Mortgage Forum

Mike

Hi- I am new here, but I am not new to the loan modification experience with Ocwen. I was seriously behind, and Ocwen offered me a great deal. It literally fell from heaven, the date of the modification offer was December 26,2007,one day after Christmas! Well,OK, long story short, I have done everything to the "T",satisfied all the requirements of the stipulation period, which by the way ended a month and a half ago. Now, we are into May, and I have made the May payment, but my account still hasn't adjusted, and I STILL have not recieved the "official" loan modification documents. And when I call Ocwen, the foreign sounding individuals, who by the way are always so polite, don't have a clue, all they say is Ocwen is dealing with a "backlog", and they tell me to be "patient", and wait a "week or two". My payments would have been $1,800 plus if the ARM kicked. We escrowed our own before, but now Ocwen demanded they do that for us. With the escrow figured in, the payment is $1,147! And the intereset rate will be lowered to 6%, but best of all they knocked off $35,000 off the principal balance! So yes, it is a very good deal, but Ocwen is very frustrating to deal with. But, I have a payment I can live with,now.(I am presently making half what I was making when I took out the loan. I was in home building.) We can breathe now, and we are surviving, and I thank God, and yes, I thank Ocwen too. Now if they would seal the deal!