Ocwen loan modification

[Mike]

Ocwen has offered us a loan modification.After having to pay for their previous bogus fees- "foreclosure, appraisals, etc etc to the tune of $7,000) we are reluctant to sign anything with them. We were in a forbearance agreement when we received certified letters saying we had defaulted. I never got an answer on HOW we defaulted b/c they then offered us a loan modification at 5% interest rate and would bring our account current in the credit bureas. Our plan is to take this and then RUN away from them in 6 months(provided the markets will do this) I'm pasting our contract they are offereng. I already called and demanded a letter stating there were no additional fees. I was told it would take a few weeks and I told them I wasn't signing it until it was receivedl. I do have a voice recorder and will be calling them to verify verbally there are no other fees. Our contact: Ocwen Loan Servicing, LLC12650 Ingenuity Drive, Orlando, Florida 32826 FAX (407) 737-5693ucPROPOSED LOAN RESOLUTION AGREEMENTSeptember 8, 2008Mr. Williams114 West xxxxxxsouthest, MO RE: PROPERTY ADDRESS: 114 West xxxxxx, southwest, MOLOAN#: xxxxxxxxDear Borrower(s):Enclosed please find a proposed loan resolution agreement (the “Agreement”) on your loan referencedabove for your review and consideration. Under the terms of the Agreement, your monthly paymentbreakdown would be as follows:Principal and Interest PaymentEscrow PaymentTotal Monthly Payment$318.92$76.59$395.51In order to accept this loan resolution on your loan, you must complete ALL of the following steps onor before September 10, 2008:1. SIGN the bottom of the attached Agreement on the line(s) for the Borrower(s);2. FAX the fully executed Agreement to: Attention: Loan Resolution Department(407) 737-56933. PAY the full down payment in the amount of: $900.00[See Payment Instructions Attached]4. MAIL the original Agreement to: Ocwen Loan Servicing, LLCAttn: Loan Resolution Department12650 Ingenuity DriveOrlando, FL 328265. SEND proof of insurance coverage*: Attention: Escrow DepartmentFax: 1-888-882-1816E-mail: dateinsuranceinfo@ocwen.com* Failure to send proof of insurance coverage before the Due Date will constitute acceptance of aforce placed policy and agreement to pay the costs of such force placed policy, so long as all otheritems are complete.Time is of the essence on this offer. If ALL of the items above are not completed by the Due Date, theAgreement shall have no force or effect and any down payment received will be returned to you.Please be advised that Ocwen Loan Servicing, LLC will not delay, postpone or otherwise stop anycollection efforts until ALL of the steps above have been completed.If you have any questions or require additional information, please contact Loan ResolutionDepartment directly at (877) 596-8580.Sincerely,Loan Resolution Consultant12650 Ingenuity Drive, Orlando, Florida 32826 FAX (407) 737-5693PAYMENT REMITTANCE INFORMATIONPLEASE DON’T FORGET TO:1. Make checks payable to Ocwen Loan Servicing, LLC.2. Always include your loan number with your payment.3. The down payment must be in the form of certified funds.OVERNIGHT DELIVERY(Money Order & Certified Checks Only)OCWEN LOAN SERVICING, LLCATTN: CASHIERING DEPARTMENT12650 INGENUITY DRIVEORLANDO, FL 32826MONEYGRAMRECEIVER CODE: 3237PAYABLE TO: OCWEN LOAN SERVICING, LLCCITY: ORLANDOSTATE: FLORIDAREFERENCE: Loan NumberAGENT LOCATER: (800) 926-9400BY WUQCCode City: OcwenState: FloridaReference: 35430867Attn: Loan Resolution Department,Loan Resolution ConsultantBANK WIREBANK: JPMorgan Chase Bank, NAABA: 021000021ACCOUNT NAME: Ocwen Financial CorporationACCOUNT NUMBER: 00113339999REFERENCE: Loan Number, Property Address,and Borrower NameEmail: Transferfunds@ocwen.com with the detailsof the wire.Ocwen Loan Number 35430867Form: Straight_StepPage 1 of 2 Borrowers Initials ____LOAN MODIFICATION AGREEMENTOcwen Loan Servicing, LLC (“Ocwen”) is offering you this Loan Modification Agreement (“Agreement”), datedSeptember 8, 2008 which modifies the terms of your home loan obligations as described in detail below:A. the Mortgage, Deed of Trust, or Security Deed (the “Mortgage”), dated and recorded in the public recordsof xxxx County, andB. the Note, of the same date and secured by the Mortgage, which covers the real and personal propertydescribed in the Mortgage and defined therein as the “Property”, located at114 West xxxxxsouthest, MO Pursuant to our mutual agreement to modify your Note and Mortgage and in consideration of the promises,conditions, and terms set forth below, the parties agree as follows:1. You agree that the new principal balance due under your modified Note and the Mortgage will be$51,875.37. Upon modification, your Note will become contractually current; however fees and chargesthat were not included in this principal balance will be your responsibility.2. You promise to make an initial down payment in the amount of $900.00 on or before September 10, 2008,after which you will commence payments of principal and interest in the amount of $318.92 on October 1,2008 and continuing on the 1st day of each succeeding month until August 1, 2031, at which time allamounts still owed under the Note and Modification must paid in full.3. Upon Modification, the annual rate of interest charged on the unpaid principal balance of your loan will bereduced to 5.06%. This rate will remain in effect until the end of a 3 year period beginning on October 1,2008. At the end of this period, your interest rate will be calculated according to the terms of your originalloan documentation.4. Any payments due for taxes and insurance will be your responsibility in addition to the payments ofprincipal and interest required under the terms of this modification.5. You will comply with all other covenants, agreements, and requirements of your Mortgage, includingwithout limitation, the covenants and agreements to make all payments of taxes, insurance premiums,assessments, escrow items, impounds, and all other payments that you are obligated to make under theMortgage, except as otherwise provided herein.6. You understand and agree that:(a) All the rights and remedies, stipulations, and conditions contained in your Mortgage relating todefault in the making of payments under the Mortgage will also apply to default in the making ofthe modified payments hereunder.(b) All covenants, agreements, stipulations, and conditions in your Note and Mortgage will remain infull force and effect, except as herein modified, and none of the your obligations or liabilitiesunder your Note and Mortgage will be diminished or released by any provisions hereof, nor willthis Agreement in any way impair, diminish, or affect any of Ocwen’s rights under or remedies onyour Note and Mortgage, whether such rights or remedies arise thereunder or by operation of law.Also, all rights of recourse to which Ocwen is presently entitled against any property or any otherpersons in any way obligated for, or liable on, your Note and Mortgage are expressly reserved byOcwen.(c) Any expenses incurred in connection with the servicing of your loan, but not yet charged to youraccount as of the date of this Agreement, may be charged to your account after the date of thisAgreement.Ocwen Loan Number xxxxxxxxPage 2 of 2(d) You have no right of set-off or counterclaim, or any defense to the obligations of your Note orMortgage.(e) Nothing in this Agreement will be understood or construed to be a satisfaction or release in wholeor in part of your Note and Mortgage.(f) You agree to make and execute such other documents or papers as may be necessary or required toeffectuate the terms and conditions of this Agreement which, if approved and accepted by Ocwen,will bind and inure to your heirs, executors, administrators, and assigns.(g) You understand that this agreement is legally binding and that it affects your rights. You confirmthat you have had the opportunity to obtain, independent legal counsel concerning this Agreementand are signing this Agreement voluntarily and with full understanding of its contents andmeaning.7. BY EXECUTING THIS MODIFICATION, YOU FOREVER IRREVOCABLY WAIVE ANDRELINQUISH ANY CLAIMS, ACTIONS OR CAUSES OF ACTION, STATUTE OF LIMITATIONSOR OTHER DEFENSES, COUNTERCLAIMS OR SETOFFS OF ANY KIND WHICH EXIST AS OFTHE DATE OF THIS MODIFICATION, WHETHER KNOWN OR UNKNOWN, WHICH YOU MAYNOW OR HEREAFTER ASSERT IN CONNECTION WITH THE MAKING, CLOSING,ADMINISTRATION, COLLECTION OR THE ENFORCEMENT BY OCWEN OF THE LOANDOCUMENTS, THIS MODIFICATION OR ANY OTHER RELATED AGREEMENTS.8. BY EXECUTING THIS MODIFICATION, YOU IRREVOCABLY WAIVE ALL RIGHTS TO A TRIALBY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF ORRELATING TO THIS MODIFICATION AND ANY RELATED AGREEMENTS OR DOCUMENTS ORTRANSACTIONS CONTEMPLATED IN THIS MODIFICATION.___________________________________ __________________________________Ocwen Loan Servicing, LLC xxxxxxBy: ______________________________