| Ocwen Federal Bank Sucess
I was in an 8.5% adjustable on 98K that was going to reset in 12/8. I payment was set to go up to $1500 from $930. Before calling the bank I started looking at my statements and could not figure out how the money was being allocated. A used the credit collection laws and requested a debt validation of the debt. I must have scared them because they sent spreadsheets and other documents that suggested that the bank mismanaged the escrow. I reviewed the Ohio state auditor documents and found out that the value of my home was revalued for 75K. From that data, I was able to draft a proposal for a discounted loan mod that the bank might accept given all the problems that I had with Ocwen.
I sent the proposal and and could not believe it when about a month later Ocwen sent back a counter offer that was better than the one I sent in. Here was the counter offer.
1. Change from 8.5% adjustable to 6.0% fixed
2. Principle reduction from 98K to 70K
3. New contract
Needless to say!!, I signed the mod.. Ocwen sent me a 1099 for the principle reduction and because the reduction was against my principle residence I didn;t have to declare it as income..
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