Ocwen SUCCESS!!!!

[gracie01]

I have Ocwen too. We have a 3 yr ARM and it is due to adjust on 9/1/08. I figured that we would start early for a loan modification because I know that there is no way that we could afford the higher payments. We have been trying to refi, but not enought equity. I figured that it would take months to go through. I sent in the paperwork on Monday 3/10 & we were supposedly approved for a loan modification for the remaining balance of our mortgage. The rate supposedly is going from 6.261% to 6% but they want to add the T&I escrows which we currently pay on our own. We received an automated call late yesterday stating that our request was approved and we would receive the docs in 5-7 days. When I started this whole thing I was told not to send in the regular payment (pyt is considered late after the 16th) so pyt for March has not been sent in yet. My concern is that it is now the 14th and even though I was told that the documents were e-mailed to me, I have not received them and was told that if I was concerned about late payments (have not been late on any pyts yet!) that I could go down to my local Wal-Mart and send a moneygram for the deposit that they requested. Why would I send a deposit on something that I haven't even signed? Also, why would they wait until the last minute (today is the 14th & regular pyt will be considered late if received after the 16th) and I have not received the docs or have time to review. Why are they rushing us at this point? I was excited about this whole thing at first, but now I am getting extremely nervous about this whole thing. I don't know what to do. Should I just send in my regular pyt online so that we are not late?

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

Always, always make your regular payment, a creditor can not tell you to not make a payment. So make the payment and I am going to find the rules about that and post them on the forum.....we need to have a great big sticky on that issue here.

It is really good that you have gotten this modification, please understand that the questions that you have are common business practice for this lender/servicer and a few others....they are giving a time line, but not sending the documents...it is usually about 5 days after the offer expires that you often get the documents. You can call them and have them faxed. At that point if the agreement is alright you sign them, fax them back and have a copy notarized and send the originals back by over night....make sure that you name, property address, loan # and last 4 off SS# are on all docs, every page, that way they get to the right file.

Please, please make your payment above all else. The documents can be faxed and apparently e-mailing is just myth in that shop similar to snail mail. So make your payment, call the morons and tell them that they need to fax the document, and by that time you will have made your payment and you can cheerfully tell them that.

They are so screwed up at this shop....also they are now under investigation by HUD for servicing abuse and irregularities....

[gracie01]

I should make the regular payment? The loan resolution guy and the guy from India (they must sub out their customer service) told me that they wanted the 'deposit' on the loan modification (which is more than my regular pyt because they added the escrows) on or by 3/14/08 which is of course today. Will making the payment screw up the modification? Will they say that I didn't pay enough? Will they rescind it? That's the way they made it sound. Of course I am so confused at this point that I don't know what to do.

Any help or advice will be greatly appreciate.

Thanks

Make your regular payment the moron in India hasn't got a clue....not one stinking clue.....

I am so doggoned tired of these morons they have out sourced this work to, they are so utterly clueless....now for a trick with all of the off shore crap. Please call at about 7AM our time and forward...until about 8AM that way you will get on shore people.

Make the payment it is against some FTC reg for any lender to tell you not to make a payment....I have to look it up....it maybe just state specific, but I think that the Feds came down with a ruling on that one too.

Do NOT ever not make a payment, I do not care what they say, they are clueless....you must make the payment they are just waiting for that failure and the morons in India once again are utterly, wholly, completely, devoid of a clue. I am so personally tired of the out sourcing in this business, cheap it may be, but the total result is that we have clueless idiot morons who know nothing about our systems making serious statements to our borrowers and consumers in this country......that wind up impacting our borrowers and consumers so dramatically that there have been cases that I swear the people lost the houses listening to these morons.

Please, please make the payment, it will not rescind anything, to the best of my knowledge this advice that I have given to everyone has not mucked up on agreement with one servicer and hopefully saved a number of people from the dreaded, you are late and we are rescinding the agreement call. I do not trust these morons with one iota of my soul.

[gracie01]

The following is part of an e-mail that I received from the loan resolution guy when I e-mailed about making the payment:

'Yes, you are correct you are not supposed to make any payments until you receive your modification agreement in your e-mail. You have to make your down payment certified funds all the payment methods are on the paperwork'

I still have not seen the agreement even though he stated that it was e-mailed yesterday at 4:41pm. I am going to do an online payment today. That way I won't have to worry about my mortgage. I still don't understand why they want a 'down payment' - shouldn't it just be a regular payment? Why does it have to be sent certified/moneygram? Again, I will make sure payment is done today!

I'll let you know what happens with the modification itself (as soon as I actually receive it!).

Thanks so much for your help.

First they can not afford the payment to have "funds" issues and as such require certified good funds on these agreements. That way the agreement/modification goes into effect like a closing with good funds. It is normal, usual and customary in the modification process to have that condition for the "good funds".

Now for the "good faith" whatever payment it is most likely an interest to the date of the modification....that is because all mortgage interest is paid in arrears. Your March payment pays interest for February, and principle for March that is the way that mortgage loan amortize and the fact that they can not charge interest on funds in advance....just not allowed in the the lending world on anything. So you are probably paying the good faith, or whatever payment as an establishment of the interest from the modification forward.....

[gracie01]

I did do an online payment on Friday (3/14/08). I checked this morning and it does show that I made the payment. The only problem that I have now is that I still have not received the modification plan (even though they stated that it was e-mailed again) and I noticed that my account now shows the new payment that was proposed (although the interest rate apparently hasn't changed). How can they change my account per the modification plan when I haven't signed it yet? I am so disgusted with Ocwen. I have not been able to contact anyone because I am either left on hold for so long or the customer service reps that I speak to don't seem to have any degree of intelligence or understand english. I don't know what to do at this point.

[03penny]

Gracie,

You may want to contact your IPS to see if the file is too big for your email. A loan modification could be a pretty large file and that may be why you have not received it or there may be a filter that may have not let it through. If you have a cheap or free email sometimes there are size limitations on the files. If they scaned the docs it may be interpreted as a photo file and it might be huge.

Also have them try to fax it....I know if you do not have a fax machine, bummer, but I would give that a try if the e-mail refuses to come through....

[gracie01]

I finally received a response from the loan resolution dept. They faxed and e-mailed the modification. It's only 2 pages. I don't see anything out of the ordinary, but then again I'm not an expert on mortgages or modifications. My only concern at this point is that the mortgage balance jumped up approx $3,400. I have e-mailed to find out what that amount is, but so far no response. Is that what they are charging me for the modification? I have no idea. Hopefully they will respond soon. Their due date on the paperwork is 3/14, obviously they did not receive the signed paperwork back because I just received it on the 17th.

Thanks for your help!

[03penny]

It is good that you have requested info on this. It could be the amount of any past due payments. Often lenders will want any past due amount brought current as a condition of the modification. This is not unusual, but you are correct to find out exaclty what it is.

[gracie01]

I just received a call from Ocwen. He was not happy that I was questioning the loan modification. The modification amount and the amount that he says that I should send for the next two payments are different. When I questioned it he said to go by the amount that he gave me and not the modification. I have a ton of questions and he said that he was really busy and the modification was basic and to just sign it. Now I know that I am not a mortgage expert, but I don't want to sign anything that is not correct.

I don't know what to do at this point.

Please post the terms here and let me know the basics....I will try to translate what I can. Also call in tomorrow and ask to speak to the supervisor of the department and get a clear read from them...the payments should be the same, not different. You need to call back and be very assertive and treat this as business, who give a rats @ss if he is happy about doing his JOB, this is his JOB, he needs to do his JOB. End of discussion, be assertive and determined and get the answers, he needs to do his JOB and if he does not speak very pointedly to his supervisor about his attitude.

The added amount is most likely interest arrearage or taxes, more probably interest arrearage...were you delinquent, how many months, what is the loan amount, what was the interest rate and I can compute that for you.

They also have to bring the interest current through the end of the month prior to the first month that you make your first modification payment as they always take mortgage interest one month behind. Your March payment pays interest for February...and so on....

Please do not let them put you off, you have a right to know what is going on and have correct information, NOW. They have an obligation to provide that information to you the customer.

[gracie01]

[B]Here are the terms of the modification - like I said it's only 2 pages, but I don't really understand some of the items.

We are current on our mortgage - never late, never missed a payment. The amount that he told us to send in is over $1,500 - If I sign something that says one thing, why send in a payment for more than that? [


LOAN MODIFICATION AGREEMENT

Ocwen Loan Servicing, LLC (“Ocwen”) is offering you this Loan Modification Agreement (“Agreement”), dated March 13, 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 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. In order for the terms of this modification to become effective, you promise to make an initial down payment (“Down Payment”) of $1,307.45 on or before March 14, 2008 and 2 equal monthly payments of principal and interest in the amount of $1293.94 to Ocwen (“Trial Period”) beginning on April 1, 2008, and thereafter due on the 1st day of each succeeding month

2. You agree that, at the end of the Trial Period, the new principal balance due under your modified Note and the Mortgage will be 208,883.53. Upon modification, your Note will become current and will not be in default.

3. Any payments due for taxes or insurance will be your responsibility in addition to the payments of principal and interest required under the terms of this modification.

4. If you successfully complete the Trial Period, your loan will automatically be modified pursuant to the terms of this Agreement (the “Modification”). However, if you fail to send any full payment on or before the respective due date during the Trial Period, the Trial Period will immediately terminate and the Modification offer will be null and void.

5. After the Trial Period expiration, you promise to make payments of principal, interest, and escrow on the 1st day of each succeeding month until all amounts owed under the Note and Modification are paid in full.

6. Upon Modification, the new amount payable under your Note and the Mortgage will be increased to the total amount of debt owed on your loan.

7. Upon Modification, the annual rate of interest charged on the unpaid principal balance of your loan will be
converted to a fixed rate of 6.00%. This rate will remain in effect until the maturity of your loan.

8. 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.

9. 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 there under 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) In the event that a foreclosure is pending, the foreclosure action will not be dismissed. However, Ocwen will take reasonable action to place it on hold pending your completion of the Trial Period.

(g) During the Trial period, your loan will continue to be delinquent. As a result, late fees may be charged and credit reporting will continue pursuant to the original terms of your Note.

(h) 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.

(i) 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.

10. 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.

11. 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.[/I][/COLOR]

This is a really good modification 6.0% fixed remainder of the loan....

Now for the language...you are not late, granted, but these things are boiler plate one size fits all in other words....you are in the same contract/modification agreement that everyone gets and most of them are late...so the language is what it is.....nothing more, nothing less.

They set up the agreement to protect themselves that in the event you (mostly those that are pre-existing delinquents mortgage payers) miss a payment that they can revert back to the original terms and accelerate the amounts due....

This is just boiler plate language in the process...you can and should if you are truly concerned have an attorney look at it, I would recommend NACA National Association of Consumer Advocates – Consumer Protection Advocates and Attorneys as they are familiar with these things. Most attorneys are not. However in my scan of the document it is normal, usual and customary....you are unfortunately in the same agreement that everyone gets, current or delinquent.....just the old one size fits all concept. They do not have attorneys draw these for every borrower they use the same form and language that is boiler plated into the computer for all.

The good faith payment pulls interest current through the date of the modification so that they start anew with the interest payment stream...interest is always paid behind in the mortgage so if you pay for March it is February's interest that you are paying.....

Nothing that I have not seen before and not out of line from my scan, again, I am not an attorney, but a lender and this is really run of the mill for anyone, current or delinquent....nothing fancy, nothing that they do not use daily in this process. They do not have time to create a new agreement for everyone, so they use the one that is boiler plated.

Clear up the amounts with them and why the difference, do not take I am to busy or take it or leave it as an answer, call back if you get that kind of push back until someone is able to explain it clearly. I would if they can explain the difference or reduce the good faith to what the agreement reflects, be very comfortable with this for the 6.0% life of loan modification.

I truly suspect that the difference in the amounts is interest pulled through or costs to modify as they do charge for this lovely agreement, not a lot, but some fees do attach....call them and try to get a helpful person today on the phone to figure out the difference between the 1500+ and the 1300+ that they reflect.

[gracie01]

I finally got through to a different person in the loan resolution dept. They stated that the next two payments (trial period payments) include escrows for tax & insurance (I do not currently have escrows) and that the payments should include those amounts even though the modification agreement is different. He stated that I can request to not have escrows after the trial period). They also went through the difference in the mortgage balance that I show and the mortgage balance that they have on the modification agreement. They stated that it is the interest amounts for April & May? I still really don't understand that, but I suppose it would cost me about that amount in closing costs if we were able to refinance. I guess we will sign the agreement at this point and send it back - those were my main problems with it.

Thanks for your help!!!!

OK to explain the interest....you pay interest in arrears...i.e. behind the month that you are actually paying in....so if you make a March payment that payment pays principle for March, but....Interest for February...we are not allowed to charge people for interest that they have not already "used" under normal circumstances....odd I know, but we are happy in our world and the Feds do not ding us for charging interest on money that people have not used yet....yeah I know it is confusing, but we have done it that way for eons and we ain't going to stop.

Now my take on this, the modification with that rate is great...really good, and as much as you have agreed not to have any claims against them, I would still QWR the loan sometime in lets say June, July...you should get that payment information clarified and I think the best way is to QWR for the life of the loan history at that time. The reason that I say that is there is not something rotten in Denmark, just that the explanation for those fees is confusing to me....and the rate is awesome, so....you have some benefit from this, but I would really want to know where all of this is going to.....in fine detail and that Life of Loan history will give you that. I think after reading the Mod and your explanation is that they are doing some kind of trial and that during that trial the payment is shorter than usual with the taxes and insurance included...and that they are rolling and capitalizing some of the interest....I would really need to see the Life of Loan history after they finish spreading the payments out.

I think that they have problems with someone that has never been late, they are used to dealing with modification that has a significant amount of late payments.....

I still think that the rate is tremendous...regardless, please QWR this thing in June or July...you are within your rights and that is after the agreement is signed and you...have some latitude there....

All in all they have a computer that determines what goes where and if it is to much the computer will spit it out and say, so what do you want me to do with this...if they made a mistake, they will most likely refund it or put it on principle, escrows or a suspense account and you can claim it if it is in suspense, if it is applied to principle...good, less to pay interest on. In escrow for taxes and insurance and you are paying them yourself, again you can get a refund.

[gracie01]

Well, I'm faxing back the signed modification. I guess we'll see what happens in two months after the 'trial period' is over. I thought that it would take much longer to get the modification after reading some of the other posts (especially w/Ocwen!). I have tried to do everything by e-mail so that I have a written account of Ocwen's responses and I have a nice thick file in case something comes back to bite me.

Poppy, I can't thank you enough for your help and patience explaining some of the items in the modification. I have a note on my calendar at work to QWR them in June to find out what happened with the extra funds.

I hope all goes well!!! I think this site is great and I am so happy that I found it - I was so worried about what would happen in September when the rate adjusts and I wouldn't be able to afford it. I can hopefully relax now and stop stressing!

Thanks again!

[Moe Bedard]

Gracie01,


This is still an Ocwen success..........and that is great for you......I am happy that your got the modification finally after they wouldn't take your payments.....
I am moving you to the success so others working with Ocwen can read your story......

Can you please post the email addresses that you were using??

Thanks,

[gracie01]

When I first started calling to get info on how to go about a modification I never spoke with anyone in customer service who would help at all. They wouldn't even transfer my calls. I found the e-mail for the Ombudsman for Ocwen. I sent a nasty e-mail regarding their customer service and like magic I received a response within 24 hrs. In the response was a loan resolution specialist phone number, fax, e-mail & all of the forms needed for a modification. I was shocked!!! I sent in the paperwork and received a call within 24 hrs (again!). I don't know why they responded so quickly, but I am not complaining.

The loan resolution dept phone number is 877-596-8580. Fax number is (407)737-5693The ombudsmen e-mail is on their website.


I still can't believe that it took less than 3 weeks from start to finish for this modification. I am still keeping my fingers crossed that nothing goes wrong!!!

Thanks again Loansafe!!!

[Moe Bedard]

Thanks Gracie01,


Congratulations on your SUCCESS!!!!!

and not giving up the fight!!!!! You Win!!!

Good for You!!!

[missmayra]

Hi Gracie,

I have been trying to do a loan mod for 1 with Ocwen, I went to their website and I could not find the Onbusmand email address can you please tell me where to look for it? Quick ? were you behind on your pmt when you started the loan mod? I am not late and that is why I think my loan mod is stalling.

If you have any advise that could help me please let me know?

thanks

Mayra

[Moe Bedard]

Mayra,

go to Ocwen.com and click on Mortgage Customers and scroll down on the left side it says Ocwen Consumer Ombudsman.........and you click on email us........

[gracie01]

Hi Mayra,

We weren't behind on our payments and we had no late payments. Our rate wasn't going to adjust until 9/1/08 but I didn't want to wait. It was stressing me out that I knew the rate was going to go up and I knew that I couldn't afford it and we couldn't refinance because there isn't enough equity in our house. I had tried calling and got absolutely nowhere with customer service and they did not seem to want to transfer my calls to anyone who could help(they actually laughed at my request for a loan mod!).
It was amazing how fast I received a response to my complaint about customer service and request for info. on a loan mod. Like I said in my previous post, they sent a response with a contact name, phone#, e-mail and the instructions for a loan mod. I worked on the hardship letter over a weekend and faxed a ton of paperwork to them on a Monday morning - I faxed everything they requested and then some!!! I received a call on Wednesday and they took all of my financial info again (apparently the worksheet wasn't enough). I was apparently approved for the loan mod on that Thursday but I didn't receive it for review until the following Monday (even though they said that they had e-mailed it twice). They told me not to make a payment until I received everything, but I didn't want a late payment so I did an online payment and they accepted that as the down payment (thanks Poppy!!!). The actual loan mod was only 2 pages long. The only thing that changed was the rate (fixed for the remainder of the loan) and the mortgage balance went up, but it is probably interest and I am going to QWR the mortgage in a few months (again, Thanks Poppy). I still don't know why they lowered the rate, because I just asked that it be fixed at what we are at now (6.261% and it was lowered to 6%). Everything seems ok, I'm keeping my fingers crossed that after my 5/1 payment it will be all set!!!

Good luck on your loan mod!!!! I still can't believe that it was fairly easy. Let me know if you don't receive a response. I can give you the contact info that I have.

Gracie

Grace....pop that contact data up here, we could all use it and anything above what we presently have is just great....they are presently living with HUD in house looking over their shoulders...teehee

I think that presently they are just capitulating and if you are the beneficiary of that largess, you are blessed. So it you could, share and we will make use of it.