"The City Council wants to make mortgage negotiation in the city …
Here is a new Post at "The City Council wants to make mortgage negotiation in the city ….
“The City Council wants to make mortgage negotiation in the city much different than it is anywhere else, giving mortgage holders the power to retain home ownership for an entire year despite defaulting on a loan, instead of just two …
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Mortgage Negotiation with OCWEN?
I too have a mortgage with Ocwen and needed a modification last year. It was a very long and difficult process and in the end the terms were okay, but required a large down payment to put the plan into effect. The first step is to complete the requested information on their website, www.ocwen.com and select the Financial Difficulty link. This is the first step in the process and they won't deal with you until you submit this.
The first bit of advice I have is to not deal with their general customer service department located in India. You'll get nowhere and will become frustrated wasting your time. The loan modification department is based at their corporate office in Orlando, FL. The numbers I have in my file for them are: phone (877) 226-2936 and fax (407) 737-5693. I also have an email address of lrcplan@ocwen.com. If you fax anything, make sure your loan number is noted on every document.
After submitting your information on the website, I would suggest waiting two to three days then contact them at the number listed. Be prepared, I spent over two hours on hold and then finally somebody picked up. In today's environment I imagine it will be much longer. Also, the staff in Orlando is only there weekdays during standard business hours. They advertise that they're open 24 hours a day, but you'll get India after 5:00 PM EST. When I did get a rep on the phone, he went through everything I submitted, then plugged info into the computer and came back with the offer on the phone, which you have to make a decision on the spot. They don't extend the offer past the phone call.
If you do accept the offer, expect a deposit equal to two months of your current mortgage payment, payable within seven to ten days of your phone call. They will email you documents within two to three days that you will be required to sign and fax back. Then you will be required to wire your deposit to Ocwen within 48 hours of receipt of the documents. The terms of my deal were fair, with 3.95% interest for three years.
So, to summarize, the first step is to complete the info on the website. Second, call their loan modification dept in Orlando only. Don't waste your time with India. Third, be prepared to act quickly and provide the documentation and deposit in a fairly short amount of time after the modification proposal is made.
Good luck and I hope this has been helpful.
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Here is a news article on related topic:-
Top 10 tips to help you find a mortgage
By Ross Chainey LONDON (Reuters) - Mortgage lending is down 52 percent compared to January 2008, but that does not mean you can't still find a good deal. …
