I am one of many victims of Saxon's sale of mortgages under HAMP / loan modification to Ocwen Mortgage. Over a year ago, we applied for a loan modification through Saxon Morgage like many other homeowners. And as many have stated, we jumped through hoops providing paperwork, often multiple times as Saxon often lost the information we submitted. During the paperwork process we were allowed a trial modification which cut our mortgage payment almost in half.
For six months we paid this modified rate on time to Saxon. For each of these six months, we followed up to see about the status of our modification.
After six months, we received a letter stating that we were declined and could not be made permanent under the loan modification program. At the same time we were notified that Saxon sold our mortgage to Ocwen.
We then started making our payments on time to Ocwen. We had no communication from them that there were any problems until about two weeks ago. Two weeks ago we received a warning that they would foreclose on our home if they did not receive a check for $12,000 by the first of May.
We learned that this amount was the variance between what our normal mortgage payment was and the modified amount Saxon allowed us. With the sale of our mortgage Ocwen wanted the full amount and wanted it now or else.
Again, we had no warning that there was any problem. We tried calling many times to Ocwen to see if they would work with us in making this repayment in a reasonable manner. They would not. We contacted an attorney who spoke to their legal department saying we could pay half this month and half next. They refused. He cited the fact that the letter they sent us stated that they wanted to work with us to help keep us in our home. Their reply? "That's just a form letter".
The attorney advised us that while we had many points of defense and could build a case against them, we'd be gambling and would probably lose our house. He stated we needed to pay it or lose the home.
Now, we have til April 30th to come up with $12,000 or Ocwen will foreclose. We have done everything we were supposed to do but are at the mercy of the mismanaged HAMP program and untimely sale of our mortgage from Saxon to Ocwen. Additionally not only does Ocwen not want to help us they are quite happy taking our home.
We feel we are just one of many at the mercy of this bureaucratic monstrosity that was designed to HELP people. How many people in our region are losing their homes due to this? We can't be the only ones. This is truly an outrage and shameful that corporations are allowed to harm families (we have a 7 year old and a 1 year old) that play by all the rules only to have them changed on them without warning.