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Ocwen Foreclosure Timeline

Discussion in 'The Lounge - Anything goes here!' started by phoenixx, Jul 27, 2010.

  1. phoenixx

    phoenixx LoanSafe Member

    We are considering a strategic default and have a question about Ocwen's foreclosure timeline. Does anyone have any first hand experience how long this process takes? Do we have 3 months, 6 months or longer?

    Thanks
  2. Evan Bedard

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

    The state in which you are located will determine the foreclosure timeline.. What state are you locating in?
  3. phoenixx

    phoenixx LoanSafe Member

    We are in Phoenix. Ocwen took over the loan about 9 months ago and they are HORRID!!
  4. phoenixx

    phoenixx LoanSafe Member

    I forgot to mention, we have been 2 months behind for almost all of that time but have been making regular monthly payments for the past 7 months. We tried to get a refi but first they said we did not make enough $$, then , when I got a good job, I make too much. A catch 22.

    We have spoken to a mortgage guy and he told me since I am back to work in a good job, all they (Ocwen or anyone else) could do would be to lower the mortgage payment about $150 a month and a lower interest rate from 6.99% to about 6%. That dog is not going to hunt.

    We are upside down to the tune of about $50,000 and not that thrilled with this home because of neighbors.
  5. Evan Bedard

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

    Personally I'm not too sure he knows what he is talking about. There is no way that he could possibly predict Ocwen will only lower your rate down to 6%. Most modifications will end up around a 4.5-5% fixed for the life of the loan. However, since you need to move out for various reasons this probably does not matter.

    From what we have seen the foreclosure process can easily take up to a year or more in AZ. there are a ton of members here just like yourself who are also walking away from their properties. Here check out these two sections of the forum:

    Deed in Lieu of Foreclosure - Do You Need Help to Walk Away? - Mortgage Forum - LoanSafe.org

    Stop Foreclosure and Tell Us Your Story - Mortgage Forum - LoanSafe.org
  6. phoenixx

    phoenixx LoanSafe Member

    Thank you SO much for the information! You have been a great help and thanks for the links. I will check it out.

    Mike
  7. phoenixx

    phoenixx LoanSafe Member

    I have another concern, if you have a moment. The guy who we talked to said Arizona hasd a law that they mortgage company (Ocwen) cannot come after us for the difference in what we owe and what they sell it for. Is that correct? That is really my only concern. I want to be sure my other assetts (what there is left of them) are safe.

    I was out of work for almost 10 months this past year.

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