Ocwen Loan Modification Help

jimi1962

LoanSafe Member
Hello,
I need help with Ocwen Mortgage Bank. I have just been denied a loan modification. My first loan mod was from Indymac bank in 2010. Loan is now owned by Ocwen since 2013. Have never missed any payments since the first modification by Indymac in 2010. May I also state that my mortgage payment also included monthly PMI (Private Mortgage Insurance).
On July 2014, Ocwen decided to increase my mortgage payment with extra $70.65/month. I am not able to afford this extra mortgage as we have only one income household.
I spoke at length with Ocwen as am not able to afford this extra payment. I was advised to apply for Loan Mod. A few days ago, I received a call from my relationship that my modification was denied due to high income and that the income earner was not a Co-owner of the loan. My spouse is the only income earner.
My questions now are can:
1. I appeal this and how do I apply for the HAMP TIER 2?
2. I also read on this board about Ocwen SAM Loan Modification. Can I get more information on this program and how to get qualified for it.
3. Should I contact NACA for help. Can NACA handle this type of situation?
4. Any other organization that might help out there?
I have missed one month of mortgage payment. Should I pay this without the extra charge as I cannot afford the extra amount added to my mortgage.
Thanks
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Hi Jimi and sorry for the late reply here.

1. You have to just keep asking and win some friends at Ocwen so you can resubmit a new application.

2. These are just internal terms that Ocwen uses and is the same for any loan modification.

3. Yes, I recommend that most people should work with a nonprofit like NACA and make sure they are proactive with NACA in the process.

4. I would say NACA is one of the best, if not the best. They do get busy and inundated with cases, but they are good at what they do.

If you pay your mortgage it will help you keep your home as opposed to going in default and risking foreclosure. But in the same breathe, it indicates to your servicer that you can still afford your mortgage. In the end, it is your call.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
My pleasure and I wish you the best of luck. Please keep us all updated on your progress.
 

Rhondaq

LoanSafe Member
New thread/question:

Good news: I was just approved for a NON-HAMP loan mod from Ocwen after making 3 trial payments.
Bad news: The new principal is almost 150% of the original principal.

I do NOT want to sign off on these terms.

What's the most efficient way to get the principal modified downward to something very close to the original principal ASAP??
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
New thread/question:

Good news: I was just approved for a NON-HAMP loan mod from Ocwen after making 3 trial payments.
Bad news: The new principal is almost 150% of the original principal.

I do NOT want to sign off on these terms.

What's the most efficient way to get the principal modified downward to something very close to the original principal ASAP??
Yes, good news but.....

How is it 50% more? How long were you delinquent and how much were you behind in payments and penalties?
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
OK, I see.....

You could deny it and ask for a better loan modification with a principle reduction or to defer that amount. But in my experience, maybe 1% of people who have obtained loan mods get a principle reduction. Hence, your odds are very low of getting what you want and you may lose the loan mod offer you have now in the process.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Most likely pay them $240K.
 
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