08-01-2013 08:18 AM
My loan was bought out from gmac to ocwen.
I am late for June and July payemtns. I logged into today and it says 'MY ACCOUNT IS CLOSED." I called both companies and they told me to call each other.
HELP? Anyone else getting this? Does this mean I'm in foreclosure???
08-01-2013 08:26 AM
Well, if you are two months behind, then the lender has the right to initiate f/c proceedings. So if you aren't officially in f/c at the moment, you are well on your way.
Today the lenders do initiate as soon as they can.
Once you get two months behind, the lender will want both payments plus late fees in order to allow you to make monthly payments again. I just re-read your post again: you are three months behind as of today if your payment is due on the first of the month. You will need to make all three payments plus the late fees and penalties assessed. OCWEN is pretty tough to work with though, so you want to get started right now.
Your servicing was probably sold to OCWEN, they buy a tremendous amount of defaulted debt. It works out in their favor (OCWEN's) when the borrower is in default.
If you can't pay the entire amount, consider putting your home up for sale. If you have equity, you can then at least preserve whatever equity is left. If you have no equity, you can do a short sale and not take such a hard hit, timewise, as with a f/c.
If you can't get caught up - sell it. Really its your best bet.
08-01-2013 08:34 AM - edited 08-01-2013 08:35 AM
Not on line anymore. What I mean is that if you are in default the very first thing that is shut off is the ability to make your payment online.
You are in default. You will need to get the payment there right away and they may have a special department to have you send it to. You will need to pay late fees etc. If you have the ability to get this out of the f/c tract - do so. Hopefully they will accept two payments now since your next payment isn't due until the 12th.
08-01-2013 08:41 AM
holy cow...i called ocwen again and spoke with a csr, she confirmed i am not in foreclosure. apparently they are converting some of thier legacy accounts to their new website. she reassured me it was not in foreclosure. Payment will be avaiable again on Saturday.. ALMOST HAD A HEART ATTACK.
someone tell ocwen to change "account is closed." to +"account being migrated."
08-01-2013 08:47 AM
You are in for a surprise on Saturday. I am telling you OCWEN is terrible. I'm a Realtor that deals with people in f/c all the time. I see what OCWEN CSR's do to their customers. I wouldn't believe one of their CSR's if they said it was dark at night or if they said the sky is blue
Contact someone higher up to find out how to make the payment. Protect yourself. Remember they only have 12 more days to put you in official F/C. OCWEN gets a bonus for putting people in f/c (long story, but they have a bonus structure for every f/c initiated). If you know you are not able to get straightened out anyway - then don't worry about it. But if you can keep your house and you want to keep your house, you need to get on the stick with the payment and don't get close to the next due date. You probably have to wire funds anyway at this point. Not just the payment either - add late fees and penalties.
I am not trying to scare you. Just give you the facts.
08-01-2013 10:46 AM
thanks startingover10. even if the unit goes into foreclosure process, don't i have a chance to pay all the outstanding fees? the customer service rep would have had to blatantly lie to me. I will call back tomorrow. I asked to pay for the mortgage but she said all of gmac accounts are being migarted.
does anyone else have gmac to ocowens?
08-01-2013 10:48 AM
here's what i get when i login now:
"Due to a scheduled maintenance period, account information and payment options will be unavailable today through August 3rd, and will resume by the afternoon of Saturday, August 3rd. To speak to a Customer Care Representative call us at (800) 74-OCWEN / (800-746-2936)."
08-01-2013 11:22 AM
Ok, here's the other side of the story on Ocwen: (Opposite from StartingOver's)
Ocwen is bar-none, the GREATEST bank to get loan modifications from. They are also the easiest bank to get principal reductions from as part of the loan mod process. About 99% of the mods our firm negotiates with Ocwen are approved (regardless of income/payment) and more than half of those come with principal reductions down to, or below, fair-market-value.
If you're underwater, forget about catching yourself up... either hire an attorney for a loan mod, or try and do one yourself.