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Ocwen Modification Approved!

Discussion in 'Loan Modification' started by cantleave, Dec 23, 2013.

  1. cantleave

    cantleave LoanSafe Member

    Hello All,

    My husband and I are very excited about our modification request being approved by Ocwen for a trial modification. Our application process was fairly easy. I submitted paperwork, they asked for some missing information and then gave us approval. Our payment dropped from $1676 on an adjustable interest rate (currently set at 7.76%) to $1073 with a fixed interest rate of 2% for the life of our loan. I'm just a little nervous that we won't be offered the permanent modification after the trial period. Do any of you have experience with this? What would the reason for denial be? We were 4 months behind, exhausting all of our resources and panicking about the thought of losing our home. I would love to be able to breathe easy and feel like we have been given a fresh start, it just seems too good to be true!
  2. cantleave

    cantleave LoanSafe Member

    Also, we still havne't received our paperwork from Ocwen. I thought the RM said it was forwarded to us on 12/10, but still nothing in the mail! Should I be concerned?
  3. ChrissyF1214

    ChrissyF1214 LoanSafe Member

    I recenty just got approved from Ocwen too. 2% for the life of the loan and I have a balloon payment at the end of my loan, do you?
  4. cantleave

    cantleave LoanSafe Member

    Yes. Balloon payment is $12,000. Did you receive paperwork about the trail mod? I haven't received anything!?!
  5. Evan Bedard

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

    Welcome to the LoanSafe community and congrats on being approved for the trial period!

    Ocwen should have fully reviewed your situation prior to offering the trial period. The only reason you would be denied at the end is if you happened to miss or make a late a payment. You need the trial docs for the agreement to be valid, I would never recommend sending in any payments until you have the paperwork in hand - unless you confirm with multiple reps/depts that you have indeed been approved. Here are some contacts you can use for Ocwen to confirm this and inquire about the docs.

    Ocwen Consumer Ombudsman:


    • By email at Ombudsman
    • By phone at (800) 390-4656
    You can contact the CEO directly here;

    CEO William Erbey: 1-561-682-8520
    William.Erbey@ocwen.com


    It sounds like you've been approved for their SAM modification program, you can find details and many here who have been approved for this program in the following thread:

    http://www.loansafe.org/forum/loan-...ation-sam-anyone-have-any-information-13.html
  6. cantleave

    cantleave LoanSafe Member

    Thanks for your response. My RM said we were approved for HAMP...I have a scheduled phone appointment with him this Friday to make my first trial payment, I will be sure to ask him why I haven't received any documents. The website has been updated, showing my new payment amount due on Jan 1st.
  7. Cat Damiano

    Cat Damiano Mortgage Wars

    Chrissy,

    The reason for a balloon payment is due to the fact that even by bringing your interest rate to 2 percent for the life of the loan, which by the way is a rate that one would never come even close to getting with a refinance, they were not able to create an affordable payment most likely without amortizing the loan over 40 years but having it come due at the original loan maturity date which by not being able to extend the original term, which most investors will not allow, will result in a balloon payment.
    Last edited: Dec 24, 2013
  8. ChrissyF1214

    ChrissyF1214 LoanSafe Member

    Cat - Thank you do you think that's a good deal that I was offered? I guess I have no other choice if I want to keep my home. I posted under a new topic what I was offered. 2%, but with a balloon payment of I think it was $120K. I don't have the paperwork yet and he was hard to understand. Do you refinance or take out another loan to pay the balloon? I think he said it was due at the end of the loan that they were not able to extend the loan so that would be in 22 years it would be due.
    Last edited by a moderator: Dec 24, 2013
  9. LovingOcwen

    LovingOcwen LoanSafe Member

    Hi cantleave,

    I was approved fro a Hamp with ocwen as well. I did receive paperwork for my trial, but not for my perm. When I spoke to my RM on Dec 12th, she stated that I should recive someinthing in Feb, providing I make my payments. My trial starts Jan 1st for three months. Log onto your account and click on loan status, it should be there. When you make your first payment that is your acceptance to the trial plan.
  10. LovingOcwen

    LovingOcwen LoanSafe Member

    Hi Chrissy,
    Congrats on your mod. I'm happy for you.
  11. LovingOcwen

    LovingOcwen LoanSafe Member

    Besides on the left side of your screen to see loan status, click on your documents link and you should see the breakdown.
  12. ChrissyF1214

    ChrissyF1214 LoanSafe Member

    Thanks LovingOcwen. I am happy, but not thrilled with the balloon payment, but I had a HAMP and couldn't afford the payments any longer. I guess I'll worry about the balloon down the road. Happy holidays!
  13. cantleave

    cantleave LoanSafe Member

    Thanks, LovingOcwen! I will look at the website again!
  14. LovingOcwen

    LovingOcwen LoanSafe Member

    I did not receive any paperwork regarding a balloon payment as of yet. I guess when they send me my final mod I will see it. If it is, I'll worry about it when the time comes. Happy Holidays to you too.
  15. Evan Bedard

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

    Hey Chrissy, IMO this is a great deal and I would not hesitate to accept the offer. You can always refinance later and sell the property years down the road to avoid the balloon, we all know the housing market is impossible to predict and you may just reap some serious equity in the next 10+ years.

    Congratulations on achieving an affordable payment and Happy Holidays my friend! Your hard work and diligence over the years was bound to pay off:)
  16. Cat Damiano

    Cat Damiano Mortgage Wars

    I am not even sure why you are asking if a 2 percent modification for the life of the loan is a good deal, or giving it a second thought. It is an approved modification after numerous denials and worry that you would lose your house to foreclosure. Haven't you spent way too much time being worried and stressed about this already? Who knows what is going to happen in 22 years, that's 22 years away and a very very long time to be worried about that now. If it were me, I would be grateful I received a modification that I didn't ever think I was going to get approved for, most won't ever even get approved for one modification let alone two modifications. And for a rate that is the lowest possible rate that one can receive, and better yet, FIXED for the life of the loan. As Evan mentioned, 22 years from now your property will most likely have more than enough equity to refinance, or sell, whichever you choose at that point.
  17. LovingOcwen

    LovingOcwen LoanSafe Member

    Cat and Evan,

    The two of you couldn't have said it no better. I took my mod and "RAN" with it, around the corner, down the black and across the street...LOL

    Happy Holidays to you all! I know this is a good holiday for me.
  18. ChrissyF1214

    ChrissyF1214 LoanSafe Member


    Thanks Evan - Happy holidays!!
  19. cantleave

    cantleave LoanSafe Member

    Just to follow up and ask a new question... I made my first trial payment on 12/27/13 and it was due on 1/1/14. I have a confirmation number, a confirmation email stating the payment was received and the website shows my last payment date correctly, however, it still says my next payment is due 1/1/14! Shouldn't it say it's due 2/1/14?? What on earth could they possibly be using my payment on 12/27/13 for? I'm nervous that if I don't make my February payment in January...they are going to say that I missed my January trial payment!!
  20. car67

    car67 LoanSafe Member

    Yea that is a glitch somewhere, for sure call Ocwen and ask why! Post and let us know!

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