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Has anyone had experience with OCWEN Loan Servicing?

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by primoclozer, Jul 12, 2012.

  1. primoclozer

    primoclozer LoanSafe Member

    We live in Las Vegas, NV (lucky us) and bought our "dream house" in 2007 (even LUCKIER us lol). Anyway, this nearly half million house is now worth about 200K if we're lucky and we still owe 300K. Since Ocwen took over this mortgage a couple of years in, we paid a company $2,000.00 to get our loan interest modified which they did. (from 6.5% to a 4 year ARM that caps at 4%) Since then, we have been harassed if we are only a couple of days late. Now I have lost my job and I was the main wage earner in our family and we are almost 2 months late.
    My questions:
    1. Does a "Loan Servicing" company like Ocwen foreclose faster than a bank.
    2. How long in Nevada at this point is it taking?
    3. Since we modified, would that put us on a faster track?

    We are middle aged (60 and 62) so it might take me a while to find another job and I am trying to check out all of our options.

    Thanks to anyone who can help
  2. Evan Bedard

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

    Welcome and thanks for joining the community.

    I'm very sorry to hear you have recently lost your job. Ocwen is actually one of the best lenders to work with as far as loan modifications go and they do not foreclose faster than other banks. Having a previous loan modification will not speed up the foreclosure and in Nevada this can easily take up to 8-12+ months to complete. The amount of time it will take to complete the foreclosure process will mainly vary between state as banks must abide by state foreclosure laws.

    Since you are unemployed you will not be able to complete another permanent modification until you find another job. There are options such as forbearance plans for unemployed homeowners that will give you time (generally 6-12 months) to make reduced payments will you work on finding a job. During this time all foreclosure proceedings will be placed on hold so you do not have to worry about an unexpected foreclosure..

    http://www.co.washoe.nv.us/repository/files/27/NAHAC - FINAL.pdf

    Mortgage Assistance Program - The Mortgage Assistance Program is intended to provide temporary financial assistance for underemployed as well as those unemployed homeowners who have experienced involuntary job loss and/or severe reductions in income. The program will pay 1/3 of the principal and interest portion of the homeowner’s monthly mortgage payment, up to a maximum monthly benefit of $500 per month. Assistance lasts for up to 6 months.

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