Ocwen Modification Story SUCCESS!!

[know- habla]

Hi- I am new here, but I am not new to the loan modification experience with Ocwen. I was seriously behind, and Ocwen offered me a great deal. It literally fell from heaven, the date of the modification offer was December 26,2007,one day after Christmas!
Well,OK, long story short, I have done everything to the "T",satisfied all the requirements of the stipulation period, which by the way ended a month and a half ago.

Now, we are into May, and I have made the May payment, but my account still hasn't adjusted, and I STILL have not recieved the "official" loan modification documents. And when I call Ocwen, the foreign sounding individuals, who by the way are always so polite, don't have a clue, all they say is Ocwen is dealing with a "backlog", and they tell me to be "patient", and wait a "week or two".

My payments would have been $1,800 plus if the ARM kicked. We escrowed our own before, but now Ocwen demanded they do that for us. With the escrow figured in, the payment is $1,147! And the intereset rate will be lowered to 6%, but best of all they knocked off $35,000 off the principal balance! So yes, it is a very good deal, but Ocwen is very frustrating to deal with. But, I have a payment I can live with,now.(I am presently making half what I was making when I took out the loan. I was in home building.)
We can breathe now, and we are surviving, and I thank God, and yes, I thank Ocwen too. Now if they would seal the deal!

[Moe Bedard]

Hello and welcome to the community!

This is the new problem I am seeing more and more. Loan modification offers that never arrive and or reflect in a borrowers account. Yes, it is back log and what I would call bottle necked servicers. I suspect we will see more and more of this as time goes by. Mistakes will be abundant.

I am glad you got a good deal. Now all you can do is keep calling and being the squeaky wheel. I would be a lot more squeaky if I were you. Send some letters, emails and faxes in addition. Maybe write a Qualified Written Request also.

Best of luck to you!

[know- habla]

Moe- Thank you for the welcome letter into the community. I just sent the Ombudsman for Ocwen an e-mail thru the Ocwen site, and they sent me an e-mail back saying they received it.
Moe- I have satisfied every detail of my stipulation as of a month and a half ago, and now I have even made the MAY payment, and I still don"t have the "official" modification letter.
My question is, When I received the stipulation documents, it said in black and white"Time is of the esscence". I guess that only applies when it is convenient for Ocwen, but isn't or shouldn't there be a timeline for getting that modification letter out to me?

[know- habla]

***- Do you haveany e-mail addresses like thos above, but for OCWEN? I am in a loan modification, I have satisfied every detail of my stipulation, and am a month and a half past due for them to update my account with the new principal balance,rate,etc. I have called and e-mailed the ombudsman, they have recieved my e-mail, and they even called me back. "We're working on it"is what the rep tells me. Thats not reassuring enough to me. Any ideas or thoughts would be appreciated from anyone reading my post.

[Moe Bedard]

Here they are hope this helps.......this is a test run on the these contacts so let me know how it goes..........k.....

[know- habla]

Thanks for the 411 ***. Talked to Ocwen today. Now they are "reviewing" my loan modification. I have satisfied the stipulation in every detail, and now they say they're "REVIEWING" my mod. ***, since I have a contract (the stipulation agreement), and I have not broken the contract, can they reneg or change the terms of the deal?

[Moe Bedard]

If you have a contract and it is in writing, I don't see how they can reneg......they are probably putting together the modification which would have different terms than the forebearance you just went through.....

[know- habla]

Is there anybody out there who is doing a loan mod with OCWEN and who has actually gone thru from begginning to end and gotten their "final" papers AND,most importantly,had their balances and interest rate adjusted?
I am getting the complete runaround,having satisfied the stipulation periodTWO MONTHS AGO,and all I am told when I call OCWEN is that they are "reveiwing" my loan mod and that it is "pending".
Please, I really need your input. Thank You!

[missmayra]

I have actually gotten a complete loan mod. My interest has been adjusted and it shows in there system. It is impossible to get a straight answer when you call. So what I did I sent quite a few messages through the ombudsman and they way so send them a message is you go to ocwen website clicke on mortgage customers, scroll down and on the lower hand corner you will see email to ombudsman...explain on you email your situation. It took me 3 emails to get it resolve. The only problem is that an american will return your call in the morning when you are at work...

here the message that i sent them this is my 3RD TIME CONTACTING YOU since I can not get a straight answer when I call customer service. I have been waiting for 2 weeks for a supervisor to call me regarding my loan modification. The loan modification has not been updated in the system and it shows that 4/08 payment is due when it is not. If the system is not updated I will be reported to the credit beurau as late. I spoke to on 4/17/08 and was told it would take up to 2 days for the system to be updated and that a supervisor will call me. The best number to reach during the day Mon-Fri is . I have been dealing with this since 4/3/08, with no resolution and everytime I call I get different answers from customer service. I will wait to hear from you. Thank you.

and this is what they responded Dear Ms. M:

On behalf of Ocwen, we sincerely apologize for any inconvenience you may have experienced. Your loan is in the process of being modified. Once completed, the necessary adjustments would be processed, and your loan would be updated accordingly. Once this has been completed, our office will advise you via email.

I hope this helps, let me know is you need more info



Sincerely,

The Office of the Consumer Ombudsman

[gracie01]

Hi,
I am going through an Ocwen loan mod too. They are extremely frustrating to deal with. I was not behind or late, but knew that I couldn't afford for the mortgage to adjust on 9/1. I started the ball rolling early and figured that hopefully it wouldn't be that bad to do. It seemed to go through pretty quickly, but now everything is a mess. I made my 2 'stipulation pyts' and figured that as of 6/1 my loan would be revised. Not happening. They reported me as late to the credit bureaus (apparently they don't count the 'stipulation pyts' as regular pyts). They also added a comment that I was 'paying under a partial pyt agreement'. They had originally told me that my account would not be reported because my payment history was excellent. My credit is now destroyed. My 6/1 pyt (which I just made online today) now has an extra $254 added on (the statement I rec'd in the mail had my old pyt amt, but online had the extra $254. They apparently are escrowing my account when I was only supposed to make the extra amt on the pyt for the stipulation period. The pyt amt and rate have not changed according to the loan mod and I still have not received my paperwork back, completely signed. Every time I call, I get transferred to a different foreign speaking individual and then get disconnected. I have emailed the Ombudsman and have not received a response as of yet. I made the pyt with the extra amount because I don't want them to report me as late again. Even though I have never been late on a pyt.

I guess it's just a wait and see at this point. I am going to keep harrassing them and hopefully this will get resolved soon! I am just so sick of having to deal with this.

[know- habla]

MissMayra- When did you begin the whole loan mod process? When did you make the last loan stip payment? Who was an actual person with name that helped you at Ocwen?
BTW,I have e-mailed AND spoke with the Ombudsman, and they simply tell me they are "working" on it. I have e-mailed the CEO AND CFO and somehow it got diverted to the Ombudsman. HELP!

[know- habla]

Just wanted everyone to know, my mortgage has adjusted, and my loan has modified. We have a fixed for 30 years for 6%, (it would was 11 % prior, and our loan balance was reduced as well).
Thank you ***, and thank you to this wonderful site for giving me hope, and if nothing else a place to vent and get ideas, Thanks again

[Moe Bedard]

This is AWESOME news!!!!

I am so HAPPY that you finally got that mod!!!!

Congratulations To You!!!!

[schwefls]

Congratulation know-habla so happy for you party hardy

[elpjohnson]

Wow!! That is fantastic!!! Congratulations!

[RudyJay]

GOOD JOB... Congratulations...rj

[jennyb4u9]

ok what i suggest you do is call ocwen and tall them you want your account updated to uso that way you are not talking to someone in india but someone in america.my husband and i updated our account to uso because we are tired of dealing with the india people it might help.congrats on your mod.

[jennyb4u9]

oh and i forgot please keep record of all your payments that you make to ocwen mail it certified or pay moneygram so you have a reciept.ocwen will take awhile to update your account and say they updated when they dont.so its very important that you keep record and have proof of your payments.

[brokeandblue]

HI all--

I have been trying to work with Ocwen for 10 months now, and as everyone has said--they are extremely frustrating.

Today, since 8 am this morning, I've had 14 calls for "Jennifer"--the automated person that asks you to call Ocwen back at 877-596-8580. This was a result of me continiuing to call and get nowhere, and being promised that someone from loss mititagation would call me back within 24 hours. A real person never calls me back--it's always "Jennifer"--which starts the ball rolling again.

I sent in the QWR last week

My question for all of you:

Is Ocwen your servicer or lender?
What state do you live in?

And do you have any ideas as to cutting through the red tape?

I've been involved in two loan mods--neither worked out. The first one they wanted me to backdate by 37 days, and the 2nd they uped my payment by over $500 and then my reset happened for another +$200.

All I want them to do is add my delinquency to the back of the loan. Their idea of loan mod is to eat up equity.

Sorry for sounding bitter.

I keep a log for all my phone calls to and from Ocwen. So far I've been on hold 1714 hrs and 36 minutes--and I haven't gotten anywhere!

[jennyb4u9]

the best way to deal with ocwen is call the hope now number they will help you .the number is 1-888-995-hope good luck.