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I was making my monthly payments and i have a mortgage with Ocwen where my interest rate would go down every year if I made my payments on time Ocwen sent me a letter saying my loan has changed and the interest rate will no longer go down.Then i applied for a modification which they denied.
Then i got a phone call a few days later telling me I owe them over $14000.00 as they ran an Escrow analysis and my Escrow balance was Negative. Due to this i was unable to afford my mortgage anymore. I have been trying to get a loan modification through Ocwen for the past 2 years and still have no luck.Some times they say that I have High income and some times they say that my property is not under water which is true as I did property appraisal and my property Value is $470k against the Unpaid principal balance of $410k with interest rate of 6.5%, Please give me some advice!! I had a law group contact me and they said they could submit the paperwork for me and get it approved, but I'm just not sure if it's worth it or waste of money as they demand $3500 upfront fee and refund me $1500 if no approval. Please advice!!!
I googled this person who has been advertising over the internet by the name "Richard [Removed by Zillow moderator]" and says that he will only charge a nominal fee for the help only if the loan modification gets approved or else he does not take a single penny from me, also would not take a upfront fee and grantees 100% loan modification, and he also says that he has experience in loan modification with Ocwen as he has been a former employee of Ocwen and can get me a loan modification approval easily and has more than 7 years of experience in Ocwen loan modifications.Also he promises a principal and interest reduction. Do i take his help as trying him is no harm as i dont have to pay a fee upfront at all. I have decided to take a professional help. please advice???
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