In September of last year, my husband and I could not make our mortgage payment, due to a reduction of income. Because of the slowing economy my husband and I had our hours reduced and since our jobs are in restaurants we were hit with an additional reduction of income because less sales, equals less tips. I called Ocwen and they said they could offer me a forebearance plan, which would help my immediate situation if I had extra money to pay down my missed payment (which I did not). I kept pushing for a modification and finally and almost 3 hours of time talking with 'customer service representatives' I got someone to help me complete a modification.
During this period of time (12), modification could be set up via a telephone interview. So I provided the ocwen representative with my income and an itemized list of my monthly expenses. The agent did some calculations and informed me that Ocwen could offer a modification and would reduce my monthly payment by 200.00 per month, which left me with an excess of about 100.00 at the end of the month. I explained that the modification was not feasible, because each month there are incidental costs, like books for school, etc and that I could not agree to a modification that was not practical. Especially, since this modification was created by reducing my interest rate by 0.4%.
I then waited a few days and called back. The agent I spoke with next said to fill out a budget sheet provided by ocewn and send the paper back in. I did this and was offered a better modification agreement, which reduced my payment by $430.00 per month. I then decided to go forward with the modification, so I called Ocwen. I was told that due to the changes by their company I would need to fill out a new modification agreement and send it in. I did just that and waited, after about 10 days I called and was told to wait a little longer. I called again and was told there was additional information I would need to send. I did what they asked and waited... About ten days. I called Ocwen and was informed because of the new regulations set by the Obama administration I would need to complete a new application and send it back in. So, once again I filled out the application and faxed it in with the supporting documents they required (tax return, bank statements, paystubs, modification request).
Once again I waited and was sent an e mail stating that my package was incomplete and that I needed to send in the checklist they had provided to me with the package. I sent the paper in and waited. I called after about one full week and was told that I did not send a complete package, again. It was then I found out I needed to re send the entire package, not just the missing document. So once again I sent the fax, this time with all the papers. I then waited another week, and received an e mail. To my surprise they wanted further proof of expenses (copies of my phone and utility bill) and income (they wanted all my schedules from my tax and letters from my boss stating I still receive tips). SO once again I sent them a fax, but this time I made sure it included our most recent pay stubs, bank statements, letters from employers, Fed. Tax return, utility bill, gas (utility) bill, phone bill, in addition to the hardship letter and modification request letter, affidavit, and tax return release form. I also included my 2 years prior tax returns, W-2's, and my state tax return. I figured maybe I should beat them to the punch and give them everything else they might possibly want.
So now 21 days later... Nothing! I call and can't even get a live person on the phone, only the voicemail of their agents in India. I have called everyday for the last 11 days each time leaving a voicemail and have yet to hear anything.
This whole situation has been amazing, at first I did not worry, because Ocwen claimed that if you are in the modification process and you meet the guidelines for a modification and they have all the requested documents, they will not proceed with foreclosure; however, after each submission Ocwen contacted me and informed me that additional information was required (so my application was incomplete). And the best part about the call center now is when you call they have updated information about your account, and their recording expresses that "you" (mortgagee) should avoid calling, since this only delays the modification process, but if you allow some time to lapse and don't call when you do call in you get a different pre recorded message which states that they have been trying to contact you and have had no success and you should speak to a representative.
I have been waiting for about 6 months to start paying on my mortgage and moving forward. I realize some people don't care about keeping their home or repaying their debt, but that is not me. I want to keep my home and I want to pay for my home and resolve my debt. I know now that to take care of this situation, stop foreclosure and save my home I am going to have to hire an attorney.
I hope this information will provide some people with some valuable information and will keep them from making the mistakes I made.
Libragirl007
Riverside, California
U.S.A.
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