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strive4credit

Ocwen wants to make a deal!

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REPOST.......Because of the typo in the first one!!!!

 

I have a mortgage with Ocwen...balance of 55k, interest rate is 7%, monthly PITI payment $630, property worth as is about 40k. I stopped paying in hopes of getting a modification. But they called me to offer a settlement of 14k.

 

So if I can come up with 14k cash by Jan. 24, 2016 I can own the property free and clear. What's going on with Ocwen? Is this too good to be true?

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Howdy, 

 

It might be too good to be true, because Ocwen is currently selling off its mortgage servicing portfolio like it's diseased or something.  I honestly doubt that Ocwen will hold any mortgage servicing rights by the time we get much further into 2016.  I'm going to assume from your post that this is a first mortgage, and not a second, because you mentioned owning the property free and clear, but please humor me, is this a first mortgage?  If it's a second, that changes things.  As always, get everything in writing before you spend one cent of your money.  Ocwen has come under so much fire in the last couple years for its mortgage servicing abuses and fraud.  There is a chance that they are just looking to offload the servicing portfolio any way they can.  They have already sold off millions of dollars worth of their portfolio.

 

Wheels up, 

Stick

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