Another OCWEN Modification SUCCESS!!!

[ginty16]

I am in this exact same situation receiving the same letter as nickrob posted. Never had a problem with Ocwen and always paid on time. The rate was to adjust this month and my modification went from 7.5 down to 6% after a "Down Payment" of 1 month of what my new rate would have been (8.5%). But I have some basic questions someone can maybe help with since it is not easy getting to someone at Ocwen.

Do all payments have to be by Moneygram, Overnight Delivery or Bank Wire like this down payment has to be?

Is there still a grace period? I have never ever been late on a payment, but I am worried about late fees or something for sending it in on the 3rd or 4th of the month.

I guess everyones worry here is what is Ocwen going to do to blow this up in our faces. When will fee's come crawling in? What obstacles will arise when I want to refinance somwhere else in a year or two, am I locking myself into them and have to pay heavily to get out?

I can go refinance right now with someone else before signing this, but I don't want to pay thousands of dollars in closing costs. Talking to the Ocwen people on a phone with thick accents and being in transfer hell just doesn't make me comfortable. Is this just a deal with the devil - Looks good now but it will be a nightmare later?

My recommendation for the payments that you have to remit is Western Union Quick Collect...they are all difficult to recall funds from, however, Western Union is the top dog in this game of wiring funds and they will have a quick collect account and the fees are minimal at 12.95 per 5,000.00 wired, compared to the others that are much higher.

Ocwen is scary, but presently HUD is in there Auditing and Investigating them...we are asking that if you have a modification with principle reduction that you fax it to Moe, we would like to see those.

Meanwhile if you have the value in your property that will support a refinance, please go visit your Credit Union, don't belong to one, join and see about an FHA loan with them. They are very good to their members and the fees and charges are quite low and they will not put you in another nightmare loan like the Broker did. You should check out the FHA products, Fixed Rate 30 year and at this point you can probably pick up about a 6.25% rate with par pricing that is 0 points and 1% Origination fee, which can all be added back to the loan, or some of added in and some paid up front...take the mod and check into the FHA products....that way you have one and can determine if you just plain want out of there.

The reason that I push the Credit Unions is that the fees are so much lower, really, really lower.

[ginty16]

Thank you Poppy for all your help and expertise all over this Forum.

My main question on this new loan mod through Ocwen is will they let me pay online or with a check. They are requiring Western Union or the like for the down payment and I don't want this to continue with my payments. And I don't want to be assesed fees or be harrased by sending in a payment during a grace period.

I was not offered a principal reduction like some on here have mentioned they got. Is it out of line for me to request one or do I just take what has been offered? How nice are they being with HUD in the house?

Thanks for the info Poppy on using a credit union, I did speak with a local Credit Union and the only other problem beyond closing costs is I would be above 80% by just a little bit and I don't want to add PMI. I kind of know what my house will be appraised at and getting it under 80% Loan to value will be tough and I don't want to pay the $350 appraisal fee to find out.

One last thing, how are people working it with Ocwen in sending back their loan mod agreement. Ocwen just wants it faxed back, but how do we know they get it? Do we need a copy of their signatures or something? Is this paperwork with our signatures on it that is faxed back strong enough to stand up against future problems?

Thanks!

I would first realize that it will take their IT people some time to tweak the system to reflect the modified agreement and the payments...sometimes about 2 to 3 months. Please keep an eye on them for that situation, they are often sending late/dun notices when the payments have actually been made, but put in suspense as their system has not caught up yet. Once the system is caught up you should be able to make your payments on line like usual.

As for the agreement, I have recommended that you fax it back, have a notarized copy made of the original and Fed X the original back to them. That notarized copy of the modification is for your records, keep it safe.

[Moe Bedard]

That is so nice that you want to help, however this is a bit different scenario then yours was..........all scenarios will be very different.
Ginty received a letter from Ocwen already giving him the modification.......he doesn't have anything else to do other than the payment..

[ginty16]

It looks as if nickwrob and I were in the same boat and got about the same modification from Ocwen. I sent in my "down payment" on April 8 and my paperwork on the same day. Ocwen called me on the 10th and said they received everything (via recorded message.) Nickwrob says in your post, "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)." I haven't done this and I see that online my account still shows the old information. Has anyone received a new payment slip after modification or see the info changed online? Or do I have to call and fight with them to get this changed to what the modification agreement was.

Thanks!

[Moe Bedard]

Ginty this is gr8 news!!!
Congratulations on Your Modification!!