839.56 on April 1, 2008 and continuing on the 1st day of each succeeding month until all amounts owed under the Note and Modification are paid in full.

So, what does anybody think of this. My wife and I our thinking about hiring an attorney to document and certify this as a good agreement. What happened to the $23,000 extra. I'm all for this agreement, of course barring the BS of not suing them and giving up all rights and claims to do so. I'm actually thinking of doing it if it is legit and then refinance a month or 2 later.
Help me with what I can expect from them. I can provide all documentation for my loan, correspondance and otherwise.

Thanks
Nick

03-10-2008, 05:29 PM

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

Without seeing the documents I would be unable to determine if they raised the payment improperly, however if you have your closing documents you can go to the file and check on the Note, if it says Adjustable Rate Note with an Adjustable Rate Rider, then you need to check on page one and two of the document and it will tell you the date that the payment is supposed to adjust, regardless of who is servicing the loan, that does not matter, it is the Note that determines that function of the loan.

Now as far as the Modification reflects, you must have yelled really, really well, that is an awesome modification out of these morons...to have them set the rate at that amount and then allow it to remain for the life of the loan....you yelled really, really well....my hat is off to you...these guys are really nasty and total morons...

I would want to see the final document if I were you cause I question that 23,000.00 too, so if this is just the e-mail of the agreement, get the original in house, have them fax it and then review it. If it says what the e-mail represents and reflects...I would sign it and smile, smile, smile as the old song goes...

The only kicker to this e-mail is the following line....

"however fees and charges that were not included in this principal balance will be your responsibility."

Just what the heck would that be? Could it be some random amounts from the altercation that you had with them starting in 2007? Have they identified these "fees and charges" to you?

Please let me know...the agreement otherwise is like amazing...and please get the paper on this, I am an underwriter and I do not decide on anything other than the "paper". The paper tells the story.....my motto in the underwriting arena....

Let me know about those "fees and charges" and then get this is writing, not e-mail format...the kind of paper that you sign and they have to sign too.

nickwrob · 03-10-2008, 05:48 PM

Yeah, not very specific. The documentation that I'm supposed to sign, fax and mail to them notarized came through a word file in an email. I will supply it too you for educational purposes and your opinion on what it means. I think they know I mean business and have no problem getting an attorney. I also don;t trust them and do want the nuts and bolts breakdown.

Re: MODIFICATION AGREEMENT
PROPERTY ADDRESS:
LOAN#:xxxxxxxxxxx

Dear Borrower(s):

The modification agreement of the above-referenced loan is attached for your review and consideration (the “Agreement”). After the Agreement has been signed by all parties, you should immediately fax it to the undersigned at (407) 737-5693 and return the original via overnight mail to Loan Resolution Dept., Ocwen Loan Servicing, LLC, 12650 Ingenuity Dr., Orlando, Florida, 32826. The fully executed copy of the Agreement must be received by undersigned on or before March 15, 2008.

Proof of Insurance should be sent to Insurance Department by fax to # 1-888-882-1816 or by email to updateinsuranceinfo@ocwen.com.

The full down payment of $1,302.97, made payable to Ocwen Loan Servicing LLC must also be received on or before March 15, 2008 via one of the methods listed below. The down payment must clearly reference loan xxxxxxx. The down payment must be in the form of certified funds.

You are hereby advised, both the signed Agreement and down payment, if required, must be received on or before March 15, 2008 or the Agreement shall have no force and effect and any down payment sent to Ocwen will be returned to you. Time is of the essence and Ocwen Loan Servicing LLC will not delay, postpone or otherwise stop any collection efforts while you consider the Agreement and/or tender funds.

If you have any questions or require additional information, please contact Loan Resolution Dept. directly at (877) 596-8580.

Sincerely,
Ocwen Loan Servicing, LLC

Loan Resolution Dept.
Loan Resolution Consultant

PLEASE DON’T FORGET TO:

1. Make checks payable to Ocwen Loan Servicing, LLC.
2. Always include your loan number with your payment.
3. Send proof of insurance coverage to the Escrow Department before the Due Date via fax: 1-888-882-1816 or via e-mail: updateinsuranceinfo@ocwen.com
4. Failure to send proof of insurance coverage before the Due Date will constitute acceptance of a force placed policy and agreement to pay the costs of such force placed policy.

PAYMENT REMITTANCE INFORMATION

OVERNIGHT DELIVERY MONEYGRAM
(Money Order & Certified Checks Only) RECEIVER CODE: 3237
OCWEN LOAN SERVICING, LLC PAYABLE TO: OCWEN LOAN SERVICING LLC
ATTN: CASHIERING DEPARTMENT CITY: ORLANDO
12650 INGENUITY DRIVE STATE: FLORIDA
ORLANDO, FL 32826 REFERENCE: LOAN NUMBER
AGENT LOCATER: (800) 926-9400

BY WUQC BANK WIRE
Code City: Ocwen Bank: JPMorgan Chase Bank, NA
State: Florida ABA:
Reference: Account Name: Ocwen Financial Corporation
Attn: Loan Resolution Dept., Loan Resolution Consultant Account Number:
Reference: Loan Number, Property Address, and Borrower Name
Email: Transferfunds@ocwen.com with the details of the wire.

LOAN MODIFICATION AGREEMENT

Ocwen Loan Servicing, LLC (“Ocwen”) is offering you this Loan Modification Agreement (“Agreement”), dated March 6, 2008 which modifies the terms of your home loan obligations as described in detail below:

A. the Mortgage, Deed of Trust, or Security Deed (the “Mortgage”), dated and recorded in the public records of Clermont County, and

B. the Note, of the same date and secured by the Mortgage, which covers the real and personal property described in the Mortgage and defined therein as the “Property”, located at

Pursuant to our mutual agreement to modify your Note and Mortgage and in consideration of the promises, conditions, and terms set forth below, the parties agree as follows:

1. You agree that the new principal balance due under your modified Note and the Mortgage will be $115,703.00. Upon modification, your Note will become contractually current; however fees and charges that were not included in this principal balance will be your responsibility.

2. You promise to make an initial down payment in the amount of $1302.98 on or before March 15, 2008, after which you will commence payments of principal and interest in the amount of $839.56 on April 1, 2008 and continuing on the 1st day of each succeeding month until all amounts owed under the Note and Modification are paid in full.

3. This loan will NOT be escrowed for payment of taxes or insurance. Any payments due for taxes and insurance will be your responsibility in addition to the payments of principal and interest required under the terms of this modification.

4. Upon Modification, the annual rate of interest charged on the unpaid principal balance of your loan will be
reduced to 7.50%. This rate will remain in effect until the maturity date of your loan.

5. You will comply with all other covenants, agreements, and requirements of your Mortgage, including without limitation, the covenants and agreements to make all payments of taxes, insurance premiums, assessments, escrow items, impounds, and all other payments that you are obligated to make under the Mortgage, except as otherwise provided herein.

6. You understand and agree that:

(a) All the rights and remedies, stipulations, and conditions contained in your Mortgage relating to default in the making of payments under the Mortgage will also apply to default in the making of the modified payments hereunder.

(b) All covenants, agreements, stipulations, and conditions in your Note and Mortgage will remain in full force and effect, except as herein modified, and none of the your obligations or liabilities under your Note and Mortgage will be diminished or released by any provisions hereof, nor will this Agreement in any way impair, diminish, or affect any of Ocwen’s rights under or remedies on your Note and Mortgage, whether such rights or remedies arise thereunder or by operation of law. Also, all rights of recourse to which Ocwen is presently entitled against any property or any other persons in any way obligated for, or liable on, your Note and Mortgage are expressly reserved by Ocwen.

(c) Any expenses incurred in connection with the servicing of your loan, but not yet charged to your account as of the date of this Agreement, may be charged to your account after the date of this Agreement.

(d) You have no right of set-off or counterclaim, or any defense to the obligations of your Note or Mortgage.

(e) Nothing in this Agreement will be understood or construed to be a satisfaction or release in whole or in part of your Note and Mortgage.

(f) You agree to make and execute such other documents or papers as may be necessary or required to effectuate the terms and conditions of this Agreement which, if approved and accepted by Ocwen, will bind and inure to your heirs, executors, administrators, and assigns.

(g) You understand that this agreement is legally binding and that it affects your rights. You confirm that you have had the opportunity to obtain, independent legal counsel concerning this Agreement and are signing this Agreement voluntarily and with full understanding of its contents and meaning.

7. BY EXECUTING THIS MODIFICATION, YOU FOREVER IRREVOCABLY WAIVE AND RELINQUISH ANY CLAIMS, ACTIONS OR CAUSES OF ACTION, STATUTE OF LIMITATIONS OR OTHER DEFENSES, COUNTERCLAIMS OR SETOFFS OF ANY KIND WHICH EXIST AS OF THE DATE OF THIS MODIFICATION, WHETHER KNOWN OR UNKNOWN, WHICH YOU MAY NOW OR HEREAFTER ASSERT IN CONNECTION WITH THE MAKING, CLOSING, ADMINISTRATION, COLLECTION OR THE ENFORCEMENT BY OCWEN OF THE LOAN DOCUMENTS, THIS MODIFICATION OR ANY OTHER RELATED AGREEMENTS.

8. BY EXECUTING THIS MODIFICATION, YOU IRREVOCABLY WAIVE ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS MODIFICATION AND ANY RELATED AGREEMENTS OR DOCUMENTS OR TRANSACTIONS CONTEMPLATED IN THIS MODIFICATION.

___________________________________ __________________________________
Ocwen Loan Servicing, LLC
By: ______________________________ __________________________________

03-10-2008, 06:37 PM

Interesting....very interesting, some one did a QC/QA on this loan and there are "issues", I do believe, real issues.....

I would have an attorney read this and ask the attorney this very pointed question, am I giving up my RESPA and TIL rights on this loan if I sign this.....

Then get the best advice you can from this attorney...there is some "loaded" language in this agreement, however, on the surface...you are getting a heck of a deal. It would be disingenuous of me to assume that they are doing this out of the goodness of their coal hard hearts....so...get good legal advice from an attorney that has real estate and mortgage/compliance experience in the banking world.

03-27-2008, 08:00 PM

Get it in writing and frame it....you one lucky puppy....in other words if they put that sucker in writing, then sign it, keep a notarized copy for your own records, fax their copy back to them and send the original back Fed X or UPS with the tracking stuff and get confirmation that they got it....and you are just fine....

They really, really goofed somewhere and can not afford not to do what they are doing...believe me, I have seen it and there is one other up here that is getting a really great deal due to the same issues...HOEPA is just something that you do not fool with. In the final scheme of things that is the worst of the worst for predatory lending and servicing in the entire realm of violations.....

You were very, very lucky and would if this had not all come about been the recipient of this situation. NO they can not renege on the deal after it is signed, sealed and delivered in writing, it is LIFE OF THE LOAN from there on out.

nickwrob · 04-12-2008, 05:13 AM

I just wanted to let everybody know how things ended up. As of today, my account adjusted to approx. 23,000 less than what my total balance was and my interest rate went down by over 3 pts and became fixed. The only advice I can give anybody doing a modification with OCWEN is to keep calling them, get things notated, make calls on cell phones where you can record most conversations for proof, and when they give you a deadline for them to do something---call them on the deadline and request the action to be taken. It took OCWEN over 1 month to finish our loan modification, I made 11 calls to them, I talked to them for approx 5-1/2 hours on the phone. (not counting the past problems I had with them. I also took the modification agreement to a lawyer and he checked and rechecked through the agreement. He had me make a recorded phone call in regards to the fees and recovery costs section of the agreement and they told me 3 times that I would not be charged for anything as for fees or charges unless my count went delinquent or into foreclosure. You must document everything you do! Do not go past 30 days late on these guys (even if it is in late fees). If you owe them 1 dollar at the end of the month, they will report your account late on the credit bureaus and then you will be in for a fight to get them removed (I also can give advice on this because I had to do it for 2 months, very nasty business). Keep your options open, give yourself a chance to refinance.

My attorney explained to me that they must have committed some real wrongs in the mortgage world, to give an offer like this. When it is all said and done, I wouldn't have sued them for anything. I just made it out like I would.
I also would recommend to those who are in the same boat as me and aren't in dire straits (no lates, no back fees), to call OCWEN and request a loan modification. Cry poor mouth, tell them your expenses are very high for fixed things in your life and you don't make enough to cover them. Play the game and see if they'll help you out.

Sorry adamwhiles, for not getting back to you sooner. I hope you get this info, or that the moderator is able to forward this on to you. I would do it, if I were you. But, be careful. Make your recorded phone calls. Ask about the fees and extra charges. Get your paperwork in on time and make your down payment (also get them on record as saying it will be applied to your account). Then make your phone calls to them to get your account changed to the modification (the online account service is the best way to see).

OCWEN is not messing around! Goto *Ocwen Financial Corporation and look at the foreclosed properties they have for sale.

Good Luck to all! And drop me a line if you need help.

Nick

schwefls · 04-12-2008, 05:42 AM

Congratulations nickwrob:

Persistence pays off, very happy for you

adamwhiles · 04-12-2008, 05:48 AM

We have sent in everything that was on the list and also had a lawyer review the documents. He said the same things yours did, so far so good. We just sent the down payment yesterday so after they receive that we will have completed the first part. All that is left is the payments in june and july(skipping may) and we should be set I hope. I will update again when everything is finalized. Thanks for everyones help on here.

Moe Bedard · 04-12-2008, 09:02 AM

Nickwrob,

This is Gr8 News!!!!

Congratulations on the Modification!!

Moe Bedard · 04-12-2008, 09:11 AM

Great stuff Nick and another success for Loan Safe! Thanks for sharing your success with the community.

nickwrob · 04-14-2008, 04:59 AM

Quick question. What happened to Mary Salzer? It says banned under her name. She seemed to give OK advice as far as my situation with my mod went.

Moe Bedard · 04-14-2008, 08:33 AM

Nickwrob,

You can read all about it in the Lounge........

Moe Bedard · 04-14-2008, 02:12 PM

Yes great advice and sound advice. It was her offline personal issues that caused the ban.

nickwrob · 04-16-2008, 06:34 AM

On the question from ginty16, yes, make the phone calls about every three days. Start doing this after about 10 days from when the down payment was sent in and then every three days. I still have not received anything on paper with the new payment on it (although my loan modified about 4 days ago and shows up online and in their system when I call). If you call enough they'll get to it, otherwise, you might have to wait for their in house bureaucracy to get things done. Once it has shown up online, call them to confirm the payment has been changed and that the modification is in place. (Record this conversation if at all possible and have them repeat it 3 times to you---replaying these things back to them leaves them with no ground to stand on if there is a dispute). I wouldn't worry to much about, just don't make the mistake of not paying what they think you owe them. They'll screw you big time. 1 dollar short equals late fee and possible 30 days on your credit report.

Nick

Moe Bedard · 04-16-2008, 08:35 AM

Nickwrob,

Too late Ginty is already a success in this section just like you......

So I think they did what you did too and had success as well......

ginty16 · 04-16-2008, 08:06 PM

Thanks Nickwrob for the advice, I will call Ocwen again and get this solidified. I will feel better once I actually see my new modification information online or on a statement. I received my May statement the other day and of course it has my rate before the modification. This is the rate the loan was to adjust to. It went from 7.25 to 8.45 and the modification moved it down to 6%.

I am so happy with my Modification from Ocwen and for those of you struggling and wondering about your Modification, just know it can be done!

My Modification went fast and neat, I had never been late with a payment in 3 years with Ocwen and I have $30,000 equity on my house which they may know since I re-financed with Fidelity mortgage 3 years ago and they told me Ocwen would handle the loan (probably because it was a shady loan and I really shouldn't have qualified with my credit at the time and they wanted a "Debt Collector" to handle it), it was a tough time for me so I had to do it, but they made a lot on closing costs too.

From what I am seeing on this Message Board, if you are with Ocwen and had made all your payments on time, they tend to modify you and then move you on and are worrying about those who have missed payments or are behind.

Good Luck!

03-10-2008, 05:09 PM	#1 (permalink)
nickwrob Member Join Date: Mar 2008 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Ocwen Modification SUCCESS!! My wife and I have battled with Ocwen for the past 5 months concerning our mortgage. Our loan was illegally adjusted to a higher rate, without notification of any kind. WE were told that HSBC (the previos lender) had raised the rate in agreement with the loan documentation. In protest, we didn't pay the entire amount when we were billed. I'm getting ahead of myself, we were billed for 3 months the rate we were supposed to be at. And the n in Nov. 2007 they adjusted in mid month (we have statement for the month- they claim it is in error). We did not pay the extra and spoke with Francis (a floor manager there who said he would waive the excess and late fee) We still disputed the extra rate claims, while paying our mortgage as the terms of our loan stipulated. They researched the loan (15 days of uselessness) and sent us a report stating that the loan was adjusted under previous lender HSBC. In 5 months of phone conversations, we asked for the letter that they must have had since they bought the loan and proof of the loan adjusted. I got very heated with them on every occasion that we spoke. They finally screwed with me for the last time in lat Feb of this year. We were told in late January because we paid what was considered most of the balance of what they felt we owed them that they would NOT report us as being late. We were in the process of doing a refinance with someone when we found out that we had the months of January and February as reported late. I blew my top and screamed at them on the phone for approx. 3 hrs. I told them that by the time I hung up the phone, we would have this mess cleaned up and they would have us current and the late payments would be removed from our credit record. In the end we accepted paying their stupid, late fees, extra money for the adjustment and some certified mail fees (approx $266 since we started paying extra for Jan and FEb)They agreed to remove the lates from our credit report and recently mailed us a report stating the same. I paid there blood money but got to a point where I could get out from under them. They at the same time recommended me to loan modification. I went through there screeners stated how much I made, expenses the works, kind of in jest since I really didn't want to deal with these mothers anymore. They cam up with a mod that didn't seem bad at all (payments at 839.56 when they were at approx $1200 with the new adjustment) (also fixed rate at 7.5% when it was at 10.2 something). One thing didn't seem to be right. I owe about 139,000 on my house and it states (I'll cut and paste from there email): 1. You agree that the new principal balance due under your modified Note and the Mortgage will be $115,703.00. Upon modification, your Note will become contractually current; however fees and charges that were not included in this principal balance will be your responsibility. 2. You promise to make an initial down payment in the amount of $1,302.97 on or before March 15, 2008, after which you will commence payments of principal and interest in the amount of $839.56 on April 1, 2008 and continuing on the 1st day of each succeeding month until all amounts owed under the Note and Modification are paid in full. So, what does anybody think of this. My wife and I our thinking about hiring an attorney to document and certify this as a good agreement. What happened to the $23,000 extra. I'm all for this agreement, of course barring the BS of not suing them and giving up all rights and claims to do so. I'm actually thinking of doing it if it is legit and then refinance a month or 2 later. Help me with what I can expect from them. I can provide all documentation for my loan, correspondance and otherwise. Thanks Nick

03-10-2008, 05:29 PM	#2 (permalink)
Mary Salzer Guest Posts: n/a	Re: Ocwen Loan Modification Welcome to the forum and thank you for joining... Without seeing the documents I would be unable to determine if they raised the payment improperly, however if you have your closing documents you can go to the file and check on the Note, if it says Adjustable Rate Note with an Adjustable Rate Rider, then you need to check on page one and two of the document and it will tell you the date that the payment is supposed to adjust, regardless of who is servicing the loan, that does not matter, it is the Note that determines that function of the loan. Now as far as the Modification reflects, you must have yelled really, really well, that is an awesome modification out of these morons...to have them set the rate at that amount and then allow it to remain for the life of the loan....you yelled really, really well....my hat is off to you...these guys are really nasty and total morons... I would want to see the final document if I were you cause I question that 23,000.00 too, so if this is just the e-mail of the agreement, get the original in house, have them fax it and then review it. If it says what the e-mail represents and reflects...I would sign it and smile, smile, smile as the old song goes... The only kicker to this e-mail is the following line.... "however fees and charges that were not included in this principal balance will be your responsibility." Just what the heck would that be? Could it be some random amounts from the altercation that you had with them starting in 2007? Have they identified these "fees and charges" to you? Please let me know...the agreement otherwise is like amazing...and please get the paper on this, I am an underwriter and I do not decide on anything other than the "paper". The paper tells the story.....my motto in the underwriting arena.... Let me know about those "fees and charges" and then get this is writing, not e-mail format...the kind of paper that you sign and they have to sign too.

03-10-2008, 05:48 PM	#3 (permalink)
nickwrob Member Join Date: Mar 2008 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Ocwen Loan Modification Yeah, not very specific. The documentation that I'm supposed to sign, fax and mail to them notarized came through a word file in an email. I will supply it too you for educational purposes and your opinion on what it means. I think they know I mean business and have no problem getting an attorney. I also don;t trust them and do want the nuts and bolts breakdown. Re: MODIFICATION AGREEMENT PROPERTY ADDRESS: LOAN#:xxxxxxxxxxx Dear Borrower(s): The modification agreement of the above-referenced loan is attached for your review and consideration (the “Agreement”). After the Agreement has been signed by all parties, you should immediately fax it to the undersigned at (407) 737-5693 and return the original via overnight mail to Loan Resolution Dept., Ocwen Loan Servicing, LLC, 12650 Ingenuity Dr., Orlando, Florida, 32826. The fully executed copy of the Agreement must be received by undersigned on or before March 15, 2008. Proof of Insurance should be sent to Insurance Department by fax to # 1-888-882-1816 or by email to updateinsuranceinfo@ocwen.com. The full down payment of $1,302.97, made payable to Ocwen Loan Servicing LLC must also be received on or before March 15, 2008 via one of the methods listed below. The down payment must clearly reference loan xxxxxxx. The down payment must be in the form of certified funds. You are hereby advised, both the signed Agreement and down payment, if required, must be received on or before March 15, 2008 or the Agreement shall have no force and effect and any down payment sent to Ocwen will be returned to you. Time is of the essence and Ocwen Loan Servicing LLC will not delay, postpone or otherwise stop any collection efforts while you consider the Agreement and/or tender funds. If you have any questions or require additional information, please contact Loan Resolution Dept. directly at (877) 596-8580. Sincerely, Ocwen Loan Servicing, LLC Loan Resolution Dept. Loan Resolution Consultant PLEASE DON’T FORGET TO: 1. Make checks payable to Ocwen Loan Servicing, LLC. 2. Always include your loan number with your payment. 3. Send proof of insurance coverage to the Escrow Department before the Due Date via fax: 1-888-882-1816 or via e-mail: updateinsuranceinfo@ocwen.com 4. Failure to send proof of insurance coverage before the Due Date will constitute acceptance of a force placed policy and agreement to pay the costs of such force placed policy. PAYMENT REMITTANCE INFORMATION OVERNIGHT DELIVERY MONEYGRAM (Money Order & Certified Checks Only) RECEIVER CODE: 3237 OCWEN LOAN SERVICING, LLC PAYABLE TO: OCWEN LOAN SERVICING LLC ATTN: CASHIERING DEPARTMENT CITY: ORLANDO 12650 INGENUITY DRIVE STATE: FLORIDA ORLANDO, FL 32826 REFERENCE: LOAN NUMBER AGENT LOCATER: (800) 926-9400 BY WUQC BANK WIRE Code City: Ocwen Bank: JPMorgan Chase Bank, NA State: Florida ABA: Reference: Account Name: Ocwen Financial Corporation Attn: Loan Resolution Dept., Loan Resolution Consultant Account Number: Reference: Loan Number, Property Address, and Borrower Name Email: Transferfunds@ocwen.com with the details of the wire. LOAN MODIFICATION AGREEMENT Ocwen Loan Servicing, LLC (“Ocwen”) is offering you this Loan Modification Agreement (“Agreement”), dated March 6, 2008 which modifies the terms of your home loan obligations as described in detail below: A. the Mortgage, Deed of Trust, or Security Deed (the “Mortgage”), dated and recorded in the public records of Clermont County, and B. the Note, of the same date and secured by the Mortgage, which covers the real and personal property described in the Mortgage and defined therein as the “Property”, located at Pursuant to our mutual agreement to modify your Note and Mortgage and in consideration of the promises, conditions, and terms set forth below, the parties agree as follows: 1. You agree that the new principal balance due under your modified Note and the Mortgage will be $115,703.00. Upon modification, your Note will become contractually current; however fees and charges that were not included in this principal balance will be your responsibility. 2. You promise to make an initial down payment in the amount of $1302.98 on or before March 15, 2008, after which you will commence payments of principal and interest in the amount of $839.56 on April 1, 2008 and continuing on the 1st day of each succeeding month until all amounts owed under the Note and Modification are paid in full. 3. This loan will NOT be escrowed for payment of taxes or insurance. Any payments due for taxes and insurance will be your responsibility in addition to the payments of principal and interest required under the terms of this modification. 4. Upon Modification, the annual rate of interest charged on the unpaid principal balance of your loan will be reduced to 7.50%. This rate will remain in effect until the maturity date of your loan. 5. You will comply with all other covenants, agreements, and requirements of your Mortgage, including without limitation, the covenants and agreements to make all payments of taxes, insurance premiums, assessments, escrow items, impounds, and all other payments that you are obligated to make under the Mortgage, except as otherwise provided herein. 6. You understand and agree that: (a) All the rights and remedies, stipulations, and conditions contained in your Mortgage relating to default in the making of payments under the Mortgage will also apply to default in the making of the modified payments hereunder. (b) All covenants, agreements, stipulations, and conditions in your Note and Mortgage will remain in full force and effect, except as herein modified, and none of the your obligations or liabilities under your Note and Mortgage will be diminished or released by any provisions hereof, nor will this Agreement in any way impair, diminish, or affect any of Ocwen’s rights under or remedies on your Note and Mortgage, whether such rights or remedies arise thereunder or by operation of law. Also, all rights of recourse to which Ocwen is presently entitled against any property or any other persons in any way obligated for, or liable on, your Note and Mortgage are expressly reserved by Ocwen. (c) Any expenses incurred in connection with the servicing of your loan, but not yet charged to your account as of the date of this Agreement, may be charged to your account after the date of this Agreement. (d) You have no right of set-off or counterclaim, or any defense to the obligations of your Note or Mortgage. (e) Nothing in this Agreement will be understood or construed to be a satisfaction or release in whole or in part of your Note and Mortgage. (f) You agree to make and execute such other documents or papers as may be necessary or required to effectuate the terms and conditions of this Agreement which, if approved and accepted by Ocwen, will bind and inure to your heirs, executors, administrators, and assigns. (g) You understand that this agreement is legally binding and that it affects your rights. You confirm that you have had the opportunity to obtain, independent legal counsel concerning this Agreement and are signing this Agreement voluntarily and with full understanding of its contents and meaning. 7. BY EXECUTING THIS MODIFICATION, YOU FOREVER IRREVOCABLY WAIVE AND RELINQUISH ANY CLAIMS, ACTIONS OR CAUSES OF ACTION, STATUTE OF LIMITATIONS OR OTHER DEFENSES, COUNTERCLAIMS OR SETOFFS OF ANY KIND WHICH EXIST AS OF THE DATE OF THIS MODIFICATION, WHETHER KNOWN OR UNKNOWN, WHICH YOU MAY NOW OR HEREAFTER ASSERT IN CONNECTION WITH THE MAKING, CLOSING, ADMINISTRATION, COLLECTION OR THE ENFORCEMENT BY OCWEN OF THE LOAN DOCUMENTS, THIS MODIFICATION OR ANY OTHER RELATED AGREEMENTS. 8. BY EXECUTING THIS MODIFICATION, YOU IRREVOCABLY WAIVE ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS MODIFICATION AND ANY RELATED AGREEMENTS OR DOCUMENTS OR TRANSACTIONS CONTEMPLATED IN THIS MODIFICATION. ___________________________________ __________________________________ Ocwen Loan Servicing, LLC By: ______________________________ __________________________________

03-10-2008, 06:37 PM	#4 (permalink)
Mary Salzer Guest Posts: n/a	Re: Ocwen Loan Modification Interesting....very interesting, some one did a QC/QA on this loan and there are "issues", I do believe, real issues..... I would have an attorney read this and ask the attorney this very pointed question, am I giving up my RESPA and TIL rights on this loan if I sign this..... Then get the best advice you can from this attorney...there is some "loaded" language in this agreement, however, on the surface...you are getting a heck of a deal. It would be disingenuous of me to assume that they are doing this out of the goodness of their coal hard hearts....so...get good legal advice from an attorney that has real estate and mortgage/compliance experience in the banking world.

03-27-2008, 08:00 PM	#5 (permalink)
Mary Salzer Guest Posts: n/a	Re: Ocwen Loan Modification Get it in writing and frame it....you one lucky puppy....in other words if they put that sucker in writing, then sign it, keep a notarized copy for your own records, fax their copy back to them and send the original back Fed X or UPS with the tracking stuff and get confirmation that they got it....and you are just fine.... They really, really goofed somewhere and can not afford not to do what they are doing...believe me, I have seen it and there is one other up here that is getting a really great deal due to the same issues...HOEPA is just something that you do not fool with. In the final scheme of things that is the worst of the worst for predatory lending and servicing in the entire realm of violations..... You were very, very lucky and would if this had not all come about been the recipient of this situation. NO they can not renege on the deal after it is signed, sealed and delivered in writing, it is LIFE OF THE LOAN from there on out.

04-12-2008, 05:13 AM	#6 (permalink)
nickwrob Member Join Date: Mar 2008 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Ocwen Loan Modification I just wanted to let everybody know how things ended up. As of today, my account adjusted to approx. 23,000 less than what my total balance was and my interest rate went down by over 3 pts and became fixed. The only advice I can give anybody doing a modification with OCWEN is to keep calling them, get things notated, make calls on cell phones where you can record most conversations for proof, and when they give you a deadline for them to do something---call them on the deadline and request the action to be taken. It took OCWEN over 1 month to finish our loan modification, I made 11 calls to them, I talked to them for approx 5-1/2 hours on the phone. (not counting the past problems I had with them. I also took the modification agreement to a lawyer and he checked and rechecked through the agreement. He had me make a recorded phone call in regards to the fees and recovery costs section of the agreement and they told me 3 times that I would not be charged for anything as for fees or charges unless my count went delinquent or into foreclosure. You must document everything you do! Do not go past 30 days late on these guys (even if it is in late fees). If you owe them 1 dollar at the end of the month, they will report your account late on the credit bureaus and then you will be in for a fight to get them removed (I also can give advice on this because I had to do it for 2 months, very nasty business). Keep your options open, give yourself a chance to refinance. My attorney explained to me that they must have committed some real wrongs in the mortgage world, to give an offer like this. When it is all said and done, I wouldn't have sued them for anything. I just made it out like I would. I also would recommend to those who are in the same boat as me and aren't in dire straits (no lates, no back fees), to call OCWEN and request a loan modification. Cry poor mouth, tell them your expenses are very high for fixed things in your life and you don't make enough to cover them. Play the game and see if they'll help you out. Sorry adamwhiles, for not getting back to you sooner. I hope you get this info, or that the moderator is able to forward this on to you. I would do it, if I were you. But, be careful. Make your recorded phone calls. Ask about the fees and extra charges. Get your paperwork in on time and make your down payment (also get them on record as saying it will be applied to your account). Then make your phone calls to them to get your account changed to the modification (the online account service is the best way to see). OCWEN is not messing around! Goto *Ocwen Financial Corporation and look at the foreclosed properties they have for sale. Good Luck to all! And drop me a line if you need help. Nick

04-12-2008, 05:42 AM	#7 (permalink)
schwefls New Member Guide & Litton Success Join Date: Jan 2008 Location: New Jersey Posts: 1,090 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Ocwen Loan Modification Congratulations nickwrob: Persistence pays off, very happy for you

04-12-2008, 05:48 AM	#8 (permalink)
adamwhiles Member Join Date: Mar 2008 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Ocwen Loan Modification We have sent in everything that was on the list and also had a lawyer review the documents. He said the same things yours did, so far so good. We just sent the down payment yesterday so after they receive that we will have completed the first part. All that is left is the payments in june and july(skipping may) and we should be set I hope. I will update again when everything is finalized. Thanks for everyones help on here.

04-12-2008, 09:02 AM	#9 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Another Ocwen Modification SUCCESS!! Nickwrob, This is Gr8 News!!!! Congratulations on the Modification!! __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

04-12-2008, 09:11 AM	#10 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Another Ocwen Modification SUCCESS!! Great stuff Nick and another success for Loan Safe! Thanks for sharing your success with the community. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

04-14-2008, 04:59 AM	#11 (permalink)
nickwrob Member Join Date: Mar 2008 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Another Ocwen Modification SUCCESS!! Quick question. What happened to Mary Salzer? It says banned under her name. She seemed to give OK advice as far as my situation with my mod went.

04-14-2008, 08:33 AM	#12 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Another Ocwen Modification SUCCESS!! Nickwrob, You can read all about it in the Lounge........ __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

04-14-2008, 02:12 PM	#13 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Another Ocwen Modification SUCCESS!! Yes great advice and sound advice. It was her offline personal issues that caused the ban. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

04-16-2008, 06:34 AM	#14 (permalink)
nickwrob Member Join Date: Mar 2008 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Ocwen Modification SUCCESS!! On the question from ginty16, yes, make the phone calls about every three days. Start doing this after about 10 days from when the down payment was sent in and then every three days. I still have not received anything on paper with the new payment on it (although my loan modified about 4 days ago and shows up online and in their system when I call). If you call enough they'll get to it, otherwise, you might have to wait for their in house bureaucracy to get things done. Once it has shown up online, call them to confirm the payment has been changed and that the modification is in place. (Record this conversation if at all possible and have them repeat it 3 times to you---replaying these things back to them leaves them with no ground to stand on if there is a dispute). I wouldn't worry to much about, just don't make the mistake of not paying what they think you owe them. They'll screw you big time. 1 dollar short equals late fee and possible 30 days on your credit report. Nick

04-16-2008, 08:35 AM	#15 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Ocwen Modification SUCCESS!! Nickwrob, Too late Ginty is already a success in this section just like you...... So I think they did what you did too and had success as well...... __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

04-16-2008, 08:06 PM	#16 (permalink)
ginty16 Junior Member Join Date: Mar 2008 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Ocwen Modification SUCCESS!! Thanks Nickwrob for the advice, I will call Ocwen again and get this solidified. I will feel better once I actually see my new modification information online or on a statement. I received my May statement the other day and of course it has my rate before the modification. This is the rate the loan was to adjust to. It went from 7.25 to 8.45 and the modification moved it down to 6%. I am so happy with my Modification from Ocwen and for those of you struggling and wondering about your Modification, just know it can be done! My Modification went fast and neat, I had never been late with a payment in 3 years with Ocwen and I have $30,000 equity on my house which they may know since I re-financed with Fidelity mortgage 3 years ago and they told me Ocwen would handle the loan (probably because it was a shady loan and I really shouldn't have qualified with my credit at the time and they wanted a "Debt Collector" to handle it), it was a tough time for me so I had to do it, but they made a lot on closing costs too. From what I am seeing on this Message Board, if you are with Ocwen and had made all your payments on time, they tend to modify you and then move you on and are worrying about those who have missed payments or are behind. Good Luck!

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