OCWEN Loan Modication-10 FAQ’s & Answers

Posted by admin On August - 30 - 2009

OCWEN borrowers looking for relief need to learn how to complete a loan modification application correctly so they will qualify for the help they need. A loan modification can be the solution that offers long term, affordable mortgage payments that will allow homeowners to avert foreclosure and stay in their home. OCWEN has agreed to offer the Federal program that offers to modify loans for borrowers facing financial hardship. But how does a needy homeowner start the application process? More importantly, how can a desperate borrower increase their chance for approval with their lender so they obtain a new, low mortgage payment?

Here are the Top 10 FAQS about a loan modification application to help answer some of those important questions:

  1. Does every homeowner qualify for a loan modification? Unfortunately, no, a homeowner must be able to meet certain required qualifications in order to obtain a loan workout.
  2. Do I have to be delinquent on my payments to qualify for help? No, but you must show evidence of imminent financial hardship-meaning that if you don’t get help you will become delinquent due to increase expenses or less income. However, at this time, priority is given to those borrowers who are facing foreclosure in the near future.
  3. Can I get a loan modification if I have filed Bankruptcy? If you are in active Chapter 7, then you must wait until the case is discharged to apply. Chapter 13 borrowers must obtain court approval for any changes to their debts.
  4. What is an acceptable hardship situation? While each borrower facing a unique situation, most lenders have generally agreed that divorce or separation, job loss, decreased income, illness or medical expenses, death of family member, military duty, incarceration and natural disaster are all valid reasons to submit a loan modification application.
  5. Do I have to prove my hardship? The lender will ask for a Hardship Letter which will briefly describe your situation, what steps have been take to correct the situation and your intention to remain current in the future. Borrowers can use an outline and hardship letter template provided in Chapter 10 of the #1 resource for homeowners, The Complete Loan Modification Guide, to help  write a convincing hardship letter.
  6. What loan modification forms are required and where do I get them? Your application will have to include a borrowers statement that provides your general information and financial statements that detail your income and expenses so that lender has a snapshot of your current financial situation.
  7. What else do I need to give my lender to determine if I qualify?  You will be asked to provide your paycheck stubs, bank statements and tax returns.
  8. I owe more than my home is worth-can I still submit a loan modification application? Yes, there is actually more incentive for OCWEN to offer you a lower mortgage payment so you can stay in your home as they stand to lose more money by foreclosing due to the decreased value of your home.
  9. Does a loan modification hurt my credit? The loan workout itself will not reflect on your credit report, however if you have had late payments and are delinquent, that will usually be reported to the credit bureaus. Interestingly, some lenders have delayed their reporting of delinquent loan payments in an effort to give the homeowner the opportunity to explore refinancing options before hitting the credit report.
  10. Whats the best way to get started on my loan modification application? First, you must take the time to learn as much as you can about the process so that you can increase your chances of success by preparing an acceptable application to your lender. Once you know and understand what your bank needs to see in order to qualify you for help, you will be able to prepare your paperwork properly so you can get the help you need and deserve-use the valuable information provided in the best selling handbook, The Complete Loan Modification Guide.
Learn how!

Learn how!

Homeowners seeking loan modification help should learn a bit about the process before contacting OCWEN. A knowledgeable homeowner is a powerful homeowner. Make the decision to take control of your financial future by taking the time to research, learn and prepare. Spend just a couple of hours learning the basics, and your chances of success will be much greater.  This is serious stuff, your families home and credit is on the line-your time and effort will be well spent and you will be able to get back on the path to secure home ownership.

You can get the help you need to apply and qualify for an OCWEN loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly.

Home Edition Loan Modification Kit with Customer Assist

Home Edition Loan Modification Kit with Customer Assist

The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

6 Responses

  1. Mike's Mortgage Guide Said,

    This is the most informative posting I have read about hardships and loan modifications. Thank You for the info and help!

    Posted on September 7th, 2009 at 4:59 pm

  2. Russ Said,

    Didn’t read the article…couldn’t get past the first sentence which is a lie!

    “OCWEN borrowers looking for relief need to learn how to complete a loan modification application correctly so they will qualify for the help they need”

    We did what they asked 5 times, and each time they said, “well, if you’re denied for it, we’ll modify you inhouse”. Lied to each time.

    Just a word of advice, I wouldn’t associate your name with Ocwen if you want to be considered credible and trustworthy.

    Posted on November 15th, 2010 at 12:56 pm

  3. R KLine Said,

    Ocwen are nothing but liars!!!!!!!!! Period… We were told also fill out the paperwork did it once then oh we sent you the wrong papers so filled out papers again took another three months time guess what they sent us the wrong papers again the said so we filled out a third set of papers for modification then they kept asking for papers that we had sent them over and over again like pay stubs or taxes or it would be something just to delay. Well after it come to the time where the 30 days was up and they had to make a decision on the modification they told us they don’t do modifications. OH YEAH that is what they told us. BULL**** I am so sick and tired of their crap; They know are financial situation and still drag us along to take us down further we are not behind in payments never have been but we are going to be soon as it is inevitable. I am trying to find an attorney and do something to these lying a(holes) there should be something that someone can do to these idiots Take my advice don’t ever ever ever try to do anything with Ocwen they are liars

    Posted on August 25th, 2012 at 6:10 am

  4. Pmorris Said,

    Please call your local Hud agency that will help you with this and sending the correct paper work and I to am going through this with Ocwen I called Beyond housing in Mo to help. they have begun to see they are a bunch of deceiving liers and they no the paper work is sent. They will start sending it for you and it does get there with them. CALL NOW do not waste time. 7 months later still dragging on and only got them involved 2 months ago when I could not take there crap no more. Also call or write your Attorney General in your state. I have and they are now questioning them also. JUST DO IT WE NEED TO SAVE ARE HOMES>

    Posted on October 2nd, 2012 at 7:16 pm

  5. Deborah McGrotha Said,

    HORRIBLE COMPANY!!! I have been working with Ocwen for 1 1/2 years to complete the process and all of the reviews listed are absolutely correct. I have sent the same documentation repeatedly over the past year and 1/2 and still am no closer to obtaining the modification and am currently in foreclosure. Sell date of 7/29/2013.

    Ocwen is a horrible company to work with. One person gives completely different information from another.

    Thank you for the information. I will contact the people displayed above.

    Posted on July 8th, 2013 at 5:01 pm

  6. Bea Said,

    Behind in mortgage since May 2013. Owe a little over 9000. I want to send in 4500 now. 4500 plus current mortgage payment. What do I do if bank does not accept payment.

    Posted on September 6th, 2013 at 1:23 pm

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