Another Ocwen Success......i Hope!:)

Dori

LoanSafe Member
#1
Hi All,
I just want to share the great news! I received a "verbal" approval today from Ocwen. Once I get the package in the mail I will confirm the terms but my RM says:
SAM modification
I'm rounding off
Original Loan- 470,000
Forgiven - 106,000 total ......35,333 every year x 3 years if loan remains current
Balance- 364,000 @ 2% for the balance of 22 year term
Balloon- 205,000 due in 22 years. blah blah blah............I will worry about that then!!!!
New Payment- $1924.84
Old payment $2225.00 @ 2 % would have started step increases 1/2015
I was 13 months behind on mortgage which was already a HAMP modification that I was approved for in 2010 which was due to start increasing 2% to 4.92%. Hamp also had a balloon payment of 259,031!
Im changing my name to .....DOUBLE BLESSED:)

I would not have had the nerves or knowledge to get approved twice without the help of this board. You guys are truly amazing!!! I pray for each and every one of you and for all of those still struggling.

DONT QUIT!!!
If you are persistent and kill them with facts about your circumstance and if you can back it up with documentation and many many calls emails faxes and whatever else you can do.... they will eventually help you.

To be honest I was approved in June for an in house mod with a $150 increase in payment and I declined the offer which was very very difficult to do but I know that my home was not worth the valuation given it so I persisted and wrote the ombudsmen and everyone else in the company that I had an email for and the re-evaluated it and today gave me something that I am very happy to accept. I am by no means suggesting anyone to do what I did because believe me it was a tough 2 months waiting to see if they would even approve anything again for me but I have been blessed and I hope the same for all of you.

I will confirm ASAP. Any questions please ask:)
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
#2
That is GREAT news Dori! Congratulations!

Your advice is similar to what I often give. Fight hard and do not quit. There is really no magic or secrets to this process. Make the calls, faxes, mail, document everything and rinse and repeat as you remain persistent.

Please keep us all posted when you finalize this.

Thanks for sharing with the community and giving others the hope they need.
 
#3
Hi All,
I just want to share the great news! I received a "verbal" approval today from Ocwen. Once I get the package in the mail I will confirm the terms but my RM says:
SAM modification
I'm rounding off
Original Loan- 470,000
Forgiven - 106,000 total ......35,333 every year x 3 years if loan remains current
Balance- 364,000 @ 2% for the balance of 22 year term
Balloon- 205,000 due in 22 years. blah blah blah............I will worry about that then!!!!
New Payment- $1924.84
Old payment $2225.00 @ 2 % would have started step increases 1/2015
I was 13 months behind on mortgage which was already a HAMP modification that I was approved for in 2010 which was due to start increasing 2% to 4.92%. Hamp also had a balloon payment of 259,031!
Im changing my name to .....DOUBLE BLESSED:)

I would not have had the nerves or knowledge to get approved twice without the help of this board. You guys are truly amazing!!! I pray for each and every one of you and for all of those still struggling.

DONT QUIT!!!
If you are persistent and kill them with facts about your circumstance and if you can back it up with documentation and many many calls emails faxes and whatever else you can do.... they will eventually help you.

To be honest I was approved in June for an in house mod with a $150 increase in payment and I declined the offer which was very very difficult to do but I know that my home was not worth the valuation given it so I persisted and wrote the ombudsmen and everyone else in the company that I had an email for and the re-evaluated it and today gave me something that I am very happy to accept. I am by no means suggesting anyone to do what I did because believe me it was a tough 2 months waiting to see if they would even approve anything again for me but I have been blessed and I hope the same for all of you.

I will confirm ASAP. Any questions please ask:)
 
#4
Hello all,
I had a HAMP mortgage since 2010, 2% for 30 years of mortgage payment of $1230 (includes escrow and ins)on our Hamp paperwork shows 30 yrs of mortgage and the 40th year we owe $19,900. I have had multiple conversations and letters, no one can explain this. We were never late with our mortgage, we were upside in the value $340,000 owed on $295,000 house. Mom & daughter own the house. Mom became very ill and we were able to refinance and do the HAMP with the same lender Ocwen, we had originally a 20\30 mortgage as we didn't have enough down. then we financed with a mortgage with HomEQ and a balloon was added. Ocwen purchased the loan and when we did the Hamp, I thought the total money owed was considered and the original amount or the appraised value is what the loan would be. It was explained originally in 30 years we would make our final payment. We noticed last year we were looking possibly to refinance for a 15 year, when this balloon payment had showed up. We had been told they were suppose to include everything ... after reading some of these emails, it sounds if Ocwen is possibly confused. the Hamp program is suppose to appraise your house at market value, if yyou were upside down, they would take the difference , see 31%of income is suppose to be forbearance amount, they were suppose to take $100,000 off the fifth year, if you paid on time blah blah and we did. 2%for thirty years ( i know some have mtg that percents go up so many years, ours doesn't) i am not sure why the $19,900 due in 40 years ( so after 30 years , 31 years-39 years we pay 0 on mtg and the 40 year we pay $19,900. i think there is a mistake, that maybe the balloon should of been included with the total amount, as the pay off figure that Ocwen they used ol included existing balloon, why would it show again.... we have called and sent letters to Ocwen... no one knows, now i have been sending all correspondence certified mail, so we have approx 6 so far and we just get peoples vm... so frustrating. i don't want to appear ungrateful.... as we are, but it doesn't make . I am not sure why or if maybe the problem was HAMP were just coming out, and our case was different as we were not late, but since all of it was handled by Ocwen and Hamp was still Ocwen, no cross checks to make sure guidelines were followed. Wrested in Pennsylvania.

also, We are always having problems with escrow, they are always collecting $2000 too much. Our escrow is $509.00 for taxes, we received Analysis 10/2018, showed we needed to increase $20 more a month s0 $529.00.

our escrow balance is $2,230. 10/1/2018
the new escow $529.00 x 12 months= $6,348.00
$529.00 x 2\12 = $1,048.00 to be kept in account at all times
school taxes $3100.00
township taxes $1541.00
house ins $916.00
--------------------------
total expenses = $5,557.00
escow begin new year $2,230.00 10\2018
=$7,396
- 5,557
=1,839 too much and they're violating federal lawn only 2\12 of escrow can be in escrow at any time

10\1 states in the analysis we have a shortage 0 however our payment is going up. this analysis states if there is abundance of 2\12 in our escrow at the end of year a check refund would be returned. We have never gotten any refund and every year this escrow is always in the positive and its really strange, our escrow abundance seems to disappear. we have someone looking into, just didn't know if anyone else is having problems. please help

thank you
Denise Donlom
 

OneHugeMess

LoanSafe Member
#5
Listen -- you already have a 2% Interest Rate. Why in the world would you want to refinance out of that into a higher one?

All you need to do is send in a higher payment (principle) and you'll get your "15" year mortgage, just like you want.


Get an Amortization Calculator out, type in your rate, and when you want to pay it off - and just make that your new payment. The extra money sent in every month will apply to principle, and you'll pay down your loan.
https://www.calculatorsoup.com/calculators/financial/mortgage-calculator.php
 

bigfrog

LoanSafe Member
#6
OneHugeMess, you are correct. But Denise-family was just looking, which lead them to see a different interpretation of their loan. The wordings on these modifications are vague with loopholes. It would have been more clear to get the lender to list the due dates and the payments.

At the time, what I remember is that they don't re-evaluate the house value, specially when they know it is underwater. They probably did in case where there were equity. In the majority of the cases, what they did were lowered the interest rate and took a chunk out as a balloon. They are in it to make money, not to give money away. If something sounds too good to be true, check it again, again, again...etc and again...
 

just_me

LoanSafe Member
#7
Denise,

Beware! Ocwen is more than confused. I'll be generous and say inept verses grossly negligent or fraudulent. Ocwen has a history of dual tracking and forced placed insurance and is apt to misinterpret things like RESPA and HAMP. You will be fine as long as you meet Ocwen's increasing escrow demands. :oops:

Yes, the excess escrow "buffer" always gets *magically absorbed* into the next analysis. It's not just you. They also like to alter starting and ending dates (making you short) to better manipulate increases to your escrow accounting and then base this on a negative starting point for the countdown to make it even more confusing (appears you owe for amounts not yet due). They are many ways to run escrows and substituting one method for another gives different results. Suddenly they are paying my insurance 2 months in advance? How convenient for YOU.

The days of "to the penny" escrow calc and paying or refunding what does not match the amount needed for taxes and insurance ... are gone.

Just because there is an allowable buffer, this does not mean it is required. Also, in some states, there is a requirement to pay interest to the borrower of funds held in escrow to be used towards obligations in escrow.

If your account is current, please request the escrow be removed. There is a process and they will likely hide it from you. Instead, I would send a letter stating your legal request to have it removed ,versus waiting for them to send you papers for it. Send it certified so you have a receipt. See what happens and go from there.

Keep all records, you may need the documentation of all their misinterpretations and/or erroneous claims, call logs and correspondence. (I bet you knew that. lol) You will receive most misinformation on phone calls. It's what they do. They will lie to get your acquiescence. Record using a cell phone app for your own personal notes. (They announce it's recorded, so yes, they have knowlege and this is legal.) Some of these mods appear to be walked back (additions/interpretations of missing terms) in such a way to take back some of the benefits that may accrue in favor of the borrower.

You are in a difficult situation where the loan rate is good but the servicer is not. I hope it works out for you. It would be nice to live life in peace versus trying to correct the bank's errors into infinity.

Hello all,
I had a HAMP mortgage since 2010, 2% for 30 years of mortgage payment of $1230 (includes escrow and ins)on our Hamp paperwork shows 30 yrs of mortgage and the 40th year we owe $19,900. I have had multiple conversations and letters, no one can explain this... after reading some of these emails, it sounds if Ocwen is possibly confused.
 

just_me

LoanSafe Member
#8
Also, for anyone paying their own Taxes and Insurance, make sure you set aside the amounts in monthly fashion so you have the full amount due when needed. I do know some HO policys will take monthly or quarterly payments versus larger annual payment. At lease when it is not in the hands of the Mortgage Servicer, they can't manipulate the monthly payments with a buffer.

With Ocwen, they do send back dated letters requesting proof of homeowners insurance as a course of conduct to replace your policy if you don't respond by their deadline. Be prepared for that. They do NOT accept proofs by phone call to update/report policy numbers.

Servicers will not remove escrow unless account is current. Do not have any recent late pays when making this request to remove.