Notice of servicing transfer to Ocwen loan servicing

CtHell

LoanSafe Member
Jun 28, 2010
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Ct.
I want to start off my first post to say thank you to those responsible for this site and spending your time helping us with our nightmares as well as everyone that has shared their stories and experiences along the way.
I have been coming to this site for about 3 years now off and on quietly reading during my worst times, finding this site and learning what I have through others stories since then has been priceless. I now understand the process and the b.s. that goes with it and am using all the wasted time to my advantage this time around.

Before I go to far, let me get to the origin of this post. I'm in the middle of a HAMP loan mod (sending repeat info...again, who knew?) and recieved a "Notice of servicing transfer (RESPA) to Ocwen loan servicing" and was a little concerned. I called to inquire how/if this would effect my on going loan mod (amazingly, they are not nearly as hard to deal with this time around). From what I was told all Homeward accounts will become Ocwen or are they transferring just mine? Her english was a little rough (some things don't change) so I'm honestly not sure if I understood her correctly, I was told to continue with my paperwork for the mod as normal. Does anyone have more knowledge of this transfer and should it be a concern of mine?

My 'short' story. I bought a duplex back in 2004, the closing was April 1st (ironic), the theory of renting the other side to help pay the mortgage was logical at the time. Price was $249K, approx $200K on 1st w/homeward, 2nd $49K w/BOA.
I am self employed (AKA unemployed), work continues to dwindle from 9/11 to all time low right now. I had to file chapt 7 in '06 after selling everything I own and getting rid of anything I was making payments on to no prevail.
Financially everything relaxed after BK but I owned nothing and was making half of what I was used to but was able to make my mortgage payments as long as I collected rent which I did for almost 6 years with the same tenants faithfully. That was soon to end, my tenants finally moved and thats when my new problems came about. Turns out not everyone pays rent on time, or at all at times. Within the last 3 years and 2 more tenants, I have received the rent on time maybe 8 months out of 36, lost countless months of rent just not paid and thousands of dollars in repairs.
I was unable to pay my mortgage with this nonsense going on and thought I was going to lose my house, thats when I started my 1st loan mod, of course at the time I was totally clueless as to what a loan mod even was, then comes all the paperwork, which I am horrible at but I did what i was told.
Suddenly 'our' mortgage co wont give me the time of day after harassing the crap out of you previously for being behind. Wont answer the phone, wont call you back, always missing documents, Sound familiar?
So as everyone else that has been there already knows this goes on for months, of course I'm insane by now, till one day out of the blue a fed ex package pops up at my door step.
I received an in house step rate mod that initially shaved about $500 a month but goes up each year by a percentage ($100yr), they recharged my 30 year with a crazy balloon payment at the end. I now know I will never come close to owning my home with next to nothing going to the principle, I'm at peace with that now, I wasn't then though and was pretty worked up about the whole thing, but life goes on so I sign the papers.
I was able to keep up for the most part keeping in mind work is a roll of the dice, and I cant count on rent ever either, so I have no reliable source of cash. This past year was impossible, never had my a$$ handed to me like this before in my life. There has been no work and my tenant basically stopped paying rent in oct/12 and I am now learning all about evictions and the financial/fun behind that too. A bunch of paperwork, your money and no one will help you there either, us 'landlords' have no rights and we're responsible for everything. So this has been going on for months now too.
I am currently behind 4mo w/homeward and approx 6mo w/BOA. I really have no clue what to expect this time, but I am counting on some down time with this mod to get things figured out and buy me some time. Hopefully I get a paying tenant again soon and spring brings some new work so I have a prayer of getting back on track somehow, that's all I got.
So much for 'short'.
Any info or comments anyone may have to feed my brain would be appreciated.
Thank you.
 
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KimberlyS

LoanSafe Member
Jun 30, 2012
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What's your question? Ocwen will work with you. You might have to start over on the HAMP, depending on what paperwork you have so far. But they will work with you.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
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48
San Diego, California
www.LoanSafe.org
Before I go to far, let me get to the origin of this post. I'm in the middle of a HAMP loan mod (sending repeat info...again, who knew?) and recieved a "Notice of servicing transfer (RESPA) to Ocwen loan servicing" and was a little concerned. I called to inquire how/if this would effect my on going loan mod (amazingly, they are not nearly as hard to deal with this time around). From what I was told all Homeward accounts will become Ocwen or are they transferring just mine? Her english was a little rough (some things don't change) so I'm honestly not sure if I understood her correctly, I was told to continue with my paperwork for the mod as normal. Does anyone have more knowledge of this transfer and should it be a concern of mine?
Welcome and thanks for joining the forum CThell. I'm glad you have finally decided to jump off the lurker fence and share your story with the community!

Yes it definitely seems like you have been given the typical run around these past few years and it actually may be a good sign that your mortgage is being transferred over to Ocwen. Ocwen has shown to be one of the best servicers to work with when it comes to loan modification and has offered some of the most favorable terms we have ever seen. Having your mortgage transferred from one mortgage servicer to the next is extremely common and this may happen several times throughout the course of the loan. Once your loan is updated in their systems (usually takes 3-60 days) everything will remain the same and you can continue working on a loan mod with Ocwen and you will find MANY others who have received, or are in the process of obtaining a mod with them.

Good luck and please keep us posted on your progress!
 

CtHell

LoanSafe Member
Jun 28, 2010
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Ct.
I know nothing about Ocwen and previously could not find any mention of them until further research today, http://www.loansafe.org/forum/option-one-mortgage-american-home-mortgage-servicing/51538-ahmsi-homeward-residential-sold-ocwen-purchase-750m.html, this person previously posted in Oct with the same concern as I. I now know they bought out Homeward, I was unsure of this.
Thank you Evan for relaxing me a little with some positive info concerning them, maybe the transfer will buy me some extra time as well.
This will be the 4rth transfer for this one and my 2nd has been transferred 3 times now, the last being with BOA and they were a problem from day one once transferred that's why I was worried this time.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org

CtHell

LoanSafe Member
Jun 28, 2010
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0
0
Ct.
Thanks for the links.
Apparently I have to work on my 'search' skills, I think I was looking in the 'Homeward' section only when I should of searched the entire site. I'm far from being a computer wiz.
I have a lot of reading to do.
 

CtHell

LoanSafe Member
Jun 28, 2010
8
0
0
Ct.
What's your question? Ocwen will work with you. You might have to start over on the HAMP, depending on what paperwork you have so far. But they will work with you.
I read a couple of your posts in some of the threads I was wandering through today and sounds like you were recently waiting on a loan mod your self, how did you make out?
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Thanks for the links.
Apparently I have to work on my 'search' skills, I think I was looking in the 'Homeward' section only when I should of searched the entire site. I'm far from being a computer wiz.
I have a lot of reading to do.
Lol you will get the hang of it pretty fast and we have a google search bar on the top of our page to make your search much easier. If you type in "Ocwen" or any other keywords you will find many discussions on that topic. You will find excellent information from others going through the process with Ocwen.

Good luck!
 

KimberlyS

LoanSafe Member
Jun 30, 2012
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I read a couple of your posts in some of the threads I was wandering through today and sounds like you were recently waiting on a loan mod your self, how did you make out?
I'm about to make my third trial payment and they've already sent (and received back) the mod documents.

It did take quite awhile, but they did work with me. It seems like they have lots of accounts transferring over!
 

CtHell

LoanSafe Member
Jun 28, 2010
8
0
0
Ct.
I'm about to make my third trial payment and they've already sent (and received back) the mod documents.

It did take quite awhile, but they did work with me. It seems like they have lots of accounts transferring over!
Good to hear and hope it works out for you.
They can take as long as they want, if anything positive comes out of this I'll be real happy.
 

KimberlyS

LoanSafe Member
Jun 30, 2012
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Thanks, CtHell. I kind of have felt that as long as no one auctions off my house, it can take as long as it takes. It WILL be nice to have the permanent mod, though!
 

CtHell

LoanSafe Member
Jun 28, 2010
8
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0
Ct.
Evan, thanks for those links, I read a LOT yesterday about Ocwen both positive and negative and one thing I observed was there a ton of transfers from every direction going to them. With the growing # of transfers there will be many more questions asked, would it justify adding a separate section for the Ocwen population that is obviously growing fast? It would give us a quick go to.

KimberlyS, Do you have a link to your story? I'm curious as to the details.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Evan, thanks for those links, I read a LOT yesterday about Ocwen both positive and negative and one thing I observed was there a ton of transfers from every direction going to them. With the growing # of transfers there will be many more questions asked, would it justify adding a separate section for the Ocwen population that is obviously growing fast? It would give us a quick go to.
Thanks for the suggestion and we have actually been talking about getting an Ocwen section up in the forum. You are right there have been MANY transfers to them this past year and we have hundreds of members here with Ocwen alone.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Wait a moment... I think we are going to get this up today, stay tuned lol..
 

KimberlyS

LoanSafe Member
Jun 30, 2012
451
1
0
Ocwen sub-forum, great idea!

CtHell, this thread has much of my story!

http://www.loansafe.org/forum/stop-foreclosure-tell-us-your-story/49381-foreclosure-date-set-hamp-status-now-pending-loan-moved-new-servicer.html

When my loan transferred, a notice of trustee sale had already been filed, so I've had the added stress of making sure the house doesn't "accidentally" get sold. I came to within a few hours of that, actually, with the various players involved.

Ive read the good and bad Ocwen stories as well. (Naturally!) My personal experience with them has been positive.
 

CtHell

LoanSafe Member
Jun 28, 2010
8
0
0
Ct.
Wait a moment... I think we are going to get this up today, stay tuned lol..
Nice! I'm sure that will help everyone.

KimberlyS, I read your story, talk about a close call. They transferred you at the right time, no wonder your happy with Ocwen.
Glad to hear it worked out, I hope for positive results myself.
 

SamanthaRealtor

LoanSafe Member
Mar 4, 2013
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Hi KimberlyS, I was wondering how you handled the trustee sale date and loan transfer at the same time?
I am going through a similar situation in which loan was transferred as of 2/28/2013 and trustee sale date is 3/22/20213, but OCWEN's system does not show a sale date? I want to make sure I navigate the system correctly. Thank you!

Ocwen sub-forum, great idea!

When my loan transferred, a notice of trustee sale had already been filed, so I've had the added stress of making sure the house doesn't "accidentally" get sold. I came to within a few hours of that, actually, with the various players involved.
 

KimberlyS

LoanSafe Member
Jun 30, 2012
451
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0
Hi Samantha- I was in touch with the trustee and with Ocwen. Try to get as much info as you can on how the trustee operates. They may have a date set but may need bidding instructions or something from Ocwen. It took me several phone calls to figure out the process. They (trustee) weren't very forthcoming with information, but they did answer my questions once I figured out which ones to ask. Also, if your loan just transferred, it will take a few days for the sale date to show up. Call Ocwen every day and ask. In my case, there was no date in the Ocwen system, then there was, then there wasn't again when I explained I had a modification pending with my previous servicer. You'll get good at figuring out which questions to ask and how to specifically word your requests with Ocwen. If you call for general "what should I do" or "what happens next" questions, you won't get anywhere! I speak from experience! Sounds like you're on the right track. You're in a stressful spot, but you do have time to get the sale postponed and hopefully cancelled. The Hampster wheel thread and the letter to BofA thread by freedomwon have some great info on getting sales postponed.
 

juana

LoanSafe Member
Aug 14, 2008
41
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Hi,
I am joining this thread because I am in a similar situation. I am in the process of getting a hamp mod with homeward residential when they transferred my loan to Ocwen effective 3/11/13. Just today I got a letter from Homeward Residential dated 2/28/13 that I was denied for the hamp because my HAMP Net Present Value ( npv) test failed. Then I got another letter in the mail dated March 1/2013 that I may be considered for non-HAmp modifications. I can see my account on Ocwen website today 3/11/13. I am hoping that Ocwen is reviewing my loan now and not Homeward Residential.

I have no question here but just wanted to share my story on this thread and give updates to my loan. I am hoping to get a loan mod that is as good as the other loan mods Ocwen was giving out on this forum.
 
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KimberlyS

LoanSafe Member
Jun 30, 2012
451
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Hi juana- if you see your account on the Ocwen site, then your loan is with them now and not Homeward Residential. Have you called Ocwen yet? I would give them a call and let them know you had a HAMP mod in review and would like them to consider you for a modification. In other words, don't assume they're working on it, but give them a call if you haven't already! You may have to send in a new modification application. That was the case with me, my situation was quite similar to yours, although my "denial" from the previous servicer wasn't because of NPV. In any case, I ended up submitting a new application that Ocwen had sent to me, and was eventually approved for trial and then permanent modification.