hoping to get a modification with ocwen

[Joel Fraser]

Hi.. I have just stumbled apon this wonderful website and I am hoping to get a little help with negotiating a loan modification on our current home loan. ok, here is the history. We bought this house at the high point dec 2005. we bought the house for 395,000.. our loan was for 318,000. we have a 3 year arm on our loan and it is due to rate change this december. we have been late maybe twice in the last year, but never 30 days late. When we got this loan I was working full time. now I am a stay at home mom due to a new baby and my son having trouble in school. My husband makes pretty good money, but we are struggling to make ends meet. We have cut out all extra that we could, but if our rate goes up, even just 50.oo we are in big trouble. We can't refinace as our house is only worth 280,000 now, which is lower than what we owe. I have done a qwr to our company (ocwen) and also sent a hardship letter to the company and all the e-mails listed on this website. What happens next?? Do I just wait and hope that someone contacts me?? Also when you get approved for a loan modification, do you get a lower interest rate?? Do they lower the amount owed if it is less than market value?? What determines what rate they will give you?? Also how do they tell if you qualify, in otherwords, what are the requirements to qualify?? Sorry for all the questions, but I have not been able to sleep at night knowing that this day is coming and knowing that i will not ne able to pay for this loan. I do not want to lose the house. This is where my kids live. i am going to post my letter that i wrote, please let me know what you think... [FONT='Verdana','sans-serif']This is a “Qualified Written Request” under Section 6 of the Real Estate Settlement Procedures Act (RESPA).[/font][FONT='Verdana','sans-serif'] I am writing because I have been trying to contact someone ion regards to a loan modification on my current mortgage with ocwen. I would like to work out an arrangment to get a fixed rate on my loan. Due to financial hardship we will be unable to continue to get our obligagtion to Ocwen with the current loan terms. We would like the oppurtunity to work out our loan terms with you. I have tried to contact your customer service, but was told that I needed to be behind 3 months before they would help me. I am trying to settle this matter before we get three months behind. [/font] [FONT='Verdana','sans-serif']I have sent letters to many different departments in your company with the desire to resolve this issue. At this time I have not heard bck from anyone yet. We are very determined to keep our home, and want to do everything in our power to maintain our payments, but we are at the end of our rope and desperatly ask you to help us out. We currently do not qualify for a home refinace as our home is worth a lot less than what we bought it for. [/font] [FONT='Verdana','sans-serif']We can be reached at xxxxxxxx. This is our current house phone numbner. We look forward to hearing from you in regards to this matter. [/font] [FONT='Verdana','sans-serif']I understand that under section 6 of RESPA you are required to acknowledge my request within 20 buisness days and must try to resolve the issue within 60 days[/font] [FONT='Verdana','sans-serif']ALSO HERE IS OUR HARDSHIP LETTER[/font] [FONT='Verdana','sans-serif']To Whom it may concern: We are writing this letter to explain the extreme financial hardship it will be for our family when our loan adjusts in December 2008. Our current income does not support an increase in our loan. As a matter of fact, a monthly increase of any kind will ruin us finacially and within a few short months of this adjustment we will surly fall into foreclosure as we will not be able to afford the monthly payments. It is not our intention to walk away from our loan obligation, but would have no other option if the monthly payment is to go up. My husband XXXXX is the sole bread winner of the family at this time. He was recently transferred within his company to a new store, which lowers his yearly bonuses. This has lowered our yearly income. In addition to this, I have not been working due to a high risk pregnancy. Since our baby was born in December I have not been able to find work where I would make enough to help with bills and also pay for child support. We have been doing everything in our power to keep up on our mortgage payments and no fall behind, but we are starting to reach the end of the rope. Our original mortgage terms were terrible, but was all we could qualify for at the time. I was assured that we would have no problem refinacing before this loan was to adjust, but with the current downturn in the housing market this has become impossible. The main problem being that our property is worth far less than what we paid for it in 2005. This is preventing us from refinacing. We would appreciate the oppurtonity to work out a loan modification with you where we could lock in a fixed rate for the DURATION of the loan. If the rate was only frozen for 2 to 5 years we will find ourselves in the same situation a few short years from now. We would appreciate it if you can work with us on our amount owed and or lower our payment so we can keep our home and also afford to make ammends with your company. We trully hope that you will work with is and we are anxious to get this situation settled so we all can get this behind us and move on. [/font] [FONT='Verdana','sans-serif']THANK YOU ALL FOR ANY HELP OR ADVICE THAT YOU CAN GIVE US. I KNOW THAT WE ARE NOT THE ONLY ONES GOING THROUGH THIS, AND IT IS NICE TO KNOW THAT THERE IS HELP OUT THERE. [/font]