Ocwen Loan Modification SUCCESS!!

[hightower]

We requested a loan modification from Ocwen. We have a first and a second mortgage with them. The loan resolution person worked up an offer for us and said the down payment would be due on Sept. 12. We needed to recieve the documents from them sign them fax them back and then send certified funds. Well the investors hadn't sent the contract back to Ocwen by the 12 so we were told to wait until this week. We finally received the contracts today on the 17th of Sept. and they state that the down payment should be paid by the 15th. Well since the 15th has already passed. Should we have them change the date? I've asked 2 representatives at Ocwen and they both stated that it was o.k. that the contract has a date that has passed just to sign them send them back and make the payment. My concern about doing that is I don't want them to come back a month from now and say "oh your modification offer was rescinded because you didn't make the down payment by the due date." We don't have a foreclosure date set yet and I don't want to waste time and give them time to get one so i'm tempted to just sign, return and pay but I want it to be done right.

[Cat Damiano]

hightower,


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

Ocwen is the one that would need to confirm that it would be alright to send the documents back with your payment at this date...........and it seems that they already have done that...........so you should be o.k.........just overnight it to the address that they are indicating and write down the tracking number, and make sure that your loan number is on the certified check and that you have copies of the documents after they have been notorized, which would reflect todays date............also use the tracking number to make sure that everything was received by them, following up with a call to make sure that the modification information is being put into their computer and your account is being updated to reflect the new figures..........

[hightower]

Cat,
Thank-you for responding. I have another question if I may. We were offered a fixed interest rate of 10.25% on our first mort. which is currently a 10.75% ARM we started at 6.5% 4 yrs. ago and a reduction of principal of approx. 11k on our second mort. int. reduced to 2% for 3 yrs. My question is it states that "any fees and charges not included in this principal balance will be our responsibility also that any expenses incurred in connection with the servicing of the loan but not yet charged to our account as of the date of Agreement may be charged to our account after the date of the agreement" do I want to question that? What kind of fees are we talking about here and just how and when would they be due?

[Cat Damiano]

That is just a standard loan modification doc...........what it means is that if there were late fees that were not rolled into the modification after the date of the modification, that they will be able to charge them.......all of the fees up until the date of the modification should be already included in the modification...............but you should ask just to be sure.

[hightower]

Oh and one more question...Our first payment is due on Oct. 1st. we will be using the Sept. and Oct. regular payments to make the down payments which means we won't have an additional payment by the 1st of October without putting us behind of everything else. Is it feasible for us to ask that they give us until the first of Nov. for the first payment or would that mean re-writing the entire agreement? I've noticed that other member posting here have gotten 2 mos. grace period before their first payments were due. I realize that each persons circumstances and lenders/investors requirements are different but looking for some guidance on this. While I truly feel that the interest rate on the first loan is ridiculously high it is fixed and we can re-fi down the road.

[hightower]

O.k. I'm hoping we're nearing the beginning of the end of this ordeal. The person at Ocwen just explained to me that they cannot move the first payment due date to Nov. 1st but if we cannot make the payment by the 1st of October to call them and let them know by what date it can be made. The good thing is there are 3 pay periods in Oct. which means we can make the Oct. pymnt. with the 1st payday. everything else with the second and get back on our regular schedule by paying the Nov. payment with the last payday. We like to make our mort. payment with the last payperiod of the previous month so that we don't fall a month behind. A positive, if this all works out is that since our payments on the second loan are virtually cut in half we can afford to make 2 payments on it each month and get ahead (whew!) so that if we need it we'll have some breathing room. You know new tires, school pictures, replace the shutter that was blown off, etc...

[Cat Damiano]

Sounds like a plan.............and that you can relax a bit...........

[hollydo07]

I was told you had the same problem with Ocwen we are having. They call say approved should receive documents within five days and still nothing and our downpayment was due the 15th also. This is so strange. I was told we can not sign the agreement and that they can redo the docs if we wish but not sue what to do now. Getting two payment in 2 weeks is really not feasible for us. One yes 2 no way. I have one check left this month and my husband gets his next week so cant get that much together this quick. I wish you luck with yours!!!! take care

[hollydo07]

oh I forgot your interest reduction is as bad as ours. Our only went down not even a percent. and no break in payments I wonder how other folks get better offers???

[hightower]

yeah Holly i'm not certain with things when in comes to dealing with Ocwen. I just want to get this done and over with. Wouldn't you know today in the mail we received a different modification agreement from Ocwen with better terms!?! It is the same as the other except it is dated 2 days earlier and it has a lower principal balance, same fixed interest rate with a lower monthly payment. Also the down payment is $1368.72 vs the $2861 from the other agreement and the first payment would be due on Nov. 1st instead of Oct. Now of course my husband is like quick let me sign the better offer and send in the payment! I on the other hand want some comfirmation that we can indeed accept this new offer and that it will stick.
Wishing you the best on yours. I'll post and let you know the outcome.

[hollydo07]

I am happy for you and I hope you get the confirmation on the better mod. Me on the other had received a call last night asking if we received our docs and I told the lady no so she asked for a email or fax number. So when I got the docs they were what they had stated. Not sure what I will do now. Maybe see if I can ask them about the new thing starting Oct 1st. Maybe that would be a better offer I know one thing the value of our home is alot less than what is own so I guess I have some thinking to do quick. Again I am so happy for you and I hope the docs are right I myself agree with you husband sign and get those babies back quick!!!! Take care and let me know please

[hightower]

I need advice on what to do. We were emailed a modification agreement from Ocwen and the terms were spelled out. Today in the regular mail we received another modification agreement with different, better terms. The latter agreement is dated 3 days prior to the emailed one. Can we take the better agreement? Is this an Ocwen mistake? Can they rescind this offer in light of the other one? Help we need advice

[Cat Damiano]

You should call Ocwen............they would not send modification documents through the regular mail...........but instead with FedEx or UPS where they would have tracking capability due to the fact that they are time sensitive legal documents.

[hightower]

Hi Cat thanks for your response. I called Ocwen the first representative told me to just throw the letter and agreement away. I asked why would I do that when the terms are clearly better than the other offer. She said she didn't know. She's never heard of this situation. I called again and spoke with another rep. who said that the terms are the same on both modification agreements. I told him they are not, he had me read the entire agreement to him. He then placed me on a long hold he came back and said that both agreements came from Ocwen and that signing either agreement will be fine whichever will be best for us. I asked if he got that information from a supervisor because it doesn't quite make sense. He said yes. I asked for his name which he gave me gladly and spelled it out Manoj Kumar. Lord help me! I don't know what to think. I'd be a fool not to take the better offer but if it's that easy why didn't the first rep. say that and why did he have to ask someone else? I do have this agreement in writing but it didn't come FedEx or UPS. The other agreement was emailed to us. What now? If I follow the lesser agreement can Ocwen not honor it?

[hollydo07]

I dont mean to butt in but!! Ocwen is doing crazy things. I am still waiting our docs since the 9th. So not sure but if someone told me to take which ever was best for me I myself would go for it. If it letterhead from Ocwen wouldnt that be binding??????

[Cat Damiano]

If that is what Owen is telling you, then have the better one notorized and make copies after that for yourself...............and then you send it back by FedEx so that you have the tracking information and you can make sure that it got there o.k. and confirm it with them............

Most modifications have a contact number on the last page...............is that the number you were calling to confirm the agreement?