Mortgage Forum

SuzieQ

Take a look please let me know if there is something up.GlenThe full down payment of $901.91, made payable to Ocwen Loan Servicing LLC must also be received on or before May 15, 2008 via one of the methods listed below. The down payment must clearly reference loan xxxxxxx. The down payment must be in the form of certified funds.You are hereby advised, both the signed Agreement and down payment, if required, must be received on or before May 15, 2008 or the Agreement shall have no force and effect and any down payment sent to Ocwen will be returned to you. Time is of the essence and Ocwen Loan Servicing LLC will not delay, postpone or otherwise stop any collection efforts while you consider the Agreement and/or tender funds.If you have any questions or require additional information, please contact Loan Resolution Dept. directly at (877) 596-8580.Sincerely,Ocwen Loan Servicing, LLCLoan Resolution Dept.Loan Resolution ConsultantPLEASE DON’T FORGET TO:1. Make checks payable to Ocwen Loan Servicing, LLC.2. Always include your loan number with your payment.3. Send proof of insurance coverage to the Escrow Department before the Due Date via fax: 1-888-882-1816 or via e-mail: updateinsuranceinfo@ocwen.com4. Failure to send proof of insurance coverage before the Due Date will constitute acceptance of a force placed policy and agreement to pay the costs of such force placed policy.PAYMENT REMITTANCE INFORMATIONOVERNIGHT DELIVERY MONEYGRAM(Money Order & Certified Checks Only) RECEIVER CODE: 3237OCWEN LOAN SERVICING, LLC PAYABLE TO: OCWEN LOAN SERVICING LLCATTN: CASHIERING DEPARTMENT CITY: ORLANDO12650 INGENUITY DRIVE STATE: FLORIDAORLANDO, FL 32826 REFERENCE: LOAN NUMBERAGENT LOCATER: (800) 926-9400BY WUQC BANK WIRECode City: Ocwen Bank: JPMorgan Chase Bank, NAState: Florida ABA:Reference: Account Name: Ocwen Financial CorporationAttn: Loan Resolution Dept., Loan Resolution Consultant Account Number:Reference: Loan Number, Property Address, and Borrower NameEmail: Transferfunds@ocwen.com with the details of the wire.LOAN MODIFICATION AGREEMENTOcwen Loan Servicing, LLC (“Ocwen”) is offering you this loan modification Agreement (“Agreement”), dated May 12, 2008 which modifies the terms of your home loan obligations as described in detail below:A. the Mortgage, Deed of Trust, or Security Deed (the “Mortgage”), dated and recorded in the public records of Wayne County, andB. the Note, of the same date and secured by the Mortgage, which covers the real and personal property described in the Mortgage and defined therein as the “Property”, located atPursuant to our mutual agreement to modify your Note and Mortgage and in consideration of the promises, conditions, and terms set forth below, the parties agree as follows:1. You agree that the new principal balance due under your modified Note and the Mortgage will be $117,009. 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 $901.91 on or before May 15, 2008, after which you will commence payments of principal and interest in the amount of $721.31 on June 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.3. This loan will NOT be escrowed for payment of taxes or insurance. Any payments due for taxes and insurance will be your responsibility in addition to the payments of principal and interest required under the terms of this modification.4. Upon Modification, the annual rate of interest charged on the unpaid principal balance of your loan will bereduced to 6.00%. This rate will remain in effect until the maturity date of your loan.5. You will comply with all other covenants, agreements, and requirements of your Mortgage, including without limitation, the covenants and agreements to make all payments of taxes, insurance premiums, assessments, escrow items, impounds, and all other payments that you are obligated to make under the Mortgage, except as otherwise provided herein.6. You understand and agree that:(a) All the rights and remedies, stipulations, and conditions contained in your Mortgage relating to default in the making of payments under the Mortgage will also apply to default in the making of the modified payments hereunder.(b) All covenants, agreements, stipulations, and conditions in your Note and Mortgage will remain in full force and effect, except as herein modified, and none of the your obligations or liabilities under your Note and Mortgage will be diminished or released by any provisions hereof, nor will this Agreement in any way impair, diminish, or affect any of Ocwen’s rights under or remedies on your Note and Mortgage, whether such rights or remedies arise thereunder or by operation of law. Also, all rights of recourse to which Ocwen is presently entitled against any property or any other persons in any way obligated for, or liable on, your Note and Mortgage are expressly reserved by Ocwen.(c) Any expenses incurred in connection with the servicing of your loan, but not yet charged to your account as of the date of this Agreement, may be charged to your account after the date of this Agreement.(d) You have no right of set-off or counterclaim, or any defense to the obligations of your Note or Mortgage.(e) Nothing in this Agreement will be understood or construed to be a satisfaction or release in whole or in part of your Note and Mortgage.(f) You agree to make and execute such other documents or papers as may be necessary or required to effectuate the terms and conditions of this Agreement which, if approved and accepted by Ocwen, will bind and inure to your heirs, executors, administrators, and assigns.(g) You understand that this agreement is legally binding and that it affects your rights. You confirm that you have had the opportunity to obtain, independent legal counsel concerning this Agreement and are signing this Agreement voluntarily and with full understanding of its contents and meaning.7. BY EXECUTING THIS MODIFICATION, YOU FOREVER IRREVOCABLY WAIVE AND RELINQUISH ANY CLAIMS, ACTIONS OR CAUSES OF ACTION, STATUTE OF LIMITATIONS OR OTHER DEFENSES, COUNTERCLAIMS OR SETOFFS OF ANY KIND WHICH EXIST AS OF THE DATE OF THIS MODIFICATION, WHETHER KNOWN OR UNKNOWN, WHICH YOU MAY NOW OR HEREAFTER ASSERT IN CONNECTION WITH THE MAKING, CLOSING, ADMINISTRATION, COLLECTION OR THE ENFORCEMENT BY OCWEN OF THE LOAN DOCUMENTS, THIS MODIFICATION OR ANY OTHER RELATED AGREEMENTS.8. BY EXECUTING THIS MODIFICATION, YOU IRREVOCABLY WAIVE ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS MODIFICATION AND ANY RELATED AGREEMENTS OR DOCUMENTS OR TRANSACTIONS CONTEMPLATED IN THIS MODIFICATION.___________________________________ __________________________________Ocwen Loan Servicing, LLCBy: ______________________________ __________________________________Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reply With Quote