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Ocwen mod

Discussion in 'Making Home Affordable' started by quebal, Jan 20, 2010.

  1. quebal

    quebal LoanSafe Member

    :confused:

    Just recieved a letter package from Ocwen stating the terms of my modification. I got approved for a trial period mod back in October. Out of the 3 trial period payments I was only able to make one of payments because under the purposed modification I still cannot afford the payments. The last payment I made was december. I didnt pay October or november and I will be unable to make January's either.

    Now I recieve this package telling me the terms of the modification and that it takes affect Feb 1st. They decreased my intrest rate to 4.25 from 7.78 for 5 years then after that the rate goes to 5 percent for the term of the loan. They also added a monthly escrow of $130.00 ( for insurance only) which brings my monthly payment to $1414. My original monthly payment was 1623. So you can see that there is not much of a difference. My question is, being that my income has changed and I still cant afford the payments under this mod, can I request a new mod reflecting the change in my income. One problem though, I cant seem to talk to anyone at Ocwen and I have left a number messages and no one returns my calls.

    Any advice from anyone will be greatly welcomed!!!!
  2. quebal

    quebal LoanSafe Member

    Just wanted to add to my thread that I never signed and returned the trial period plan that was sent to me in october:confused:
  3. cnd5v1

    cnd5v1 LoanSafe Member

    I would think that you would be able to reapply with your updated financials. Did they not ask you about your financials before they sent out the paperwork because from what ive been seeing on the website is that right before they get their perm docs they are asked for updated financials. Good Luck!!!!!!
  4. quebal

    quebal LoanSafe Member

    No, they never asked for updated financials!!
  5. MJT77

    MJT77 LoanSafe Member

    I just received my trial period paperwork also, I am real leary of signing these papers as they don't indicate the new payment amount once the trial period is up. So even though you were not able to make your trial period payments, they haven't proceeded with the foreclosure as the paperwork threatens? My trial payment is actually higher than what my old payment used to be.
  6. quebal

    quebal LoanSafe Member

    No, they just sent me a letter saying if I dont make my 3rd trial payment by a certain date,that my loan will go back to the original terms and I will no longer be eligable for the modification. Before I received this letter I only made 1 trial payment and I have not made one since. Ocwen will still not work with me on a more affordable mod so Im ( regrettably) walking away from my home. Dont have any other option!!! Good Luck
  7. Ledeen

    Ledeen LoanSafe Member

    I was turned down 2 times for the government loan mod program by OCWEN, but I just kept re-applying since I learned a bit more about their criteria with each attempt.

    The first time I applied I was denied because my loan had not reset yet, and at the then current payment it was 31% of my income.

    I didnt know you coudlnt apply BEFORE the reset, but mine was an OPTIN ARM, with no firm reset date.

    I re-applied once the loan reset and made the first higher payment by borrowing money. I was denied again.

    Then the agent informed me unless I was 60 days late it had to go through a committee who must determine that I was at risk of imminent default. But if I was 60 days late, it automatically would automatically get submitted and if I met the government qualifications (which I did) it would get approved for the trial.

    I couldnt make the payment anyway, so at about 50 days late, when I was about to reapply, I received an approval letter.

    This was under the HAMP Program, I made my 3 payments and received last week the final paperwork, which I signed and sent back.

    I actually found they were honest, it was a payment of 31% including taxes and insurance. And they did do the final paperwork on time , and they the payment was about 10.00 less than my trial payments were.

    The only problem I have with the hole thing is I had to be late, and then once in the trial they continue to reflect you as late and add the months even though your making the modified payment. Its ruined my credit. But I wont loose the house.

    Now I just have to wait for them to sign the final paperwork and enter it into their computer system. According to their people that takes 1 -2 billing cycles....

    Good luck and dont give up, just keep reapplying!

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