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Does anyone out there have any experience trying to modify their existing delinquent mortgage loan with OCWEN (name of servicer)? We are finding them horribly hard to work with!?!

2 Thoughts on Mortgage Negotiation with OCWEN?
  1. Reply
    Ocwen Expert
    February 1, 2014 at 12:20 pm

    I too have a mortgage with Ocwen and needed a modification last year. It was a very long and difficult process and in the end the terms were okay, but required a large down payment to put the plan into effect. The first step is to complete the requested information on their website, http://www.ocwen.com and select the Financial Difficulty link. This is the first step in the process and they won’t deal with you until you submit this.

    The first bit of advice I have is to not deal with their general customer service department located in India. You’ll get nowhere and will become frustrated wasting your time. The loan modification department is based at their corporate office in Orlando, FL. The numbers I have in my file for them are: phone (877) 226-2936 and fax (407) 737-5693. I also have an email address of [email protected]. If you fax anything, make sure your loan number is noted on every document.

    After submitting your information on the website, I would suggest waiting two to three days then contact them at the number listed. Be prepared, I spent over two hours on hold and then finally somebody picked up. In today’s environment I imagine it will be much longer. Also, the staff in Orlando is only there weekdays during standard business hours. They advertise that they’re open 24 hours a day, but you’ll get India after 5:00 PM EST. When I did get a rep on the phone, he went through everything I submitted, then plugged info into the computer and came back with the offer on the phone, which you have to make a decision on the spot. They don’t extend the offer past the phone call.

    If you do accept the offer, expect a deposit equal to two months of your current mortgage payment, payable within seven to ten days of your phone call. They will email you documents within two to three days that you will be required to sign and fax back. Then you will be required to wire your deposit to Ocwen within 48 hours of receipt of the documents. The terms of my deal were fair, with 3.95% interest for three years.

    So, to summarize, the first step is to complete the info on the website. Second, call their loan modification dept in Orlando only. Don’t waste your time with India. Third, be prepared to act quickly and provide the documentation and deposit in a fairly short amount of time after the modification proposal is made.

    Good luck and I hope this has been helpful.

  2. Reply
    Renee7659
    February 1, 2014 at 12:44 pm

    Requesting assumption paper work

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