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