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Ocwen loan modification

Discussion in 'Loan Modification' started by nothavingfunyet, Jan 21, 2013.

  1. nothavingfunyet

    nothavingfunyet LoanSafe Member

    Here it is, need some reassurance...DH bought the house in 2006, I am on the deed, not the mortgage. We are now currently 12 months behind. Payment, PITI, $2100 or so. Went to a HUD approved counselor in late August who basically said to stop paying as that would show hardship (we weren't as far behind then as we are now, obviously, since we took her advice). Anyway, questions...

    1. Since I'm not on the mortgage, will they want to use my income as well as my DH (who is on long term disability now)? Not sure we'd qualify
    2. We know our stuff has been submitted, Ocwen has sent us letters, do we talk with them directly, or will they talk to our housing counselor
    3. They sent us a letter asking for paystubs, which we only have the long term disability thing for DH- I told our counselor, she said, "It's all there, they have it" but they sent us another letter asking for info
    3. We only have until about the end of February and then another court date, and the clerk said she MIGHT possibly consider another extension- what does that mean? They'll set a sale date?
    4. How long does all this take? It is so stressful....
  2. Evan Bedard

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

    Welcome and thanks for joining the community.

    Lenders will generally want to see a spouse's income as well if you are contributing to the household and residing in the property. Since you are not on the loan it is up to you whether or not you want to supply your information. However, if you two share bank accounts or file tax returns jointly they may request your info as well.

    They may talk to your assigned housing counselor, but I always recommend to keep in touch with them yourself because any lack of communication between parties can influence their decision. There are deadlines if you are approved or the lender is requesting information so you want to be aware of what is going on with your case at all times.

    I would call in and make sure they have this information on file. If they do not you need to send it in yourself or contact your counselor right away.

    Yes if they do not approve another extension a sale date may be scheduled. What state are you located in?
  3. nothavingfunyet

    nothavingfunyet LoanSafe Member

    Evan, we're in NC. DH is pretty ostrich like about this, has a hard time dealing with it and I want to talk with Ocwen but really don't want to use our info, I feel like we may make too much, although we both have taken some hard hits income wise.

    Our current house is $245,000, we may be slightly underwater on it- zillow estimates it at $231,000, not sure how accurate they are... our payment, piti, is $2100/month, our total gross income is around 6800 with me, only about $2100 with him. we do file jointly tax wise.

    I'm feeling so stressed, DH is on ltd disability (trying to get social security disability) now with severe health issues, we submitted doctor's letters and all of that. He's also a veteran. I took a $10,000 pay cut last year, and several years before that was laid off for almost a year, which wiped out out savings. We really want to save our home, we have 3 children at home and don't want to have this devastating thing happen. Our loan was a stated income through Decision One- who is HSBC, that is bad, isn't it? It was sold to Litton then to Ocwen...our interest is fixed 8.1%- terrible, I know!
    Last edited: Jan 22, 2013
  4. Evan Bedard

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

    HSBC has been one of the most difficult lenders to work with in the past, however, a new settlement with them has recently been announced and it seem they may be expanding their loan modification and foreclosure prevention options. It is difficult to tell what the lender will require since you two file taxes jointly. In this situation lenders will typically want to see the spouse's income as well because it is likely you are contributing to household expenses and other debt.. Using both incomes your payment is currently 31% of your gross monthly income. HAMP has recently updated their guidelines and now allow homeowners to qualify even if their payment is already at or below this percentage.

    Home Affordable Modification Program

    In an effort to continue to provide meaningful solutions to the housing crisis, effective June 1, 2012, the Obama Administration expanded the population of homeowners that may be eligible for the Home Affordable Modification Program to include:

    - Homeowners who are applying for a modification on a home that is not their primary residence, but the property is currently rented or the homeowner intends to rent it.
    - Homeowners who previously did not qualify for HAMP because their debt-to-income ratio was 31% or lower.
  5. nothavingfunyet

    nothavingfunyet LoanSafe Member

    So my housing counselor said that one cannot be 12 + months behind (we just hit 12 months behind) and qualify for HAMP? I haven't seen that in all the guidelines posted here. I called her last Thursday and told her that our original loan was with HSBC, who doesn't participate in HAMP- but she said there were some military HAMP options, etc- it just seems like she really doesn't know much. She said there is really nothing she can do other than forward any documents they need until they come back to her with their options. Sigh....
  6. nothavingfunyet

    nothavingfunyet LoanSafe Member

    Oh, I just checked the MERS site? It says the investor is Bank of America, not HSBC as I had feared- how are they to work with???
  7. nothavingfunyet

    nothavingfunyet LoanSafe Member

    Anyone? Bueller? LOL How accurate is that MERS site- and is BofA easier than HSBC? Seems so from the threads- but do I still work with Ocwen, not directly with BofA? Also, have you heard anything about having to be less than 12 months behind on the mortgage to qualify for HAMP? I haven't seen anything like that in any of the guidelines I've read about it....
  8. Evan Bedard

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

    I apologize for not getting back to you sooner. BofA is actually much better to work with on loan modifications than HSBC and you will have a much better chance receiving permanent assistance. The MERS site is generally accurate so I'm not sure why Ocwen would state your loan 'was' owned by HSBC. You still must work with Ocwen on the loan modification as they are the ones servicing your mortgage. If you contact BofA they are going to give no information on the account and are going to tell you to call Ocwen. The investor does not really come into play in this process unless the modification requires their approval.

    It sounds like you may want to request for your account to be assigned to a different rep. The housing counselor you are working with is from Ocwen correct? From my understanding there is no rules that state a borrower cannot qualify if they are more than 12 months delinquent.. As you may have noticed we have MANY members here who are at least 12 months or more behind and have successfully been able to modify their mortgage.
  9. nothavingfunyet

    nothavingfunyet LoanSafe Member

    Our counselor is with a HUD agency, not Ocwen. She's a little frustrating, LOL
  10. Evan Bedard

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

    I would not hesitate to talk with her supervisor or request for your account to be re-assigned..
  11. nothavingfunyet

    nothavingfunyet LoanSafe Member

    Hi there, quick update and some advice? We have had to resubmit some documents, which is fine, our loan person with HUD has asked me for things, we get them to her, she sends them over. Then today I get an email from Ocwen (it's there when I log into their site, which I do just to keep up), and they're asking me for some things she already has, and a couple other things we didn't give her, like our expenses? Anyway, I sent her that email- but here's the real thing I need advice on...

    DH is on disability and due to him not sending in a whole bunch of paperwork last November, they denied his disability as of 1/15/13. We're in the process of submitting all the paperwork and having it reviewed and (hopefully, fingers crossed) having it reinstated, but that can take up to 30 days. In the meantime, we now can't show any income for half of January and February- and I am not on this modification, so my income isn't counted.

    I'm just worried, any words of advice? I believe we're going to get another court date, our third, at the end of this month, and last time the clerk or whomever she was was pretty skeptical about giving us another extension- what might all this mean? Will they sell our house out from under us while we're struggling to get a modification? What if it takes awhile? I know mods can take several months....and if his disability is reinstated but it takes the whole 30 days...see what I mean????? I'm worried and scared.

    And also worried if we can't provide the info they're asking for what we'll do...

    Advice? Reassuring words???

  12. KimberlyS

    KimberlyS LoanSafe Member

    How about submitting what proof of income you do have for starters? For December and half of Jan, or whatever you have. Just one idea!
  13. nothavingfunyet

    nothavingfunyet LoanSafe Member

    We have submitted all of that, through our HUD counselor. Since we didn't fill any of the forms out, she did, I don't know what she put on the income and expense sheet, which is one thing they're asking for. I guess she'll call me with what she needs!!! I'm just worried, if we don't get modified, etc...it's so stressful and DH's health is not good and this isn't helping...
  14. nothavingfunyet

    nothavingfunyet LoanSafe Member

    Is there every a time when they say, yep, we're going to make you sell your home?
  15. KimberlyS

    KimberlyS LoanSafe Member

    I'm with Ocwen, and I've had times where I got the note that they needed info, but they really didn't. I'd just follow up with the person you work with.

    If the deny a modification, you can appeal the denial. But you do need to stay on top of it until you get that modification approval.
  16. nothavingfunyet

    nothavingfunyet LoanSafe Member

    yah, I will. It does seem like kind of a "form letter" email. I just worry that they'll foreclose before this is all finished, it's just so stressful....and if DH's disability is totally denied then we're totally behind the 8 ball!
  17. Evan Bedard

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

    Hey Nicki,

    I'm very sorry to hear you are in this predicament when time is of the essence. You will need to get in any information they are requesting as soon as possible because lenders often deny modifications if they have not received all the financials to complete their review. If you do have a modification in process and are following up regularly to keep your case active, there is a good chance you can prolong the sale even further. However, getting this paperwork in soon is crucial to make sure the review continues accordingly. I would not hesitate to contact the Ombudsman's Office to hep escalate your case.

    Ocwen Consumer Ombudsman:

  18. nothavingfunyet

    nothavingfunyet LoanSafe Member

    Thanks for this, Evan! We're getting everything in quickly so far- I just worry if they need proof of that income which we won't have if disability is taking their own sweet time. Is it Ocwen who will foreclose, so they can NOT foreclose if they choose?
  19. KimberlyS

    KimberlyS LoanSafe Member

    With Ocwen, you can call customer service any time they're open and ask if you have a sale date. I was transferred to Ocwen last summer. They've been great to work with, although slow and a bit scattered. (Just got a letter in the mail yesterday dated January 1.) Calling and hearing "no sale date" can give you peace of mind. I agree, it's stressful. Hang in there and stay on top of it like you're doing.

    Re: your recent question. Did you say you had sale dates already scheduled? Do you have one scheduled right now? If your mod is in review, Ocwen won't sell your house. (And your job is to make sure there aren't any mistakes, IMHO, but they won't.) I had a sale date scheduled (California) the whole time I was in review. They just kept postponing it. I don't know how it works exactly in your state, of course!

    Hopefully you'll be approved soon and can move on from this particular stress!
  20. nothavingfunyet

    nothavingfunyet LoanSafe Member

    I don't think we have a sale date....good to know about calling them....it's all so confusing, I just want to have it set!

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