Has anyone gotten a loan modification through Ocwen?
Alisan asked:
We have a terrible adjustable rate balloon mortgage. We are one of those people that got roped into a loan didnt know what we were doing told not to worry just to get you in the house and now here we sit 3 kids lower middle class and struggling. We just called ocwen to ask about a loan modification and the man from India said they will send us a packet to fill out. Just wanted to know if anyone has done this and what the outcome was and how long it took to happen. thanks
Loan Modification Help
We have a terrible adjustable rate balloon mortgage. We are one of those people that got roped into a loan didnt know what we were doing told not to worry just to get you in the house and now here we sit 3 kids lower middle class and struggling. We just called ocwen to ask about a loan modification and the man from India said they will send us a packet to fill out. Just wanted to know if anyone has done this and what the outcome was and how long it took to happen. thanks
Loan Modification Help
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Comments
Sorry to hear about your predicament.
Lots of news recently about loan modifications, but I don’t know anyone who has actually had it happen. I think the program is just now being put together.
I will be very interested in learning about your experience…I hope it is a good one.
I have to agree with the other poster, Ocwen is just a servicer and I only know them in the context of marketing foreclosure properties.
I hope that the loan modifications do not include excessive fees and charges that you will have to bear.
Good luck.
Ocwen can’t modify your loan. Ocwen is a servicer of loans not the mortgage holder. If you really want to modify it, find out who is funding the loan your in. Ocwen should be able to tell you that. Those are the people you need to ask. Ocwen just collects payments. They will turn the papers over to the actual loan holder. Next time get a fixed rate loan with no Balloon and no Prepay penalty and you wont run into this.