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I am not happy with a loan and a loan modification that Ocwen Bank did, they modified my loan and surprisingly I find out that there is a balloon loan in 2037 at the maturity of the loan of $102,000.

I tried reaching them and they come up to refinance the loan. They do not have any options for me. I feel that they got me into this mess approving a really bad loan.

Is there a way I can get help regarding my loan? Are there any programs to fight for my rights, they have poor customer service and do not offer any solutions to me.

How can homeowners get justice, I heard that there were sued but I do not know how to be in the group, can someone advise me at I need help to fight for my rights.

Product or Service Mentioned: Ocwen Loan Modification.

Reason of review: Problems with payment.

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Hi. Take your current Ocwen account statement and find your Principal Balance.

You may find a Regular principal balance and a deferred principal balance. If you do have a deferred principal balance that may be where your balloon balance is coming from because this amount you are not paying off with your monthly payment and you never have to pay interest on ever. But not necessarily is this where your balloon balance is coming from. Your Principal Balance is close to what your pay off is if you won the lottery or sold your house .

Not the Principal Balance plus the balloon balance. I'm assuming your loan is at a 2 % rate. Look on your current Mortgage Account Statement and find what your paying each month in Principle and multiply that number times the number of months you have left to pay on your note. (19 years plus or minus according to your post) approximately 228 more payments.

That will give you a number well short of your Principal Balance. that's where you'll find your balloon balance. Your modification only made your loan more affordable for you to stay in your home not decrease what you owe on it. There are many be variables in your modification specific to your situations including income, debt to income, home value, etc including limits on what your loan investor will or will not allow.

You may be fortunate to be in an area where home values didn't bottom based on your local economy. Please take a little time and find out what your house would rent for monthly right now. I surmise it is 20 to 30% more than your total mortgage payment including escrow. You can always pay more each month you can afford it and that will directly affect what your balloon payment balance will be.

You may also not even have a 30,000 balloon even paying your mortgage with out paying more because you are eligible for up to 10,000 in payment deduction through HAMP's on time payment incentives. Hope that helps and congratulations only 34% of people who applied for modifications were given one.


One. thing.

you need. to remember. is. that.

an Ocwen modification is. like. a. bran new mortgage.

When ocwen reports. your mortgage its. from the. new.

time you did the modification not. all the. years you struggled. with them.

They. have. been in trouble many. times for.

burning. documents , robo signing, lender. placed. insurance etc.

There is no. winning. them. They.

are. CROOKS and. our. government.

has. let. these people. destroy.

Millions of. americans. There should be laws. about.

them being able to buy our loans from other. companies. without our permission. Likewise when they do if we are unhappy with their.

Serivicing the loan then we should be able to make them. sell it to someone. else. Same with student loans.

Mine was. from Maxim mortgage . NO notification no permission. just.

sold. my loan to those. crooks and. its.

been. 12 years of.

pure. ***

Valerie S

I modified my mortgage about 8 years ago. I have just realized that approximately $30,000 was added on to my loan amount.

I did not receive any cash, all they were supposed to do was lower my interest rate. I knew that there is a balloon payment at the end of my loan term, but I did not realize that they tacked on $30,000. How can I fight this? The lender says that I can’t do anything because I signed the documents stating that the amount modified was the correct amount.

I was going through a very tragic time in my life at the time and I did not realize at all that they added that much on to my principal balance. Is there any way that I can fight this?


Same here ive had this house for 14yrs an was told i have no equity. How did that happen i never took money out an never had a 2nd mortgage.


I have. been.

dealing. with. these. crooks.

12 years. How. would you like to pay. $3500 a month to these.

crooks. and. find. out.

you have. no equity after. 12 years. My.

house is in ill repair. but. I dont. know what.

they are going to do next. There is no. help. either.

I. have. never. been late.

on payment . Even with direct pay they. still dont. acknowledge.

the payments. 88 times they put. lender. placed insurance on the home even though I have.

had. insurance. since. day one and I have.

proved it. to them multiple times. over. 3000 times.

they have. robo called. me and when I asked. them what this was.

about when i called back. no one. knew. why I was.

calling. Why? because. they are instructed NOT to make.

any notes. so. if they get. audited.

there is no record. you ever. called. You are.

usually. speaking to calcutta India and their. employees have no degrees, in. finance , accounting, mortgages , customer relations, .

The. government. wont. help because.

they have paid half of them off the other half. are on their. executive. staff as.

former. government. officials. They dont.

want Ocwen to go under. they just. wnat to fine them. to death.

to keep their. organizations. afloat . Ocwen can.

withstand $100 million. dollar. fines. without.

batting. an eyelash. No. we are.

out. their. alone. the only.

hope is. a boycott. of. payments until.

our government. does. something. My understanding is that.

the. new company they. just. merged with.

PHH is. 10. times. worse.

then Ocwen. if. anyone.

could. believe that !!!!!


No good lies to people


Same was done to me, God be with us


They did me the same way I need out of this loan. What can I do?

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