Help with Ocwen Bait & Switch Modification

[Joel Fraser]

My wife and I was put on a forbearence plan with Ocwen in November ,2007. We made payments on time each month during this period. I called Ocwen to inquired about an interest rated adjustment in late April and that conversation with the representative lead to him suggesting a loan modification. I told him I would not be interested if there was a posibility of my monthly payments or interest rates increasing. He assured me that he would be able to tell me my rate within a few dollars before I made any decisions. He quoted me a 30 year fixed rate on my first mortgage and a 2 year fixed on my second. These payments combined were about the same as my forbearance payment, which was affordable. This process was to take no more than 20 days. I was told that the forberence plan would end once he submitted the modification and that they would not except any payments from me until I agreed to the modification. Twenty days turned into two months before we got anything from Ocwen. We also recieved foclosure notice to go intoeffect August 6th. They told us not to worry that our modification would be approved soon. What we got was a down payment that is twice what we were told, higher interest rate, and $300/month higher payment on our first mortgage. We have not seen anything on our second but we are in our 10 day window that they say we have to make our down payment. The amount of the monthly payment will put a strain on us financially and I am concerned that they will pull the same bait and switch on the second mortgage. They have already proven to me that they cannot be trusted. I even had an attorney send a letter to them requestimg that the honor their original quotes. I have not gotten any feedback on that yet. My wife and I did sign the modification agreement but hav not payed them any money yet. We have until June 11th. I received a call from MY DEBT 101 who tell me that they have other options that I can benefit from. What options do I have at this point?:confused: