I bought into a new 64 housing complex, bulit by the Lennar home buliders in Compton, Calif.in Feb. We all had to use Lennars Real Estate team.
We were financed through a company called American Universal Mortgage, and a month after moving in the mortgage was sold to OCWEN. My hone cost
$494,000. I put a down payment of $200,000. Down. My balance was $300,000 on a 30yr. Adjustable with an interest rate of 7.68% due to a bankrupsy by the co-owner, my daughter. Also we are paying interest ONLY.
The loan will adjust in March and we have been trying to get refinanced into a fixed rate loan. We have tried to lenders, Chase and Countrywide and went through several weeks of paperwork and application fees to be turned down, not by our credit but the fall in the value of our home. The value now is $310,000.
By the time they added on all the closing fees and the FHA fees it was well over the $310,000. We were told to contact OCWEN to restructure the loan and when we contacted them they wanted to know how much had the house been appraised? When they found out that we were current and the loan was still in the appraised value ratio, we were told that they would get back to us. After several attemps we were told that we are current on our mortgage and unless we stop paying the mortage than we would have to wait. Does this make any since? They want us to go into Foreclosure!!! This is insane. Whats wrong with these companies. Now I see why all the foreclosures. These companies want this. Then the government will give them money like wallstreet so its business as usual. Where is the Federal Goverment? The FBI. Is anyone out there listening to "Jo the Homeowner"
We have yet to hear from them
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