Ocwen LLC Ocwen loan modification: is it for real? Internet
I have been dealing with Ocwen loan modification since April 2009. Several times I was sent registered letters saying documents were missing. Like many other poor souls trying keep their homes in hard times I continued to fax them everything I had plus calling once a week to inquire as to my status. On 12/22/09 I simultaneously received an exxpress mail document AND a phone call ( this had NEVER happened) from someone in India or Pakistan telling me that after 7 months of "processing" they had determined I did not qualify for the President's modification program. She then offered to work out an in-company modification. The letter offered to reduce our payment from $1495 to $982 and lower interest. After crunching her numbers the phone rep came up with $748 and lower interest from 7+% to 5+%. I absolutely have to sign and return documents to this affect by 12/31/09. I was told documents would be emailed to me but so far only a form letter not relating to our conversation has shown up. I have just been reading horror stories from other Ocwen customers and now I am scared to death. I was so happy at the possibility of receiving a payment we could afford. I do not know how to proceed. Tonight I went to check my account online and found all Ocwen related web sites were temporarily unavailable. Ahhhhhhhhhh! Has ANYONE resolved their mortgage issues satisfactoryily?
1 Updates & Rebuttals
codyheather
chowchilla,California,
United States of America
Ocwen Modification
#2Consumer Suggestion
Sat, January 16, 2010
I have incountered a similar frustration as you. However, I have been one of the lucky few who have prevailed at obtaining an awesome modification from Ocwen. They did the same run around with me for the better part of a year. Missing income docs., statements, etc. It got so bad with Ocwen that I finally went to the extreme of filing a Complaint against them in Federal Court (Ocwen v. Carter). Feel free to look that up in the Federal Court PACER website if you would like additional information. As soon as I threatened, and eventually followed through with my litigation threats against them, they pulled out this miraculous modification for us. They have modified our loan to a 2% interest for life of loan along with waiving almost $80k from the prinicpal of the loan. There is a 3 month trial period for the modification and then after that it is fixed to these new terms for the life of the loan. Some suggestions when dealing with this nightmare company:
1-Call daily and always document your telephone calls either by recording or by taking accurate notes. always document who you talk with, time and date of call, and context of call.
2-make sure everything they promise is obtained in writing. A MUST WITH THIS COMPANY.
3- chances are if your loan is with Ocwen it is a crap loan and probably filled with TILA violations. You may have grounds to sue them in Federal Court. Take advantage of this opportunity and go talk to a Real Estate Attorney or one that specializes in this type of legal field. If you need to, sue them in court. This gets their attention. You must take drastic measures with this company. they dont do anything out of the goodness of their heart and they will not mess around when it comes to foreclosing on your home.
4-Deal directly with either the legal department or the Loss Mitigation Department. Dont waste your time dealing with the reps from India.
5-If they settle on a modification for you make sure you document all moneys sent to them and save any recipets or statments if sending payments via money gram.....They are notorious for claiming late fees on payments that were recieved on time and they are really a joke when it comes to updating account records. FRAUD FRAUD FRAUD!!!!!
Hope this helps. Good luck and God Bless!