Home Loans and Support

From GMAC to OCwen but owned by Residential Funding

Discussion in 'Loan Modification' started by phil413, Feb 21, 2013.

  1. phil413

    phil413 LoanSafe Member

    Gmac to Ocwen

    Hello, my loan was recently transferred to Ocwen to service from GMAC. I was told the Investor is still RESCAP. I called the old GMAC number who are now Ocwen to inquire about the SAM modification and was told right now they don't offer the SAM. Do any one know if now that OVWEN bought out GMAC if they will be offering SAM. Ocwen has their own website but has a link for old GMAC people to click and it takes you back to the old GMAC site. It seems like the old GMAC customers are separate than current Ocwen customers. I really want to try to apply for the Sam. We do not qualify for HAMP as our principal balance is above what is required. We are 250,00 to 300,000 upside down on our first and have a second of 251,000 with Wells Fargo, which is another story. We want to work on the first mortgage first. We are current on both loans.
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Ocwen definitely does still offer these modifications and you may have to wait until your mortgage is fully updated in their systems. It generally takes 30-60 days once your loan is transferred before it is fully updated in the news servicer's system..

  3. phil413

    phil413 LoanSafe Member

    Thanks so much for the info. I feel like a Ocwen step child because old Gmac customers log in to the old Gmac site and not the Ocwen website. I will be patient and wait. Do you know if you have to have a hardship for the SAM or being so far under water you could qualify?
  4. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Lol yes that is actually quite ridiculous that they lead you back to the old GMAC site if they are now servicing your account. If Ocwen services your mortgage, they should review your account for their modification programs (ie HAMP or SAM) and hopefully you will have more access here shortly. Pretty much all loan modification will require some sort of financial hardship to qualify for assistance. A hardship can include MANY circumstances, but not simple the fact that your mortgage is underwater as recent reports show there are still 15 million or more homeowners underwater on their mortgage..
  5. American_Nightmare_in_GA

    American_Nightmare_in_GA LoanSafe Member

    My GMAC/Fannie mortgage just suddenly transferred to Ocwen, too. I've never even heard of Ocwen. So, did Ocwen take over GMAC (Ally)? Does anyone know what the connection is?

    I'm a walker, and my house is on the auction block on 3/5/13. I wonder how this Ocwen deal may or may not affect my walk.
  6. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Hey American Nightmare,

    GMAC has transferred their mortgage over to Ocwen for servicing, see below. Ocwen is actually one of the better servicers out there when it comes to loan modifications/foreclosure prevention options and have offered some of the best mods I have ever seen..

    GMAC Mortgage | Home Loans, Refinance, Mortgage Rates
    Changes at GMAC Mortgage

    Effective February 1, 2013, GMAC Mortgage will no longer accept new loan applications or service existing mortgages. The company's loan origination and servicing businesses have been sold and will be operated under new ownership. GMAC Mortgage will continue to process mortgage loan applications that were submitted prior to February 1 and are in active status.

    We are working hard to ensure a seamless transition for our customers. The transfer of loan servicing to a new servicer does not affect any term or condition of your mortgage documents, other than those directly related to the servicing of your loan. For loans transferred to Ocwen, there will be no immediate change to your account number or payment address; only to the name of the company to which you make your payment. For loans transferred to Green Tree, please refer to your Welcome Letter for details.
  7. phil413

    phil413 LoanSafe Member

    American-Nightmare I would do everything to try to stop the auction if you want to keep the house. From what I am reading Ocwen is the best servicer to do modifications. They have the SAM that I am waiting for them to start offering old GMAC customers. Did you try to modify with GMAC? I had a modifications with GMAC a few years ago. My interest rate is 3% for the remainder of my term but I have a jumbo loan and I am underwater about 250,00 to 300,00 on my first with a $251,000 second to wells fargo. I am current on both loans but do foresee income changing in the next 60 days or so.
  8. phil413

    phil413 LoanSafe Member

    My loan was transferred to OCWEN in Feb 2013. I have been calling OCWEN(old GMAC) and they say they do not have the SAM modification for customers who were transferred over from GMAC. I was wondering if any one loan was transferred from GMAC to OCWEN owned by Residential funding who have received the SAM modification?

    I am asking because i am going to try to modify my loan again. Here is my history:
    I owe about 855,000 on my first (OCWEN) and 251,000 on my second(Wells Fargo). GMAC modified the first about 3 years ago and I have a 3% interest loan for the remainder of the loan. RIght now my DTI is at 35% a little over the 31% most require. Homes are now selling for 750,000 in my area.

    Any advise would be appreciated.
  9. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Does your DTI include both your 1st and 2nd mortgage? Unfortunately, only problem you may face going forward is the fact that your interest rate is very low at 3%, it'll be very difficult to secure another modification on a jumbo loan at that amount and rate unless you can demonstrate a strong financial hardship.

    You may contact the Ocwen Consumer Ombudsman a variety of ways as provided below:

    • By email at Ombudsman
    • By phone at (800) 390-4656
    • By fax at (866) 771-5152
    • By mail at:
      Ocwen Financial Corporation
      Attn P. O. Box 785061
      Orlando, FL 32878-5061
  10. phil413

    phil413 LoanSafe Member

    It does not include the second payment.

  11. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Well it never hurts to give it a shot, can you show a financial hardship that is making the payments unaffordable at this time?
  12. betterday

    betterday LoanSafe Member

    Hi Phil - Ocwen (old Gmac) SAM same situation

  13. Cat Damiano

    Cat Damiano Mortgage Wars

    [QUOTE/] I met with both Gmac and Ocwen Reps at an event sponsored by the NM AGs office - it was unclear whether SAM would be offered after the pending transfer of these GMAC loans.... Just curious if you had any further information ? They offered a HAMP but weren't including the second mortgage payment in a DTI calculation, I have income that is close to 31% but other expenses don't seem to count in their 'affordable payment' (+ NM Education jobs have an odd retirement contribution that's required and comes out of gross pay 10%) thus reducing the monthly income I receive)[/QUOTE]

    The modification whether it be HAMP or Inhouse would not include a second lien into the payment calculations;

    Monthly Mortgage Payment:

    The monthly mortgage payment used in calculating any monthly mortgage payment ratio in either HAMP Tier 1 or HAMP Tier 2 includes the monthly payment of principal, interest, property taxes, hazard insurance, flood insurance, condominium association fees and homeowner’s association fees, as applicable, regardless of whether these expenses are included in the borrower’s current mortgage payment. It also includes any escrow payment shortage amounts that are subject to a repayment plan.

    The monthly mortgage payment does not include mortgage insurance premium payments or payments due to holders of subordinate liens.

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