Ocwen Loan Modification Obtained for a Homeowner in Murrieta, CASubscribe to Rss Feed
The Law Offices of Michael Gaddis recently obtained a trial Ocwen Loan Modification for a homeowner in Murrieta, CA. The homeowner had previously received a loan modification from HomEq Servicing before the homeowner was transferred to Ocwen. The previous modification was a 5 year fixed interest-only at 4%. After the initial 5 years the terms reverted back to the original terms of the loan. The homeowner ran into difficulty when, after the transfer, Ocwen’s system did not recognize the HomEq modification. Instead, Ocwen’s system recognized the original terms of the homeowner’s loan which caused a drastic increase in payment. The homeowner went late due to this large increase and retained Michael Gaddis to assist her in dealing with Ocwen. At first the homeowner wanted Michael Gaddis to convince Ocwen to reinstate the previous loan modification. However, Michael Gaddis told the homeowner that the previous modification was only a temporary fix and that the homeowner was going to run into difficulty when the note fully amortized. Knowing Ocwen’s loan modification programs and having a good relationship with Ocwen Michael Gaddis suggested attempting to obtain a 2nd loan modification which, if successful, would result in a permanent fix. The buyer agreed that Michael Gaddis’ suggestion was the best course of action.
At first, Ocwen tried to deny the homeowner stating that she did not qualify for HAMP or an in-house modification. When Michael Gaddis asked why the homeowner did not qualify for HAMP he was told that the homeowner had already received a HAMP loan modification. Michael Gaddis knew 1) that the homeowner’s prior modification was not a HAMP and 2) that even if it was the homeowner could be eligible to be reviewed for HAMP Tier 2. So Michael Gaddis escalated the file to his contacts at Ocwen and told them everything that had occurred. He also provided Ocwen with a copy of the first loan modification that the homeowner had received from HomEq. Michael Gaddis’ contact at Ocwen told him that he would look into it and see what he could do. After 3 weeks of review Michael Gaddis’ contact advised Michael Gaddis that the homeowner was approved for a trial Ocwen Loan Modification. The trial was an internal Ocwen Loan Modification and not a HAMP. Michael Gaddis did not care because the terms of the loan modification were favorable to the homeowner.
The trial Ocwen Loan Modification states that upon successful completion of the trial period the homeowners interest rate will be fixed for the life of the loan at 3.02443%. The new PITI payment is $1,876.59 which represents a potential monthly savings of nearly $400 a month from what the homeowner was paying on the previous HomEq modification.
As always Michael Gaddis and his staff will continue to monitor the homeowner’s file during the trial period in order to ensure that a final Ocwen Loan Modification is obtained. To view a copy of this trial Ocwen Loan Modification as well as other successful loan modifications procured by Michael Gaddis please click the following links: http://californialoanmodificationattorney.com/trials-modifications/ and http://californialoanmodificationattorney.com/trials-modifications/approved-trials-modifications-pg-2/