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Denial Letter from our Mortgage Lender

I received a loan modification letter of denial from my mortgage lender in my email yesterday and it was obviously an unfinished letter sent to several other borrowers.  The letter contained at least five other borrowers names, addresses, and their account numbers.

I contacted Ocwen (my mortgage lender) and wanted to know if this was a joke or not.  Was my information also provided to these people and if so, there is some legal concerns about this.  The representative was quite frantic about this and wanted me to email the letter to his manager.  I haven't done so because I wanted some advice before I do email it to the manager.  They said that even though my loan was denied (according to Obama's plan), that they could still work with me to get me a "deal."  Hrms, sounds fishy to me. 

I am out of work and my husband brings in $4,000/month.  Our monthly payments are $1,750.  That's below the 31% so I don't know why we ever got denied.  And my father in law passed away last summer and that was our hardship.  Oh, my husband got a 10% pay cut two months ago.  Any advice?
  • May 21 2009 - US
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Answers (7)

The letter sounds like a serious error on their behalf! Serious legal violation.If I were you I would use that as leveredge to negotiate a loan mod. Yes, even if you don't qualify for the government plan you can be submitted for a regualar loan mod. You have a legit hardhsip , loss of income ( I don;t the passing of your FIL would qualify to them). Call and ask to speak to your lenders loss mitigation department. Tell them you are extremely upset abou your private information being shared with other customers. Get pissed. Then ask them to re-submit you for a regualr loan mod this time (non-government). I know people that got denied twice before getting approves. Keep pushing and good luck!!

  • May 21 2009
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Profile picture for pinkydewit
Hello there, I could'nt help noticing the odd numbers. Your household income of $4000 per mo. with a mortgage of $1750, right? If I remember right, you have to be above the 31% mark in order to qualify for a modification. I figured your numbers to be at 43.75%, so I think you MORE THAN qualify for the modification. Your mortgage company should bring your mortgage percentage back down to 31% of your gross income. At 31% your mortgage payment SHOULD be right around $1240.00 per month. I am going through the same thing right now. I just called my mortgage lender and said I had a financial hardship( laid off work ) and they asked for some info from me to fax to them and they would do the rest. I am still waiting for an answer, but I think any relief is good relief. Sorry for blabbing so much. I hope that this helps you in some way. Have a great day and good luck to you.

.................................................Jason
  • May 21 2009
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Don't use a 3rd party just yet. Go at it alone first.
  • May 21 2009
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Profile picture for wetdawgs
Seems like there are two issues here;

1.  Sharing your account number etc with their rejection letter.   Speak to some senior manager about how they plan to mitigate the risk of this.

2.  Lack of qualification for loan modification: please ask them to provide more details why you are not qualified.
  • May 21 2009
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This is a serious violation of your privacy. You should call and require Ocwen to pay for a 2-3 year life lock subscription. To me ts the only acceptable remedy without legal action. If Ocwen doesn't agree, then you need to contact the FTC. They currently oversee privacy issues with financial institutions.
  • May 21 2009
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Profile picture for savalencia
I like the advice of SoCalBubbleBrain and Chip Streater.  Keep trying and use this mistake (a huge one) to your advantage.  Don't give up!
  • May 22 2009
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