VL in Hawaii sent this interesting insight into the Saxon Mortgage – Ocwen transition as it pertains to HAMP modifications and interest due. The report said: “It took almost one year from May 2009 for Saxon to work my Loan Modification under the HAMP.
On February 2010, Saxon finally issued me the Modification Agreement for signature and congratulate me that I was approved for the HAMP. While communicating back and forth with Saxon on this modification agreement.
I also received a notice from Saxon that my loan will be transfer to Ocwen on 15 April 2010. I did not sign the Modification Agreement from Saxon because there were some discrepencies on the agreement.
During the negotiation of this agreement with Saxon, I was notified in writing by Saxon that they had sent over the direction to Ocwen regarding my loan and will continued to follow up to ensure Saxon message is conveyed.
Saxon had sent over these directive to Ocwen regarding my loan:
This client was approved for a HAMP modification.
Initially the client questioned the rate and payment offered.
After about 6 weeks of review it was determined that the client’s offer was valid.
At that point the client agreed to the HAMP terms of 6.125% and $4243.58.
However, the client questioned the UPB on the document and whether all the interest due had been included in the terms.
In addition the first due of the modification was for 02/01/2010 and the documents were not sent to the client until nearly March.
The client has continued to make all trial payments during the research.
This client is still eligible for the offered HAMP modification.
The documents will have to be redrawn at Ocwen to include the uncollected interest through current.
This week Ocwen sent new application to enroll in HAMP and asking for copies of financial statement, w2s, pay stubs, etc… Why??? It took Saxon almost one year to work on my loan modification and I spent a lot of money faxing documents to support my modification.
Can Ocwen modify the same Modification Agreement that was drawn by Saxon and let me proceed with my regular monthly payment?”