Ocwen LLC Ripoff West Palm Beach, Florida
One year ago, I called Ocwen LLC, to obtain a reduction in principal on my underwater mortgage.
I saw this http://www.palmbeachpost.com/money/real-estate/west-palm-beach-firm-rolls-out-a-new-1710729.html. I called Ocwen, asked about the program and I was told it did not exist.
I consulted an Attorney who informed me about MERS and how we must not allow this to happen
It is better to reduce the loans to current market value for all homeowners. I was told that they are not working with us because they get paid insurance money on the higher amount and then keep the monies from the auctions. This does not help us in any way.
I have submitted 2 modification packages with NO results.
Court said pay $50,000.00 Bond. I did not have $50,000.00 to put up. Is this the usual amount of a bond? I was told maybe $5000.00 but not $50.
The sale date is scheduled for May 3, 2012. What can I do to keep my home?
2 Updates & Rebuttals
sue
California,USA
Thank you
#3Author of original report
Thu, March 29, 2012
I was not aware of the taxes that must be paid. Thank you for the info. If the tax amount is not shockingly high I am sure that I could pay them. I read about the program on Moody's Analysis.
Memo # 11055 is on The Secretary of State's website. This sounds good to help underwater mortgages. How do I apply for it?
How does the Keep Your Home California Work?
Thank you
voiceofreason
North Carolina,United States of America
Heaven forbid - someone who might have me defending ACH-wen!
#3Consumer Comment
Wed, March 28, 2012
Your report states you felt entitled not just to a modification, but to a principal reduction.
Modifications are not for reducing the principal. If anything they almost always end up increasing it.
They are intended to reduce the MONTHLY payment, and that is usually by reducing the interest rate, OR extending the life of the loan from 30 years to whatever it takes to make it affordable.
On top of that, accrued late fees and interest piled up from prior missed payments are usually factored in and bundled into the modified loan going forward.
Were you to actually get the principal reduced, the amount taken off would be TAXABLE income to you.
I don't know what you expected, or filed for, but I seriously doubt you were filing to get the principal chopped. Are you in a position to pay federal and state income tax on such a reduction, were it even possible?