Ocwen has no intention of working with any loan modification programs. They are holding out to see if the Federal government will come up with solutions more financially beneficial to them.
If you live in a state where OCWEN cannot come after you after foreclosure and you are upside down in the equity of your home, you need to realistically sit down and consider STRATEGIC FORECLOSURE. If you
are more than 10% underwater, it will take you 10-68 years just to recover to the equity you had in your loan before the Big Recession hit. Do the math and start thinking.
Ocwen will promise you one thing, but they lie. They also distort the truth to make whatever decision they make about your home into what they need in order to justify it. They ruled we were ineligible for HAMP because we were no longer living in the home. We were. We had lived there more than 19 years. We had
notified them in writing of this, and have the evidence to prove it. Nevertheless, OCWEN foreclosed on the home, lying about the fact that we were not living in the home.
OCWEN actually did us a favor. We are renting at more than $300 less than what the mortgage was, and have much more room and a better quality home. We are only minimally impacted by the foreclosure.
If you stop and think, it makes good business sense to walk away from an upside down mortgage if you can.
And it sticks it to OCWEN who created the mess in the first place.