No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
The info I have for Ocwen is:
Ocwen Federal Bank (800) 746-2936 or (877) 596-8560
Web: http://www.ocwencustomers.com/csc_fa.cfm
Attention: Financial Information
12650 Ingenuity Drive
Orlando, Florida 32826
or
Ocwen Financial Corporation
1661 Worthington Rd., Suite 100
West Palm Beach, Florida 33409
Phone: 877-226-2936
For serving Ocwen with legal process, please send to their registered agent:
Corporation Service Company
2711 Centerville Road, Suite 400
Wilmington, DE 19808
Phone: 561-682-8000, x8386
What do you mean by "6-family mortgage"? That you own a 6-unit property, or your home is large enough for 6 families?
Since Ocwen purchased the servicing rights, the original mortgage lender who made your loan doesn't have much to do with things now, if they are even around. Contacting them would just be like starting a brand new refinance over again, with the programs available today. The loan program you have probably doesn't even exist today, the rate looks kind of sub-prime'ish and there aren't many lenders doing sub-prime loans, and none that I know of at higher LTV's.
Now you do have some equity in the home, by your account. $20k, or almost 7%. Assuming you have a 1-unit defined home (house, condo, PUD, manufactured home), if FHA loan limits are high enough in your area, and you qualify, you could do a rate/term refinance up to 97% LTV on your home, obtaining up to a $291k loan amount, to pay for refinancing closing costs. FHA will have mortgage insurance, where you probably aren't paying that now, but you should be able to refinance into a rate around 6% right now which will generate a larger savings than how much additional mortgage insurance would be, plus in the long run be a tremendous savings.
HI the prop is a 6 unit apt building. I do not have 20 % to put down either in cash nor in equity in another building. The numbers you gave are ocwens general # and I have been calling and there is NO REAL PERSON THERE. All overseas . all transfer to someone else and they do not understand.
Is there some program or lender out there that can help re fi a property like this ? my position is to hold long term.
I worked for a year and ahalf to get my credit into the 650 and above area , it is going up a few points at a time now. I am not willing to not pay my mortgage just to get this at a better rate. Im my area the houses ( ct _ new haven county ) have lost about 25 to 30 % on the value. I purchased in 2005 . so you know what that has done to me as far as equity. This house was financed with 70 k down and that is all gone. ADVICE?? HOPE??
Your biggest problem is the 6-unit. Some lender will not touch.
Even a better rate may have pmi since your ltv will be lower now.
Yup that 6-unit will be a problem. Anything over 4 units is considered a commercial property so you'll be stuck with commercial financing options. Commercial financing usually caps out around 80% LTV so you are short on equity to make the refinance work (like you've been saying all along). If your rate is going to adjust I'd get with OCWEN to try and do a loan modification but I'm not sure if they are going to be open to it since you own a 6-unit building and it's not a single family residence. I don't do a lot of commercial financing but the lenders I know would be looking for no more than a 75-80% LTV. I think ByrdMan here has more knowledge about the commercial financing aspect of real estate loans.
Ditto for me, especially these days. Your best bet might be to develop a relationship with a commercial lender in your area. Preferably from a small privately owned bank or a CU in your area.
ShanetheMortgageMan wrote:Yup that 6-unit will be a problem. Anything over 4 units is considered a commercial property so you'll be stuck with commercial financing options. Commercial financing usually caps out around 80% LTV so you are short on equity to make the refinance work (like you've been saying all along). If your rate is going to adjust I'd get with OCWEN to try and do a loan modification but I'm not sure if they are going to be open to it since you own a 6-unit building and it's not a single family residence. I don't do a lot of commercial financing but the lenders I know would be looking for no more than a 75-80% LTV. I think ByrdMan here has more knowledge about the commercial financing aspect of real estate loans.
Hi TAC1234,
I'm another New Haven Multifamily investor and I sent you a private message with contact info for local commercial brokers etc... that I hope will help you.
Cheers,
Ed