Mortgage Forum

Mike

My wife and I have battled with Ocwen for the past 5 months concerning our mortgage. Our loan was illegally adjusted to a higher rate, without notification of any kind. WE were told that HSBC (the previos lender) had raised the rate in agreement with the loan documentation. In protest, we didn't pay the entire amount when we were billed. I'm getting ahead of myself, we were billed for 3 months the rate we were supposed to be at. And the n in Nov. 2007 they adjusted in mid month (we have statement for the month- they claim it is in error). We did not pay the extra and spoke with Francis (a floor manager there who said he would waive the excess and late fee) We still disputed the extra rate claims, while paying our mortgage as the terms of our loan stipulated. They researched the loan (15 days of uselessness) and sent us a report stating that the loan was adjusted under previous lender HSBC. In 5 months of phone conversations, we asked for the letter that they must have had since they bought the loan and proof of the loan adjusted. I got very heated with them on every occasion that we spoke. They finally screwed with me for the last time in lat Feb of this year. We were told in late January because we paid what was considered most of the balance of what they felt we owed them that they would NOT report us as being late. We were in the process of doing a refinance with someone when we found out that we had the months of January and February as reported late. I blew my top and screamed at them on the phone for approx. 3 hrs. I told them that by the time I hung up the phone, we would have this mess cleaned up and they would have us current and the late payments would be removed from our credit record. In the end we accepted paying their stupid, late fees, extra money for the adjustment and some certified mail fees (approx $266 since we started paying extra for Jan and FEb)They agreed to remove the lates from our credit report and recently mailed us a report stating the same. I paid there blood money but got to a point where I could get out from under them. They at the same time recommended me to loan modification. I went through there screeners stated how much I made, expenses the works, kind of in jest since I really didn't want to deal with these mothers anymore. They cam up with a mod that didn't seem bad at all (payments at 839.56 when they were at approx $1200 with the new adjustment) (also fixed rate at 7.5% when it was at 10.2 something). One thing didn't seem to be right. I owe about 139,000 on my house and it states (I'll cut and paste from there email): 1. You agree that the new principal balance due under your modified Note and the Mortgage will be $115,703.00. Upon modification, your Note will become contractually current; however fees and charges that were not included in this principal balance will be your responsibility. 2. You promise to make an initial down payment in the amount of $1,302.97 on or before March 15, 2008, after which you will commence payments of principal and interest in the amount of $839.56 on April 1, 2008 and continuing on the 1st day of each succeeding month until all amounts owed under the Note and Modification are paid in full. So, what does anybody think of this. My wife and I our thinking about hiring an attorney to document and certify this as a good agreement. What happened to the $23,000 extra. I'm all for this agreement, of course barring the BS of not suing them and giving up all rights and claims to do so. I'm actually thinking of doing it if it is legit and then refinance a month or 2 later. Help me with what I can expect from them. I can provide all documentation for my loan, correspondance and otherwise. Thanks Nick