Mortgage Forum

Mike

I am in this exact same situation receiving the same letter as nickrob posted. Never had a problem with Ocwen and always paid on time. The rate was to adjust this month and my modification went from 7.5 down to 6% after a "Down Payment" of 1 month of what my new rate would have been (8.5%).

But I have some basic questions someone can maybe help with since it is not easy getting to someone at Ocwen. Do all payments have to be by Moneygram, Overnight Delivery or Bank Wire like this down payment has to be? Is there still a grace period? I have never ever been late on a payment, but I am worried about late fees or something for sending it in on the 3rd or 4th of the month.

I guess everyones worry here is what is Ocwen going to do to blow this up in our faces. When will fee's come crawling in? What obstacles will arise when I want to refinance somwhere else in a year or two, am I locking myself into them and have to pay heavily to get out? I can go refinance right now with someone else before signing this, but I don't want to pay thousands of dollars in closing costs.

Talking to the Ocwen people on a phone with thick accents and being in transfer hell just doesn't make me comfortable. Is this just a deal with the devil - Looks good now but it will be a nightmare later?