Ocwen Loan Modification Help - Foreclosure Sale Date Next Week

[Joel Fraser]

We are in desparate need of assistance. Our foreclosure date is September 2nd!!!!! To make a long story short... we are EXTREMELY behind with our mortgage. Ocwen would not let us out of our loan stating we were financially able to make the payments according to our financial statement. Ocwen offered us a loan modification with a down payment of $8000 and they would try lowering our interest rate (we had an 2yr ARM - 6.5% to 7.875%). Are payments went from $2700 to $3386.14. We completed all the paperwork, submitted a hardship letter, paystubs and 2yr tax forms. We called at least three times a day and each time was told the loan modification was still under review and to call again tomorrow. Ocwen told us yesterday that our investor is not doing loan modifications and the only thing available is to do a foreberance agreement for the full amount owed which is not feasible because it would be for 24 months with payments roughly $6500 a month. We inquired why this was not mentioned to us over the past week when we were calling everyday -- no one could give us an answer. We asked who the investor was and Ocwen said they could not give us that information that we had to find that out through the attorney's office. We called the attorney's office and explained everything. They have never heard of anyone saying what Ocwen told us and said there was no investor listed. The attorney's office said they would do their own research with their contact person at Ocwen and would get back to us (still waiting). We don't know what to do regarding Ocwen. We feel as though they are holding out so we can go into foreclosure. The only other option is to file bankruptcy. If someone can give us some assistance and/or direction to what we could possibly do within a day. Please and thank you.