Notice of servicing transfer to Ocwen loan servicing

#41
Kimberly, thanx for being so positive. :smile1:You're right Sminu Minu about disregarding the financial package. I spoke with my RM today and he only wanted another updated paystub. I only gave 1 last time because I barely went back to work. I actually stayed up all night to finish the HAMP application like it was my homework assignment due the next morning only to not need it.
My next appointment is 4/24/13 so update u all then.
Juana, I am kinda in the same boat with the high income and debt, mortage a little different though. Anyway, I have appt on the 24th as well, been trying for in house, but they saying I am still under review.. When I spoke with the last they kept telling me if my income changes to submit another hamp, but I dont think that will happen, I just wish that they will tell me something positive, so me and my family can move on. I hope it works out for you..
 

juana

LoanSafe Member
#42
Just got new email again. This time it ask me for recent bank statements. But I will just wait until my interview with my RM though before doing anything. I just wish they ask for these all at once instead of every 2 weeks asking for something new. I will also be 3 months late on the mortgage this coming week. I was thinking of making one mortgage payment or paying off some credit card balance so my bank account shows less money. I have 6k in one and 5k in other but thats because i just got my tax refund money and I havent been paying my student loans payment or my medical bills. I dont know if this is considered too much money.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
#43
Our loan was transferred from Homeward as well. We were approved for an In-house modification. We signed our papers and returned them back in February. Or first payment was due April 1. I had an appointment call today with Ocwen and they are saying that we need to make a down payment, and that are mod is a trial basis only. That is not stated anywhere in the loan mod paperwork that we signed. Any suggestions on who I can talk with? I don't feel comfortable making our payment till we get clarification. I can't make a down payment plus make another payment for April.
Hey Frazzled,

Are you sure you have to make a down payment prior to entering the trial period, or are they just requesting three trial period payments before a permanent modification can be offered? Keep in mind that virtually all modification will require you to go through the three month trial period prior to receiving permanent assistance. I'm not sure why they would schedule an appointment call with you on the 15th if the first trial period payment was due on the 1st of this month?.. Here try contacting the Ombudsman's office to see if they can figure out exactly what is going on with the mod..


 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
#44
Just got new email again. This time it ask me for recent bank statements. But I will just wait until my interview with my RM though before doing anything. I just wish they ask for these all at once instead of every 2 weeks asking for something new. I will also be 3 months late on the mortgage this coming week. I was thinking of making one mortgage payment or paying off some credit card balance so my bank account shows less money. I have 6k in one and 5k in other but thats because i just got my tax refund money and I havent been paying my student loans payment or my medical bills. I dont know if this is considered too much money.
Hey Juana,

No, this is not considered to much reserve funds and the banks are well aware that most people will have a few extra thousand in their account during tax time.. The general rule is that you do not want to have an excess of $25K, however, I do not see it hurting you to go ahead and pay down some of your credit card balances with the extra money you have now...
 

KimberlyS

LoanSafe Member
#45
Hey Juana,

No, this is not considered to much reserve funds and the banks are well aware that most people will have a few extra thousand in their account during tax time.. The general rule is that you do not want to have an excess of $25K, however, I do not see it hurting you to go ahead and pay down some of your credit card balances with the extra money you have now...

In addition to what Evan said, I'd consider making a mortgage payment (since you mentioned it) to avoid going 90 days past due. I'm sure you've already thought of that! :)
 

juana

LoanSafe Member
#46
Turns out my interview with RM has nothing to do with my bank statements. My prior servicer had me turned in my home owners association annual budget to prove we had insurance on the town home. For some reason Ocwen thought I was the "owner' of my HOA company and that the hoa budget was my financial statement. HAHA I was like that worksheet had figures in the millions. If i had such a company I would not be in this mess...Lame.. So back to square one. Back to being in review.

So how important is it to NOT be 90 days late. I have only a few days to make a payment but i noticed a lot of people are more than 90s day and all late fees are waived once their mod is approved.
 

KimberlyS

LoanSafe Member
#47
Turns out my interview with RM has nothing to do with my bank statements. My prior servicer had me turned in my home owners association annual budget to prove we had insurance on the town home. For some reason Ocwen thought I was the "owner' of my HOA company and that the hoa budget was my financial statement. HAHA I was like that worksheet had figures in the millions. If i had such a company I would not be in this mess...Lame.. So back to square one. Back to being in review.

So how important is it to NOT be 90 days late. I have only a few days to make a payment but i noticed a lot of people are more than 90s day and all late fees are waived once their mod is approved.
To me it's more that at 90 days they can start the foreclosure process. ( I don't know how it works everywhere or if you said what state you were in.) that's what I'd be looking at, though, if going 90 days would trigger that. It might not if you're in review for a mod. I don't know! I'd want to find that out.
 

juana

LoanSafe Member
#48
Something interesting has happened to my account.

This morning next due date was: Feb 1, 2013 amount due: $2369.00 (i pay hoa and property tax on my own)
changed to: June 1,2013 amount due: $2265.50

my old mortgage payment was $2369 + $360 (hoa) +$400(property tax)= $3129
Does $2265.50 includes hoa and tax??? $1505 + $360(hoa)+ $400(property tax)=$2265.50

otherwise its not that good of mod. update u later.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
#49
This sounds great and the payment should be including taxes and insurance as well Juana! Once your account reflects new terms it's likely you have been approved and the trial period documents should be on the way shortly!
 

juana

LoanSafe Member
#50
ocwen modification approved

I waited anxiously all day until 6pm to talk to my RM to find out that I got approved!

Here are the new terms.

Interest rate: 4% was 3.91%
mortgage payment ( tax+hoa+insurance): $2265.50 was $3100
loan forgiveness: $100,000.00
Final loan amount: $336,000 was $446000
Maturity date:9/1/35 same as old
and $1000 incentive if I keep up payments and not be late by 2014. ( I didnt pay too much attention at during this part)

I asked if there was any kind of penalty for selling the house and the RM said no. So I dont think this is a SAM. RM did not mention anything about 25% share profit.





This sounds great and the payment should be including taxes and insurance as well Juana! Once your account reflects new terms it's likely you have been approved and the trial period documents should be on the way shortly!
 
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Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
#51
I just wanted to say congrats again Juana! That is a huge reduction in your monthly payment:)
 

juana

LoanSafe Member
#53
Hi everyone,
I am back. I thought all my troubles were gone. So i am done with the 3 month trial period. My issue now is that my HOA 375 is not being paid by Ocwen. My relationship manager said that it was going to be part of my mortgage payment of 2265. Now it looks like i am responsible for paying it myself. But the HOA is supposed to be paid by Ocwen because my hoa includes my property tax. I faxed in all the paperwork in 2 weeks ago proving it. Today I just finish talking to the RM and there is still no updates. I have to wait another week. So I will let u all now what happens next.
So to others when the Relationship manager tells you that hoa fee is also include in the mortgage payment, be cautious.
 

TomEason

LoanSafe Guide
#54
juana

Hi everyone, I am back. I thought all my troubles were gone. So i am done with the 3 month trial period. My issue now is that my HOA 375 is not being paid by Ocwen. My relationship manager said that it was going to be part of my mortgage payment of 2265. Now it looks like i am responsible for paying it myself. But the HOA is supposed to be paid by Ocwen because my hoa includes my property tax. I faxed in all the paperwork in 2 weeks ago proving it. Today I just finish talking to the RM and there is still no updates. I have to wait another week. So I will let u all now what happens next. So to others when the Relationship manager tells you that hoa fee is also include in the mortgage payment, be cautious.
Thanks for your post. If I were you, I wouldn't wait a week (probably more) for an answer from your clueless RM. I'd write a letter the Ocwen's CEO, explaining the siuation, and demanding that the problem be immediately rectified.
 

juana

LoanSafe Member
#55
So got the call from OCWEN today to say that I am responsible for paying HOA fees myself. Today is the very first day they told me that it was my responsibility. So why did they not tell me this before. In fact they told me it was included in my new mortgage payment during trial period.
I am looking at my new Home Modification Agreement and it says... $1913 is monthly principal and interest payment amount and $352 escrowed payment amount for property tax.
All they have to do was tell me truth so i can budget my fiances. If hoa fees as not included in my mortgage then just say so. Dont mislead me.

Should I still contact OCWEN CEO or just let this one rest because HOA fees are normally not included in modifications anyways.????

Are hoa fees escrow into other peoples mortgage payments?