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Company Loan Type APR Est. Pmt.

Modification problems

Posted on: 03rd Nov, 2010 10:46 am
i have been trying to modify my home mortgage for 5 months with no success. i lost my job and took on a new part-time job at 1/3 the former salary. in the meantime, i have used up all of my savings keeping my mortgage current--but the servicer keeps saying i have too much income despite the documentation i provided to them. (this is mostly because 5 times i have applied for modification--both through hamp and through the lender's in-house mod program) but every time the nameless paper pushers make errors and then refuse to change the errors (like writing down double my current income or verifying my previous income!). however, i have a credit rating of about 780 and will soon return to my former professional salary as the employer has said they will be putting me back to full-time very soon. i would like to stay in this house as a single mother with two children in school and i have put alot of money into this house to remodel and upgrade, as well as buy down the prinicipal. i cannot sell the house or refinance because the value is less than half of the mortgage outstanding--plus the servicer won't speak to me about that anyway because they insist i have adequate current income. my question is, is there somebody that would buy my mortgage at the current amount from this servicing company and let me pay them the money and the interest? i am obviously good for the money. the mortgage payoff is $167k and the current taxable value is $87k--but zillow says $105k.
Hi petdoc,

I don't think there were would be any lender who will be ready to buy your mortgage and let you pay the money to them. As you don't have equity in your property, lenders won't be ready to ready to refinance the mortgage. You should keep in constant touch with your lender and request him to modify your loan asap.
Posted on: 03rd Nov, 2010 07:48 pm
Thank you, that would be the rational answer. However, this servicer (OCWEN) is irrational. I have kept after them for 5 months. They do not understand English as while the company is located in Orlando, all of their phone people are in India. Yesterday, I had a HUD Counselor on the phone with me for an hour to witness the terminal run-around OCWEN is giving me. It is hopeless and definately a predatory way to force me to default.
Posted on: 04th Nov, 2010 05:23 am
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