In my home was paid for. I remarried & we decided to buy a bigger home but needed to take care of some other debt and do some work on the old house before selling it, which was our plan. My husband took out a loan on the new house and I took out a loan on the old house. (My credit was perfect when I took out this loan.) The loan was originally with Wilmington Finance, then sold to another company, I can't remember the name, then sold to Litton Loan and then Ocwen ended up with it. Once the work to the house was done we tried to sell it for the payoff but had no offers. I was told by several realtors I was asking too much. We were able to make both house payments so we decided to take down the For Sale sign and wait for the market to get better! This obviously didn't happen and we are self employed in the trucking industry.in March we lost half of our income when we lost a contract but we still had the equipment & insurance payments. This started my nightmare!
I contacted Litton to see about doing a loan modification & was told I wouldn't qualify by myself because the only "income" I had was my children's Social Security Survivor benefits. I informed them that nothing had changed since I originally got the loan, I was originally approved for the loan using this same information but that didn't matter. Then they tell me even if they added my husband to the loan, we wouldn't qualify because he's self employed! I told them I had to prioritize which payments were made and that I was going to make the payment on the home we live in to ensure my children have a place to live and if they wouldn't help me, they wouldn't get any payments. When I heard about the HAMP loan program I thought FINALLY I can get help refinancing the loan. Boy was I wrong! We don't qualify because it's not our primary residence! Again, back to square one! After several months I contacted them to inquire about a short sale because like so many people, we owe more than the house is worth. I never got a real person from Litton to return any calls. They just had an automated recording call me daily to remind me to make my payments.
Then all of a sudden, I started to receive statements from Ocwen Loan Servicing, so I tried to get ahold of someone to see if we could qualify for a loan modification with them, I already knew the answer. After I was told, if we didn't qualify with Litton, we wouldn't qualify with Ocwen I just wanted someone to explain the short sale process to me and was told I had to email the Short Sale Dept. When I asked for a phone # I was told they didn't have a phone #. I was not aware at the time you had to have an offer on your home first, then complete a short sale application, make sure they receive all the paperwork they need, and then they will approve the sale. I find this out after over a month of back and forth emails. Which if I had an offer they probably would have given up because it took so long!
After all of this time, our business is doing a little better but we are SO FAR behind on the payments I just feel overwhelmed! I "talked" with someone in Customer Service at Ocwen (he could barely speak English) and he said we could do a reinstatement by paying the total amount to bring the loan current. At this point it was approx. $30,000. We thought we could borrow the money to do the reinstatement and start making the payments again, which would be very hard but better than a foreclosure. I started doing a lot of research on Ocwen and quickly decided not to send them a penny because I'm scared to death that I would end up in the same situation as so many others that paid thousands but were still foreclosed on! I received the summons Jan. 14th and since then have been on the internet, trying to figure out how to handle this awful situation I'm in. All I wanted was help back in 2010. If Litton would have lowered my interest rate, therefore lowering my payment, I would not be in the situation I am today.
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