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Ocwen buying Indymac one west bank

Discussion in 'Loan Modification' started by Loverb, Sep 10, 2013.

  1. Loverb

    Loverb LoanSafe Member

    Anyone heard of this?

    Report: Hundreds to lose jobs after OneWest Bank sells IndyMac Mortgage Services to Ocwen

    I googled it and saw this. Anyone have any latest news? My servicers is Indymac. I been denied loan modification since May 2013. My house has been on foreclose however there's no sale date. with this new merger i guess i have to start all iver agajn? i'm tired of paying my HOA. I read negative reviews about ocwen. I dont to keep my hopes in getting my house modified! The house is vacant now for over 10 months bit i'm still payong my hoa and every weekend I still go there to get my mail. I would love to save my house but of course with a reasonable and affordable amount payment.
  2. Evan Bedard

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

    Hello LoverB,

    Ocwen is acquiring nearly $80 billion in loans from Indymac and it sounds like the merger should happen sometime this year. The problem with pursuing a modification in your case is the fact that the property is sitting vacant. It's possible to achieve a modification in a home you have vacated, but you must have someone in their providing rent or at least show that your intentions are to rent the home out. The property will likely be deemed abandoned and this will make it extremely difficult to receive assistance..
  3. KimberlyS

    KimberlyS LoanSafe Member

    My loan transferred to Ocwen mid-mod and I found them very easy to work with. Slow, but easy. My property wasn't vacant, though! Aside from that issue brought up by Evan, it is worth pursuing a mod with Ocwen. They will definitely check to see if the place is occupied.
  4. Loverb

    Loverb LoanSafe Member

    how will they check? how much did they lower your payment? did they reduce your principal balance?
  5. Evan Bedard

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

    Ocwen has definitely been one of the easier servicers to work with when pursuing a loan modification. They will send a rep down to the property (sometimes regularly) to ensure it has not been abandoned. It makes it quite difficult to achieve a loan modification if you are spending money renting elsewhere and are making $0 return on the property. How long ago did you move out?
  6. Loverb

    Loverb LoanSafe Member

    8 months ago. im still paying my hoa and never been late. how should i go about renting it? im afraid if i rent it out the renter might have rights eventhough i will be upfront with them and let them know the situation of the house. i'll out everything in writing just incase they say they never knew that it's a foreclose house. any tips please i would really appreciate it. am in california. thank you
  7. TomEason

    TomEason LoanSafe Guide


    Thanks for your posts. I recommend you rent the property ASAP. By so doing you'll be eligible for a HAMP Tier II loan mod.
  8. Loverb

    Loverb LoanSafe Member

    Will I loose my right once it's foreclosed? I'm in California. I'm scared to rent it out eventhough i will disclose to the future renter that it is in foreclose status.
  9. TomEason

    TomEason LoanSafe Guide


    Thanks for your post. I don't know what you mean when you ask
    You'd lose all rights and benefits afforded the owner of real property (since you'd no longer be the owner).
  10. Loverb

    Loverb LoanSafe Member

    Just called my bank and said that my loan wasnt sold to Ocwen. :( How true is this? Oh well i guess I really am going to lose my home.
  11. Evan Bedard

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

    This does not mean you are going to lose your home, just because Ocwen is acquiring servicing rights to loans currently serviced by Indymac, it could be quite some time before your loan is actually transferred. You will receive a notice at least 15 days prior to the transfer informing you of the transfer. I would take Tom's advice and try to find a renter asap, have you already received an official Notice of Default?

    Making Payments to Your Mortgage Servicer | Consumer Information

    If your loan is transferred to a new servicer, you generally get two notices: one from your current mortgage servicer; the other from the new servicer. In most cases, your current servicer must notify you at least 15 days before the effective date of the transfer, unless you received a written transfer notice at settlement. The effective date is when the first mortgage payment is due at the new servicer’s address. The new servicer must notify you within 15 days after the effective date of the transfer.Both notices must include:

    • the name and address of the new servicer
    • the date the current servicer will stop accepting your mortgage payments
    • the date the new servicer will begin accepting your mortgage payments
    • telephone numbers (either toll-free or collect), for the current and new mortgage servicer, for information about the transfer
    • whether you can continue any optional insurance, such as credit life or disability insurance; what action you must take to maintain coverage; and whether the insurance terms will change
    • a statement that the transfer will not affect any terms or conditions of your mortgage, except those directly related to the servicing of the loan. For example, if your contract says you were allowed to pay property taxes and insurance premiums on your own, the new servicer cannot demand that you establish an escrow account.
    • a statement explaining your rights and what to do if you have a question or complaint about the servicing of your loan.

    There is a 60-day grace period after the transfer: during this time you cannot be charged a late fee if you mistakenly send your mortgage payment to the old servicer.
  12. Needrefinancenow

    Needrefinancenow LoanSafe Member

    We are trying to modify our IndyMac mortgage.
    They have denied us.
    We are at 6.5%. 30 year fixed.
    Our payment is on time.
    They state we are not seriously delinquent and our service agreement does not permit modifications.
    We have just suffered a documented 35% loss of income.
    Any suggestions?
    Also, how do we start a new thread in the forums and what is the best way to get a response.?
    We put this in bold so someone could advise us also on how to use this forum.
    Thanks in advance.
  13. TomEason

    TomEason LoanSafe Guide


    To start a new thread, first decide in which forum you want your thread to appear. Go to that forum - go to the top of the page and maneuver to the forum of your choice. Click on the "Post new thread" button.

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