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Ocwen reduced $227k from my principa????

Discussion in 'Loan Modification' started by LOLA28, Aug 18, 2012.

  1. LOLA28

    LOLA28 LoanSafe Member

    Hello all i just recvd a fedex from ocwen my loan was with BOA and they denied my loan mod 4 times then my loan was transferred to ocwen and within 2 wks of the loan being transferred they sent me the approval they reduced my principal by $227K can this be true or what i dont know i'm still in shocked.
    my old principal was $382k
    new$155k
    old payment $1781
    new payment $1098 it doesnt say if escrow is included could this be 2 good to be true
    Last edited: Aug 18, 2012
  2. Cat Damiano

    Cat Damiano Mortgage Wars


    Was this an Ocwen SAM modification? What type of modification does it list in the documents you received?
  3. LOLA28

    LOLA28 LoanSafe Member

    it just said for a new modification program that includes significant principal reduction.
  4. Evan Bedard

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

    Contact Ocwen right away to ensure this offer is legitimate. They are the only servicer I have really seen ever offer a principle reduction under their own modification programs. If they do confirm the offer you received is from them, congrats that's amazing news!
  5. Cat Damiano

    Cat Damiano Mortgage Wars

    I am surprised that it doesn't state more about the program, but you should contact Ocwen to take advantage of this if it was generated by them.
  6. cryforhelp

    cryforhelp LoanSafe Member

    I'm curious, why were you denied 4 times from BOA? Did you not meet the 31% gross income for mortgage? We've been denied many times from BOA because they say we make too much $$$.
  7. Evan Bedard

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

    Since the HAMP guidelines were updated in June the program no longer requires your mortgage payment to exceed 31 percent of your gross monthly income.
  8. cryforhelp

    cryforhelp LoanSafe Member

    Really??? They keep telling us we don't qualify because we can afford to pay our mortgage. Where can I get more info on this?

    Thank you!!!
  9. Cat Damiano

    Cat Damiano Mortgage Wars


    To qualify for HAMP, Tier 1, verified income documentation must confirm that the borrower’s monthly mortgage payment ratio prior to the modification is greater than 31 percent. For HAMP Tier 1, the monthly mortgage payment ratio is the ratio of the borrower’s current monthly mortgage payment to the monthly gross income of all borrowers on the mortgage note, whether or not those borrowers reside in the property.

    If the borrower’s monthly mortgage payment ratio is less than 31 percent, the borrower is not eligible for HAMP Tier 1 and the servicer must consider the borrower for HAMP Tier 2.

    In the case of HAMP Tier 2, the borrower’s post-modification monthly mortgage payment ratio (also called a debt-to-income ratio or DTI ratio) must be greater than or equal to 25 percent and less than or equal to 42 percent (Acceptable DTI Range). In HAMP Tier 2, the DTI ratio is the ratio of the borrower’s modified monthly mortgage payment to the monthly gross income of all borrowers on the mortgage note. If the borrower is seeking to modify a mortgage secured by a rental property, the DTI ratio is the ratio of the borrower’s total housing expense to the monthly gross income of all borrowers on the mortgage note including any net rental income from the rental property being modified.

    If a borrower being considered for HAMP Tier 2 has a modified DTI ratio that is outside the Acceptable DTI Range, the borrower is not eligible for HAMP and the servicer must send the borrower a Non-Approval Notice, and consider the borrower for alternative loss mitigation options.

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