They put me on a forbearance plan... then sold my mortgage
Far too often loans are transferred between mortgage companies which leaves the homeowner with little options. It is your right to know who owns your mortgage and to know how to contact them.
”We did not fall behind until our loan was transferred to Ocwen . We refi’d in May of 2006 paid our taxes at closing and simultaneously Ocwen paid them and paid our second installment too. To add additional income I took a job where I ended up not getting paid. At that time we were 2 payments down and they worked out a repayment plan of 2333 normal payment was 1745 they said we had an escrow and we did not. We could not afford this arrangement made regular payments and canceled forbearance agreement. We were always behind because we where not paying the repayment plan. We can't afford that and we did not sign anything, the verbally did it over the phone. Now they are telling us before they can adjust our payments that are affordable we need to make a 2111 payment within 10 days or we go to the loan resolution dept. We decided that we do a deed in Lieu but they said they could say no to that based on info we provide them. Now we are 4 payments behind. We applied to get an apartment so we could start over and we are holding our breath waiting for their decision. So we have 3 children, and we are in the dark if we have anywhere to go. We did not sign anything for forbearance with Ocwen and any options they have only make the situation worse and do not provide relief. We need some help here. Please let us know what you think and what you charge to represent.”
This sounds like a mess… the first thing we need to do is find out who has the loan and what the current situation is. We can then, with that information, assess the situation and formulate a plan on how to get this resolved. As we stated many times before if we can prove you can afford the mortgage payment we can get you a workout. We can either get the payments put at the end of the loan or set you up on some sort of a forbearance or repayment plan.
You indicated that they put you on a forbearance plan without you signing anything. Typically the mortgage company will not put you on a forbearance or repayment plan without a signed contract. We need to contact them immediately get a copy of this forbearance, and figure out how to get this resolved.
- I need help quickly, I can't afford the forbearance plan that I was approved for - March 21, 2007
- I need a forbearance ... help - December 13, 2007
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