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OCWEN Trial period plan under H A M P

Discussion in 'Loan Modification' started by Tryan, Jan 21, 2011.

  1. Tryan

    Tryan LoanSafe Member

    We got our trial period payment plan in the mail today and it is $600.00 lower then the present mortgage payment. First payment is due 2/1/11 and then for the nest two months. It says pyments must be in a timely manner. I take that as being the first of the next three months. Shouldn't be a problem, wife does all the banking electonicaly. We never missed a payment or was never late. Of course the payment is based on 31%. We pay our own property taxes and insurance and I was wondering if I have to open a escrow acconut with ocwen, Also they said that "as long as your modified loan remains in good standing, we will forgive $44,000 of principal balance of your loan each year on the anniversay of your first trial period payment date for three years." You lose it if you if your loan loses good standing. Once agian we are not in foreclosure or behind in our mortgage payments. Was just hoping ocwen would lower our payments. Any advice would be appreciated. Thnaks.
  2. Erik Sandstrom

    Erik Sandstrom Mortgage Expert - Call 1-800-779-4547

    WOW! They're going to forgive $44,000.00 EACH YEAR!?!?!?! Sounds like theyre already participating in the PRA program. That's an amazing result if that is the case. And ofcourse if the modification is 31% of the gross income.

    I would take that in a heartbeat if I were you. Amazing you were able to modify the loan while being current.

    You shouldnt have to open an escrow account with Ocwen, they will do it for you. Once the modification has been solidified the Escrow account will be opened and you will now be paying the taxes & insurance included in the mortgage payment each month.

    Great job, congratulations! As you see many of the members here are having a difficult time even getting as far as you have.
  3. Tryan

    Tryan LoanSafe Member

    Yea i read about the hard times people are having and I feel that they getting the shaft from some of these mortgage companies. People want to stay in their homes, but the greedy companies would rather have a empty house then getting some form of payment. We fought with ocwen for at least six months. They kept saying they didn't have all the paper work, but that was BS, so the wife sent in what they wanted time and time again. More phone calls and at time some nasty emails, but they finally got the message. We actually talked to a woman in this country who helped us the last couple of months. If anyone wants it I can get her name email address and hopefully she can help them like she did us.
  4. RHiguita06

    RHiguita06 LoanSafe Member

    Frustrated with Ocwen

    Tryan, may you please share the name of the lady who helped you? In March of 2010 Ocwen offered me a Loan Modification; I kept calling to ask why my account did not update with the modification terms and the kept saying it would take two billing cycles to update. It never did. I believed for months that my loan had been modified and now Ocwen wants me to pay $9,500 by 2/27/2011. I do not know what to do now. Thanks for any suggestions.
  5. Tryan

    Tryan LoanSafe Member

    Her name was Rebeca Gonzalez. Where you behind in your payments when you went thru your loan modification? We just made our first trial payment today for February. They already started taking escrow money out.
  6. RHiguita06

    RHiguita06 LoanSafe Member

    I was behind a couple of months. Would you have a direct number or email address for Ms. Gonzalez? I am glad to hear that Ocwen worked with you. Thank you.
  7. oceanbabe87

    oceanbabe87 LoanSafe Member

    Ocwen HAMP question

    What an amazing modification offer from Ocwen. We have applied 3 different times for the HAMP and were denied due to being "current" on our payments and our income reveals we can afford the payments. At the minimum, we would like a loan that is PI, currently it is an interest only. We were very persistent with the followup and insuring they had all the paperwork, until we received our 3rd denial....When you applied for the HAMP were you currrent on payments? Did you have major hardships, loss of job, etc? I know that's quite personal, so if you prefer not to disclose, no problem. anything you think that may be helpful would be appreciated. We are considering applying once again, just wondering if it's worth another attempt.
  8. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    oceanbabe- if you are current, and have a fannie mae or freddie mac loan, there are non qualifying refis available.

    View attachment 606 This is from fannie mae but freddie offers basically the same-
  9. oceanbabe87

    oceanbabe87 LoanSafe Member

    Menace, we are neither Freddie or Fannie. We are in a subprime loan and just want to get a conventional 30 yr. fixed. If we are current, unable to refinance due to debt are there any other options?
  10. Tryan

    Tryan LoanSafe Member

    Oceanbabe; In response to your questions, NO we were never late or behind in our mgt payments. Have a 30 year fixed, but the intreset is a bit over 8% so that is why we applied for the mod. We also got turned down sveral times because we were making to much money, but the the wife lost her job and went on unemployment. We had several credit cards we paid off and re-submitted our application this time with the wifes unemployment amonut. We then got a call from ocwen asking various questions that were answered honestly and a few weeks later when I wnet to their website they said we had been approved for the trial payments which we made on the 1st of Feb. and will continue to make on the first for the next two months and I am not foreseeing any trouble. We were paying our own taxes and insurance, but they decided that we should put money into escrow which I take as a good sign. We then got another call from ocwen, florida, letting us know that if we pay on time for the next three years our principal will go down 44k per year for 3 years starting with the first year. My wife was a pitbull with them when we first started our mod application. Several times they said they didn't get all the info, but I think all the lenders say that to piss ppl off and next thing they get frustrated and quit sending in the info. Keep at them, don't miss any payments and if you get a trial period pay on time, don't miss like some ppl do. good luck.
    1 person likes this.
  11. Erik Sandstrom

    Erik Sandstrom Mortgage Expert - Call 1-800-779-4547

    Great advice Tryan to Oceanbabe - specific lenders seem to be more proactive on some files. Maybe Ocwen is one of the lenders that is more proactive about modifying loans that are current. But maybe you need a fierce pitbull on your side like Tryan's wife! Haha. Then again we have a 50/50 shot in the dark here so far, one person modified when being current, the other getting denied due to being current! This is why you really need to stand out when applying for a loan modification. That's always why I recommend the REST Report - you really do stand out. Instead of submitting information about yourself like every other person applying for a loan modification this month, you're submitting information about the investor of the loan and whether or not they will be coming out ahead by modifying or foreclosing. Not only that but it does the job for the banks that the negotiators are afraid to complete. If they make a bad decision they could end up being sued by the investor!

    Since your current Oceanbabe, you might want to look more into the REST Report before going delinquent. At least you will know if you qualify rather than missing your payments and THEN finding out you dont qualify.
  12. Tryan

    Tryan LoanSafe Member

    We got our paper work and already sent it back to ocwen who received it thursday. Only one more month to pay in our trial and it should be over. paper work has our new payment with escrow at 1407 from 2037 w/o escrow. they kicked 144k off principal, but kept intrest at the original 8%. We had a 250k balloon at the end of the 30, but that has been done with. Now we have only 24 years left on mtg. keep after them and never give up. Good luck to all.
  13. bboram

    bboram LoanSafe Member

    I also just received our OCWEN unsolicited Trial Period Mod. Plan today, had an original Countrywide/BofA loan, transfered last fall to OCWEN... BofA's Recon trust kept filing foreclosure notices and scheduled trustee sales for the past 4 1/2 yrs always cancelling at the last moment. Due to permanent disability, and inability to work for the past 5 yrs, we have not made a pmt in 4 1/2 yrs! BK 7 discharged in January 2012.. Now OCWEN offers us a principal reduction of $188,000 and a 2% int rate fixed for 5 yrs, with an annual max cap after 5 yrs of 1%/yr. Unbelievable.
  14. kellygirl79

    kellygirl79 LoanSafe Member

    Wow, I guess there is hope for me too then! I have Ocwen and have been fighting with them back and forth for 17 months. I am very happy to see your post today, the knot in my stomach has dissappeared for a few moments anyway.....:suspicious:

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