New Mortgage Update!!
Our prayers have been answered. As you may know for the last couple of months we have been trying to refinance with no luck. We have gotten screwed by at least 2 brokers who did nothing for us except run our credit way too much. As a result our credit score went down even more.
I honestly thought all hope was lost. Then a miracle happened. Ocwen actually reached out to help us. They actually have a program to help homeowners who have adjustable rate mortgages. It is called a loan modification.
Well it was a two week long process but we made it through. We were approved for the loan modification. We had to make a payment that was equal to 2 mortgage payments. We also have to make our June and July payments on time (on the 1st not the 16th). If we are late the loan modification is no longer available to us. After we make those 2 payments on time, our loan automatically changes from an adjustable rate to a fixed mortgage for the life of our loan.
Our interest rate went up half of a percent and our mortgage payment went up $100. We are very happy with that. My plans are to pay our June and July mortage payments ASAP. I do not want to screw this up at all. I am going to make sure I make every payment.
One of the best things about this loan modification is there were no additional costs. It is not a refinance so we did not have those costs which in the past were easily $3000 or more.
Unfortunately we had to go into our little emergency fund but that is ok. I just have to build it back up. It is strange, I did not realize how important our home was to me until we were on the brink of losing it.
We are so happy that the people at Ocwen were able to help us out of the very deep hole that I dug. The reps were so nice and polite. They definitely took those extra steps to help us keep our home. You hear so much about mortgage companies taking people homes and I am glad Ocwen is not want of those companies.
So, if you or someone you know is in danger of losing their home, please advise them to talk to their mortgage company. I know sometimes when you are so behind on payments you just want to avoid the mortgage company. You know what I mean. Not answering the phone and ignoring the notices that come in the mail. Just take the chance and ask for help. You really have nothing to lose by asking. You have to be honest about it and see if they offer any type of help. You just may be surprised at the response.
Tags: mortgage, ocwen, refinance, debt, what i am learning, adjustable rate mortgage