Jan
Perry,#2Consumer Suggestion
Fri, September 05, 2003
I am in the process of getting my mortgage eliminated. Not refinancing, total elimination! Thankfully my mortgage was with Counrtywide, not Ocwen. I found out about it through a friend of mine, who actually went through the process of eliminating their mortgage with this company. To understand how and why it can work, you need a brief history lesson. It works equally well whether you have an actual mortgage or a deed of trust. The difference is that a mortgage has to go through a judicial process, whereas a deed of trust is non-judicial. It is quite a lengthy conversation, and too long to go into detail here. There is a website where you can read about the process, see the research behind it, and judge for yourself if you think it may be right for you. The website is: www.cheerfulenterprises.com You can also call a toll free number and listen to a brief 3 minute overview of the process, leave a message after the recording, and someone will call you back immediately to give you more detail. The toll free number is: 800-318-9787 ext.2086 In short, the company that handles the proprietary administrative process, pays the servicer of your mortgage off using a security instrument/bond payable at the U.S. Treasury. Everyone gets paid, and you get back the deed to your home. The cost is $1995.00 up front to cover all the administrative paperwork and labor. Then, only upon successful completion of the elimination of the debt, you pay the company 15% of the total amount they eliminated for you. They have a 100 % success rate so far. They are a relatively new company. They only commercialized this program making it available to the public in Feb, or March of this year. They succesfully eliminated dozens of mortgages on test cases prior to commercializing. The process takes anywhere from 2-6 months to complete on average. So far I believe they have successfully eliminated 20 mortgages since launching. My property should be mortgage free by the end of October. I wish you luck, and I hope this information can help you too.
Michelle
Clermont,#3Author of original report
Tue, August 26, 2003
Thank you both for your suggestions. We've only lived in our home for two months, are we still able to refinance after such a short period of time? Also, in regards to forclosure, a lot of the reports I have read include those from people that have proof of their on time payments at the time of their forclosure proceedings. Does Ocwen not need to go before a court in order to just take someone's home with no grounds to do so? YOu'd think that the owners of the home would have the right to prove their case.
Jacqueline
Hammond,#4Consumer Suggestion
Sun, August 24, 2003
Don't let them tell you any different. No matter what aggreement was made, you can always refinance. Ditech as Robert stated is a good option, and mortgage rates are still low right now. In the near future, this might change. I also wanted to add, making an early payment, might not help your situation. Ocwen has been allegedly known to hold payments, intentionally to collect a profit from overdraft fees. Their book keeping is disorganized, and has been this way for decades. I have to say this is all alleged for legal reasons, but please seriously consider what is mentioned. I've read articles on them, where they would repeatedly hold early payments. This was all a part of Court cases, where houses have gone into forclosure. There have been Class Action lawsuits filed in different parts of the country over several years. Refinancing might seem like a hassle, but it's worth it. You'll end up with less grief. Legally they have to honor your original commitment, but they will find a way to work around anything. Legal advice at this point might be premature, but it couldn't hurt for peace of mind. Get away from them while you have the chance. Hope everything works out. Get back to us if this turns out differently.
Jacqueline
Hammond,#5Consumer Suggestion
Sun, August 24, 2003
Don't let them tell you any different. No matter what aggreement was made, you can always refinance. Ditech as Robert stated is a good option, and mortgage rates are still low right now. In the near future, this might change. I also wanted to add, making an early payment, might not help your situation. Ocwen has been allegedly known to hold payments, intentionally to collect a profit from overdraft fees. Their book keeping is disorganized, and has been this way for decades. I have to say this is all alleged for legal reasons, but please seriously consider what is mentioned. I've read articles on them, where they would repeatedly hold early payments. This was all a part of Court cases, where houses have gone into forclosure. There have been Class Action lawsuits filed in different parts of the country over several years. Refinancing might seem like a hassle, but it's worth it. You'll end up with less grief. Legally they have to honor your original commitment, but they will find a way to work around anything. Legal advice at this point might be premature, but it couldn't hurt for peace of mind. Get away from them while you have the chance. Hope everything works out. Get back to us if this turns out differently.
Jacqueline
Hammond,#6Consumer Suggestion
Sun, August 24, 2003
Don't let them tell you any different. No matter what aggreement was made, you can always refinance. Ditech as Robert stated is a good option, and mortgage rates are still low right now. In the near future, this might change. I also wanted to add, making an early payment, might not help your situation. Ocwen has been allegedly known to hold payments, intentionally to collect a profit from overdraft fees. Their book keeping is disorganized, and has been this way for decades. I have to say this is all alleged for legal reasons, but please seriously consider what is mentioned. I've read articles on them, where they would repeatedly hold early payments. This was all a part of Court cases, where houses have gone into forclosure. There have been Class Action lawsuits filed in different parts of the country over several years. Refinancing might seem like a hassle, but it's worth it. You'll end up with less grief. Legally they have to honor your original commitment, but they will find a way to work around anything. Legal advice at this point might be premature, but it couldn't hurt for peace of mind. Get away from them while you have the chance. Hope everything works out. Get back to us if this turns out differently.
Jacqueline
Hammond,#7Consumer Suggestion
Sun, August 24, 2003
Don't let them tell you any different. No matter what aggreement was made, you can always refinance. Ditech as Robert stated is a good option, and mortgage rates are still low right now. In the near future, this might change. I also wanted to add, making an early payment, might not help your situation. Ocwen has been allegedly known to hold payments, intentionally to collect a profit from overdraft fees. Their book keeping is disorganized, and has been this way for decades. I have to say this is all alleged for legal reasons, but please seriously consider what is mentioned. I've read articles on them, where they would repeatedly hold early payments. This was all a part of Court cases, where houses have gone into forclosure. There have been Class Action lawsuits filed in different parts of the country over several years. Refinancing might seem like a hassle, but it's worth it. You'll end up with less grief. Legally they have to honor your original commitment, but they will find a way to work around anything. Legal advice at this point might be premature, but it couldn't hurt for peace of mind. Get away from them while you have the chance. Hope everything works out. Get back to us if this turns out differently.
Robert
Dale City,#8Consumer Comment
Thu, August 21, 2003
Michelle, In case you haven't noticed, this is a FANTASTIC website. One you can depend on for up to date and honest information. You might also want to think about refinancing your mortgage with a reputeable company like Di-Tech or one of the others. You won't have a bit of problem from Di-Tech as they are honest about everything from day one. I've yet to find a complaint about them. And anytime you're talking to a firm like this or any other suspect telemarketer, try asking them for their permission to record the call! You may or may not be recording the call, but the caller won't know that. If you don't have an attorney, lok in the Yellow Pages and find one and go in for your free consultation. Most will give at least a half hour free consultation. Relax a little. But take steps to protect yourself!This companies rep speaks for itself!
Robert
Dale City,#9Consumer Comment
Thu, August 21, 2003
Michelle, In case you haven't noticed, this is a FANTASTIC website. One you can depend on for up to date and honest information. You might also want to think about refinancing your mortgage with a reputeable company like Di-Tech or one of the others. You won't have a bit of problem from Di-Tech as they are honest about everything from day one. I've yet to find a complaint about them. And anytime you're talking to a firm like this or any other suspect telemarketer, try asking them for their permission to record the call! You may or may not be recording the call, but the caller won't know that. If you don't have an attorney, lok in the Yellow Pages and find one and go in for your free consultation. Most will give at least a half hour free consultation. Relax a little. But take steps to protect yourself!This companies rep speaks for itself!
Robert
Dale City,#10Consumer Comment
Thu, August 21, 2003
Michelle, In case you haven't noticed, this is a FANTASTIC website. One you can depend on for up to date and honest information. You might also want to think about refinancing your mortgage with a reputeable company like Di-Tech or one of the others. You won't have a bit of problem from Di-Tech as they are honest about everything from day one. I've yet to find a complaint about them. And anytime you're talking to a firm like this or any other suspect telemarketer, try asking them for their permission to record the call! You may or may not be recording the call, but the caller won't know that. If you don't have an attorney, lok in the Yellow Pages and find one and go in for your free consultation. Most will give at least a half hour free consultation. Relax a little. But take steps to protect yourself!This companies rep speaks for itself!
Robert
Dale City,#11Consumer Comment
Thu, August 21, 2003
Michelle, In case you haven't noticed, this is a FANTASTIC website. One you can depend on for up to date and honest information. You might also want to think about refinancing your mortgage with a reputeable company like Di-Tech or one of the others. You won't have a bit of problem from Di-Tech as they are honest about everything from day one. I've yet to find a complaint about them. And anytime you're talking to a firm like this or any other suspect telemarketer, try asking them for their permission to record the call! You may or may not be recording the call, but the caller won't know that. If you don't have an attorney, lok in the Yellow Pages and find one and go in for your free consultation. Most will give at least a half hour free consultation. Relax a little. But take steps to protect yourself!This companies rep speaks for itself!