Ocwen Loan Servicing OCWEN Scam, Fraud, Predatory Lending, Lawsuit Louisville, Kentucky

It sounds like you got an ARM mortgage either after you refinanced your house, or bought a new one, and had gambled that your home would increase in value, and you could have refinanced your rate again, AFTER you improved your credit score.

Now I have a question for you.  If the prevaling rate for mortgages were now 18.5 pct, and your home was actually worth about 200,000.00 more than when you first financed it, how would you react if GMAC/OWCEN mailed you a letter, or phoned you wanting a loan modification to increase the amount due on the loan by 200,000.00 AND to increase the interest rate UP TO 18.5 percent.

How would you react?  If you did not respond, using your logic, shouldnt OWCEN be angry that you refused to modify the loan?  If you answer NO, they would not have the right to ask , or to expect a loan modification, then you answered the question Correctly.

YOU SIGNED A CONTRACT, YOU AGREED TO THESE TERMS, AND YOU CANNOT GET OUT OF THEM.  THE ONLY WAY TO DO SO IS TO REFINANCE YOUR HOUSE AND TRY TO GET A LOWER INTEREST RATE THAT WAY.  BUT I BET YOU DONT HAVE 20PCT EQUITY IN YOUR HOME, SO YOU CANNOT GET ANY ONE TO REFINANCE YOU.

Complain all  you want but you signed the contract, and you are stuck with the terms untill you can find some other company willing to pay off your loan, and start over again at a lower rate.