Frequently Asked Questions: Financial Hardship

Can Ocwen help me?
Should I contact Ocwen if I am having financial difficulties?
How do I apply for mortgage assistance?
What are the steps involved in a loan modification and what should I expect?
How will the Home Affordable Modification Program work?
How long will it take for Ocwen to process my request?
Where can I find agencies that can help me?

Q: Can Ocwen help me?
A: Yes. We have several programs to assist customers with financial difficulties. We have added a new web based assistance for customers who are having difficulties making their mortgage payments. This directly assesses your situation and provides the best available program. Please click here for web assistance.

If you need any help from our agents, our Consultants are available to speak to you about options and to possibly make a referral to our Home Retention Department, where trained associates can discuss payment solutions. You may contact us at 1-800-74OCWEN, Monday -Friday from 8:00 AM - 11:00 PM, Saturday from 8:00 AM - 4:00 PM, and Sunday 3:00 PM - 9:00 PM ET.

Q: Should I contact Ocwen if I am having financial difficulties?
A: Yes. It is important that we know if you are having temporary financial difficulties. If you find you will not be able to meet your obligation on or before your monthly payment due date, please contact us. Act now, because the longer you wait, fewer options may be available.

Q: How do I apply for mortgage assistance?
A: You can apply for mortgage assistance including the Federal government’s Home Affordable Modification Program through our online application. Our web based assistance tool is designed to provide you a fast and easy way to provide us the initial information needed to assess if you qualify. Please click here to apply for assistance.

If you would prefer to speak with one of our Consultants you may contact us at 1-800-74OCWEN, Monday-Friday from 8:00 AM – 11:00 PM, Saturday from 8:00 AM – 4:00 PM and Sunday from 3:00 PM – 9:00 PM ET.

Q: What are the steps involved in a loan modification and what should I expect?
A: Step 1: Contact Us
Tell us if you are experiencing financial difficulties and having trouble with making your mortgage payments. Be prepared to provide us a complete picture of your current financial situation. You can either use our web based tool designed to provide you a fast and easy way to provide us the initial information or contact us by phone.

Step 2: Send us your complete documentation
You will need to send us specific documentation to help us review your situation and assess the best possible solution available. The documentation requirements will be made available to you once you submit the initial information using our web based tool. If you contacted us by phone our Consultants will advise you of the required documentation.

Step 3: Review and Assessment of your information
Once you send us your complete information we will take some time to review your documentation and determine if you are eligible for a modification. If you are eligible, we will look at your monthly income and housing costs, including any past due payments, and then determine an affordable mortgage payment.

Ocwen will contact you to let you know if you are eligible for a modification. If you are eligible, we will send you a letter explaining the terms of the modification, including details of the new payment amount, the next payment date and any down payment or trial payment that you may need to make.

Step 4: Sign and send us the Modification Agreement
When you receive your Modification Agreement you must sign it to indicate your acceptance of the terms and send it to Ocwen. You must also successfully complete any down payment or trial period payments. Once, your signed Modification agreement is received by Ocwen along with successful completion of your down payment or trial payment requirements your modification will be complete.

Q: How will the Home Affordable Modification Program work?
A: You can apply for the Federal government’s Home Affordable Modification Program through our online application. Our web based assistance tool is designed to provide you a fast and easy way to provide us the initial information needed to assess if you qualify. Please click here to apply for assistance.

We will first determine if you are eligible based on your situation. If you are eligible, we will look at your monthly income and housing costs, including any past due payments, and then determine an affordable mortgage payment.

At first, you will make new, affordable monthly payments on your mortgage loan during a trial period. If you make those payments successfully and fulfill all trial period conditions, we will permanently modify your mortgage loan.

Please refer to the previous question in this section for a detailed explanation on steps involved and what to expect.

You will not pay any fees to take advantage of this opportunity to modify your mortgage loan payment and keep your home. Now is the time to act. We are ready to help you.

Q: How long will it take for Ocwen to process my request?
A: Processing times may vary depending on each borrower’s situation. To ensure your request is processed as quickly as possible please send us your complete information as specified in your document checklist. In general it will take Ocwen 3-4 weeks to review your information and to make an assessment. You can also track the status of your application on our website.

Q: Where can I find the agencies that can help me?
A: A HUD counseling agency may be able to provide you with assistance. To locate the HUD approved counseling agency in your area, call the HUD Housing Counseling Service at (800) 569-4287 or consult HUD's website at www.HUD.gov.