I attempted this remodification with them, and all that got remodified was and additional $8,000 on my loan and a foreclosure on my credit..
In May we applied for a remodification because we told they would reduce our interest rate from 9.47 to 6.25. I sent in all the appropriate paperwork immediately. 30 days later I called because I was concerned that they had not come back with an approval and I didn't want to be 30 days late. I was told from the loan modification Dept not to worry. They told me not to send a payment because it would change the modification amount, that my acct was noted it was in modification. I called everyday and was told that it was waiting for Mgmt approval. I tried calling every number I could find for them and nothing. Then I was served by the sheriff with a foreclosure. I was still told by Ocwen not to worry... I contacted the NH Banking Commissioner for help. She had received a contact name for me to end this nightmare. Funny part was that I could e-mail him, but "Ocwen does not allow emails outside of the company". Finally in August the banking commissioner contacted me that the modification was denied because we made to much money, but we were still in foreclosure because I had nothing in writing saying Ocwen told us not to make our payments during the modification process.
So this modification basically made Ocwen and extra $8000 and no way I can refinance my high interest rate because of the foreclosure.
Kristan - New Hampshire
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