Problem With OCWEN Mortgage Co.
I have two mortgages on a duplex. A first and a second. Both were sold to two different companies: the first to Chase Mortg. and the 2nd to Ocwen ( based on letter received from old mortgage co which was carrying both 1st and 2nd).
That was back in October 2005. I received a letter from Chase and have been making payments to them since.
My problem is with Ocwen. I still have not received anything in writing from them. They used to call my home number several times a day ( automated voice) until I picked up the phone, asked them to stop calling and send me a letter instead confirming that they purchased the 2nd mortgage.
They stopped calling but I still havent received anything in writting from them.
Im still making payments, mailing the check to the address on the letter received from the previous mortg co. They are cashing my checks but do not mail me a statement at the end of the month.
The 2nd is only about $10k so the payment is very small and I dont have any problem paying but Im wondering if I should keep mailing them a check even though I have no proof that they own the 2nd mortgage since they havent sent anything to me.
On several occasions, I tried calling the phone number provided for OCWEN on the letter received from the previous mort. co but it keeps ringing busy.
what would you do in this situation?
Contact your old mortgage company and tell then the situation. Have them provide the proper contact info. Also, keep all copies of cancelled checks just in case.
Good Luck.
JS.
That is great advise...
Whenever you advertise or sign agreements you should have legal council approval.
If you add the word Borrower next to your business name you will be fine...
What you don’t want to do is have someone interpret that you are performing a function which requires licensing...
Also find out what the Usury laws are in your state and set your limit to that number... Any number over that number is advertising your lack of knowledge to the investors with capital.
And they cant lend you money over the usury limit unless they have a RE broker broker the loan for you.
The ad I run has gathered over a million dollars all off a 300.00 pre placement ad..
[addsig]
More Details?
thats all the info i got
mcole,
Looking for some leads on 100% financing have purchase contract in hand on a fourplex in Sacramento, Ca. Please Advise
Go with a Wholesaler/broker. They (like myself) have access to many companies and banks that have a large amount of programs. Shouldnt be a prob at all. Post what deal you get too, interested in what NY people do.
YasirOmari,
I sent you a private message.
Mcole - know of any banks that will take 100% NOO, do they allow sellers conccessions, also, what is the minimum FICO needed? I may have plenty of business for you!
Greetings AmericanRealtor,
Yes. There are still a few lenders that will do 100% NOO, and will do it with stated income. The borrower needs a minimum 680 FICO.
I haven’t pushed the limits of seller concession, but have gotten them through at 3% with no problem.
Feel free to PM me, or shoot me an email.
mcole(at)colegrp(dot)com
greenpoint mortgage will....