Ocwen bought out my mortgage a few months ago. Due to a medical emergency, I fell behind in my payments by 2 months. Ocwen has already started legal proceedings against me.
One week ago, I was told I must either a) pay off the amount immediately or make a commitment to pay the owed amount by July. (The Forbarence Agreement) Intial payment was to be made by November 29 with monthly payments beginning December 1 through July.
The very day I received this "Forbarence Agreement" I noticed that Ocwen was not giving me an opportunity to correct in 7 months but instead, the plan requires to pay them over Tripple what my mortgage payment is in a 30 day period. The calculation is based on the 1st of every month. So, for me to comply with the Forbarence agreement. I must
1) Pay initial amount on November 29 (Incidently, it is now December 3 and the money is still sitting in my bank account. Ocwen required the funds to be there, but they still haven't made the electronic transaction.)
2) December 1 - Just 2 days after my initial payment the next payment is due. However, since I don't get paid until the 15th, this payment will be made on the 15th.
3) The third payment due on January 1 must be taken out of my December 31 paycheck. With that payment, not only am I on their payment track, but the entire amount I owe will be completely paid off. So the Forbarence Agreement which states I have until JULY is a lie, when, the Agreement as currently stated requires pay-off seven months earlier.
When I asked for an amended Forbarence plan, it was summarily denied, stating that the Forbarence plan cannot and will not be changed and I either pay the schedule or risk further Legal action...
Randy
Los Angeles, California
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