Ocwen Loan Modification Success!!

[missmayra]

I started the loan mod process with ocwen loan servicing a week ago. I spoke with a loan resolution consultant last Sat and he stated in order to start the process they needed to order an appraisal on my property and it would take 1-2 wks to get. Once they receive it they can see what programs they can put me in. I called 3 days laters to make sure it was order, and apprently it was but I could not speak to a loan resolution consult...I kept on being transfered to cust serv, finally after persistance I was able to speak to a loan consultant, he took my financial info and stated since I was not in default they could not help me I need to speak to cust serv an request a modification package, I ordered it and it never came so I called this Sat and was able to speak to a loan consultant he started the process and stated that my mortgage rate would be locked at 7.95 % and they would impound my escrow on my payment. My current payment is $2240.19 so the new payment will be $2778.19 he told me i would have to make a downpayment of $2446.00 and I would skip payment for 3/08. He stated that he would sub the paperwork to the underwriter, but that if by the end of 2/08 they did not have an answer not to pay 2/08 mortgage, he stated they are willing to help people who are default (that it dumb they rather you be in defualt to help.

please any advise or comments

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

My first piece of advice with Ocwen is wait for the paper work, do not believe anything that they say. You need to stay current with them by all means, by every means possible. Wait for the paper work and review it carefully and then tell us what it says. They are including papers that require you to sign away your rights to sue them for Regulatory violations and other issues in the packages.

All in all until you see what they send you...anyone's guess, it could be with them entirely different that what they told you verbally. DO NOT MISS A PAYMENT WITH THESE JERKS....they are very dangerous servicers and will not hesitate to foreclose.

[missmayra]

thank you poppy

I have never been 30 dys late with them but I have been late, with your expierence in dealing with them will this be a problem for the mod? I should definatly make feb 08 pmt and not default like the rep inform me? They did not request for me to send a hardship letter is that normal? Have you heard any sucess story re modification with Ocwen? What other options can I take?

Thank you for your advise

[wearyhomeowner]

I started two weeks ago. I have been very agressive with my loan specialist. I have called and emailed him daily. All they needed from me was a letter of hardship, a paper for financial disclosure- list of all items owed, and paystubs for the last month , and two years of tax returns. I got my approval and paperwork today after two weeks. You must be very agressive with them and stay on top of it.

However, the MOD they gave me is unacceptable to me.

Good Luck

Sheryl

[missmayra]

thanks sheyrl
how long did it take for them to request the add documentation? I started teh process today and they told me to call back on thurs to f/u.

If you do not mind who is loan specialist you spoke to? I spoke with a wade louis, a ej mcintoch and finally today to devon esterbrok and he is the one that started the mod

Be defiant, they are not ones to miss a payment on, ever. Stay at them as weary tells you, call, call, call and fax, fax, fax and by all means send them a hardship letter. Them not working to make a proper decision is just not acceptable. Course, given the institution, reading may be optional for a job there. Sorry got carried away.

The mods that they offer if they are what Weary got and some others that I have seen are fine as far as the rate and term reduction it is that signing away of rights....I would not do that.

They may or may not include that in the package, if you need the mod badly enough and the terms are reasonable, heck if it were me I would keep current and when the papers came, let us know. Then if they are reasonable sign the Mod itself, but not the I sign my Rights away paper and see what they do. I do not believe that they can do that piece of paper.....you would need to consult an attorney on that one, but no lender I have ever worked for directly would have dreamed of that scam.

[missmayra]

thank you poppy

I will keep you posted? If you can let anyone out there dealing with Ocwen that I have come to find out that the best time to speak to an actual loan resolution consultant without having to be transfer is on Sat.

thank you once again

Yes, please do keep us posted and thanx for the tip....I will use it

The trick with these people is to think sensibly, that is out of their realm. The folks they hire.....well, I am at a loss. Hopefully you get better service than most and do not have that conditionally "letter" in your Modification package. They are sort of an unknown up here to date, my prior experience with them is outside of this venue, although I am going to get to know them well from this side of the world and far to soon for my taste.

[missmayra]

I hope my 11 years of being a medical collector in the health idustry will help me deal with my lender. I have to deal every day with insurance companies trying to get our claims paid. I know that documenting ever conversation it is important.

thank you poppy once again

[wearyhomeowner]

My loan mod specialist is Jason Shane. He is very efficient, in fact he just called me. I am very happy with him, just not some of the paper work. Right now he is redoing the paper work to take out some things I did not want and he is not doing a forebearance- since I am not late, he is just doing a straight modification as of April 1. I am pretty happy with it......I will just look over the paperwork carefully when I get it on Friday.

Just be sure to look over your paperwork with a fine tooth comb.


Sheryl

Keep us posted and let us know how it goes, for sure read that paper work carefully and make sure that you do not sign your rights away.....

[missmayra]

thanks Sheyrl for the info

If you could please explain the process, if you did everything over the phone, or did you have to fill out some paperwork, as you can see from prev post i made they took my financial over the phone and started the mod over the phone they have not asked me yet to send my w-2 or pay stubs.

Thank you once again for your help

[wearyhomeowner]

I did fax them some documents. They began the process over the phone and then we talked by email. Then I faxed what they asked.

Hope this helps. I know I am on pins and needles everyday waiting for a response.

Suggestion for the faxes....make sure that every page has your Name, Loan Number, Property Address and the Last Four of the Primary Borrower SS#, this helps with the "going to the land of the lost" syndrome that these lender/servicers have. In other words all faxes go to a scan system and the folks scanning are not real attuned to the alphabet or numbers, this helps them stay on track.

[missmayra]

Hi Gracie

Thank for your response, It's a miracle I got the email with the loan mod agreement but I can not open because it came as an MDI file and my computer can't read it. I will call them tommorow and request to email again.

This is for you Poppy, there was a part that I could read and it states that the downpayment is due 4/2...but since I have not made 3/08 pmt because I was suppose to get the agreement and downpayment by 3/26..So I am planning not make 3/08 because I would be paying my mortgage of $3084 due 3/08 and then the downpmt of another $3084...back to back. What is your opinion or take on this....As soon as I can read the whole document I will post or email it to you and Moe for review.

Thanks once again, Gracie, Poppy and Moe

Without the entire agreement I can not conclude how you are going to do the prior payment - March and then the April payment.....they have to have factored that in, but without being able to read the entire agreement the issues are not addressed properly without the data.

They have to have the interest caught up and through April 1st to make this work, so I would assume that your payment in April will do that, however I need to see how they worked it....they have to address, March and April in that agreement to allow the paid through dates to jive with the agreement and not do so at the expense of the agreement and your "current" status with them.

Please when you get the agreement in a readable fashion, let me know.

[missmayra]

Hi Poppy

Here the only thing I could copy my computer could not read the whole document

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
April 2, 2008
.
The full down payment of $3,084.00, made payable to Ocwen Loan Servicing LLC
must also be received on or before April 2,
2008 .
You are hereby advised, both the signed Agreement and down payment, if required, must be received on or before
April 2, 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,

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
$345,593.47. 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 $3,084.00 on or before April 2, 2008, after
which you
will commence payments of principal and interest in the amount of
$2,584.90
on
May 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

OK you make the April "Good Faith" and then roll to that May payment and your interest is current through March 31st by my reckoning of the read on this agreement. You are fine, they did take the rolling of the interest to the 3/31/08 date and then rolled out the new payment schedule the following month...they know that you have not made that March payment.

Trust me they know......so, get the thing in a format that you can open on your computer like PDF and when you speak with them, make sure that my read is correct and also make sure that they do not report you late for March since they are rolling the issue for you into April's "payment". Frankly a 1X30 on the mortgage is a hit, but in 12 months or less it is a non-event with a credit profile that does not support the 1X30 mortgage ding. With a credit profile that is fairly clean and un-dinged...I tend to look at the 1X30 as an isolated event after 6 to 8 months and move on. All in all I have approved a lot worse with the issues encapsulated and documented.

[missmayra]

Thanks Poppy,

Also my interest went from 10.96% to 8% and my principal was $337,500 and now it will be $345,593.47. I am currently on hold with them as I am writing to you I want to asked why the difference in principal. What do you take of it?

Did you have delinquent property taxes????? That would be one reason to capitalize to the principle, as maybe the one month's interest.....

Check with them and find out just what that raise in principle was caused by, my guess, some of the interest and property taxes.

[missmayra]

yes there is deliquent on the property taxes, so in this is the case will they pay the deliquent taxes or do I still have to pay...I could not get a hold them today

thanks

Appears as if they are paying them and adding to the principle balance so that they are repaid over the term of the loan, thank your lucky stars that they did not put them in the payments going forward over 24 to 48 months.....

All in all this was a lot better than some...

[missmayra]

I acually talk to some there today, but he was not in the correct dept...but we went over it...He stated they are adding my reg pmt of $3084 for 3/08 & 4/08 on top of my current principal and I have some late charges that they are adding but, since he was not in the dept I not sure if he is giving me accurate info.....does this seem right?

thanks Poppy

I would guess that they added some of the payment interest, however you are paying some of it upfront with the Good Faith and the rest is the lovely property tax bill.....it does not seem out of line, however I would want something legible to ascertain the exact terms....so get them to send that in a PDF format, they can do that, heck we all can.....

[missmayra]

I am happy to announce that My loan modification was approved! I faxed the signed paperwork yesterday and they confirm today that it was received, I wired the money today and they already received it. THE BEST WAY AND CHEAPER TO SEND THE DOWNPMT IS TO WIRE THE MONEY. MONEYGRAM CHARGES ALOT!

I started the process on 2/15/08 and approved 3/28/08. I took longer than normal because the 1st person I s/w did the paperwork wrong. I s/w a 2nd Loan resolution consultant on 3/15/08 and she did the paperwork correctly. I was approved for a straight modification. I had to give a downpmt and skip pmt on the next month and my account go to straight modifcation. I have no trial period. My interest went dowm from 10.96% to 8% and its fixed for 30 yrs interest and principal.

I did not have to fax anypaper work to them to start the modification process, they took all of my financial info over the phone when I talked to them on a Saturday and sent the modification for review.

Once you start the loan modification process CALL CALL CALL and check on it, they document everytime you call.

I guess how your modification is s/u is depending who is taking your info initially and how they s/u the paperwork

Any one that is trying to a loan mod with Ocwen keep trying DO NOT GIVE UP, KEEP calling them. Document everytime you call and document the info & name of the person you are speaking to and the info they give you and repeat it back to them so they know you are documenting

My best piece of advise is call them on Saturday around 9-10am pacific time everytime I have call them on Sat I get through. It was on a Saturday that the girl re-started my mod. The only time you will not get through quickly is if they are doing maintence on their website.

I am very happy and relieved

A speacial thanks to Poppy for all of your advised you made a BIG difference

Moe SPECIAL THANKS TO YOU for setting up this wesite

Also thanks to Gracie and Sheyrl for your information and advised