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My stepfather had a kidney transplant, the transplant failed, his body rejected it (something with the wrong combo of meds). Anyhow, he was with IndyMac when they offered him a modification and mailed out the application.

 

We submitted the application and within a week received a letter stating that his loan 

was transferred to Ocwen. Ocwen sucks! I can't get anyone local on the phone and although

IndyMac says that the application was supposed to transfer over, Ocwen has no record of it.

 

I have since submitted the modification application to Ocwen (twice) and they keep saying they "don't see it in the system". I've read that this bank is horrible and the calls are outsourced so every time I make a telephone appointment, I get a call from a call center located outside of the states.

 

Does anyone have any experience with Ocwen?

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Yes they are one of the worst lending firm to deal with and no way to predict anything with them. My web site has some lender references and mortgage loans.See more info @ www.openmortgage.com

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I understand what you're going through.  A few years ago a friend in Queens (NYC) who didn't want to use an attorney tried her own modification.  At three years behind in payments asked me come over to check what was going on.  We called the customer service in India, saying I was her brother. Everytime wanted to ask a question, you could tell they were reading for a scribe and started repeating what they said earier. Her sitution was different, though she did finally get a mortgage attorney and received a modification.

 

The differrence betweeen home owners doing their own modification, they requesting assisitance.  A mortgage attorney applys for assisitance. They have qualified the homeowner and are appling for programs with are specific with lender and investor.  Intially sending a QWL requesting a (U.S.) litigrator. The lender responds with their contact information, and a new application to be completed on their letter-head.  The next step is submitting a full finanical package that shows affordbility.  After that is sending in monthly income documents and bank statements until your modification is complete. 

 

What you need to do is show there is enough minimal household income to support your fathers home.  Then analize the loan balance, included missed payments ,taxes, and homers insurance.  What is the smallest payment his loan can be modified to, and then showing there is enough income.  If he doesnt have enough income, do you work?  (per your name - see your a photograher is NYC).  You need to show your living there paying him a comtribution is month.  The secret is not show to much income because any modifiied payment is higher.

 

Next you need to understand to type of mortgage you have.  Knowing Ocwen is a Alt-A lender/servicer - you most likely have a conventional loan with a higher than normal interest rate.  Next you need to understand who is the investor - if you have a Fannie Mae or Freddy Mac, you should apply with a HAMP Mod, looking at 31% of the gross income to show affordabilty. Look you your loan at

 

If your loan is not shown, then most likely you have a private investor.  Suggust applying for a Net- to-Net modification, using the aftertax income and household expenses.  An important point - having a Fanny or Freddy owned loan, chances are an interest rate to as low as 2%, there is no principle reduction.  It is the actual monthly income that determines the modified payment.  Having a private investor - invest rates are as low as 2%, with a possible principle reduction.  Every situation is different, and I do not know enough of your sitiution to comment further.

 

Good Luck

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Register online at the Ocwen website. After you register you can submit your documents by upload. You will have a much better chance of the bank seeing the documents. Also, setup an appointment online to talk with a modification specialist. that way you will get one point of contact and you can send documents directly to them. I have seen the same thing happen in the past and depending on where you were in the Indymac process, Ocwen may or may not accept the mod docs from Indy. From the sounds of it, it seems they rejected it.

 

Simply get a point of contact and resubmit with updated documents to that POC.

 

Good Luck!

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