Mortgage Forum

Mike

I bought my house in October 2006 for $118,500. It was a two year arm 8.39% set to adjust in 10/08. The value has since dropped to $100,000. Needless to say unable to refinance. I contacted Ocwen and stated that I will more than likely be unable to make the reset rate payment in October. They just contacted me back and said that they will lower my rate to 6% fixed until 2036 and my payment will lower from $901 to $721. They said they will send over the paperwork next week. Has anyone heard of these guys making such big concessions? I was just hoping they would leave my rate at 8.39 but they lowered it that much. Any comments? Glen