Real Estate Home Mortgages/loan transfer

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Question
I am 62 I have 4 yrs. left on mortgage, I was with homeward residential --yesterday I got a loan transfer letter that ocwen was taking it over. I looked up what I could find and things don't look very pretty for this company. I have read some really bad things about them. I guess I am just looking for what to do or can I do so I can make it to retirement without them damaging my credit. I have never missed or been late on a payment and my credit score is 776. This company seems shady. Any advice? Idon't know about refinancing such a short loan. Maybe a reverse mortgage? I just don't know--Thanks for any info

Answer
They are indeed hard to deal with..... However, I have had people tell me that they have no problems with Ocwen.
Certainly, if you pay late sometimes they will be hard to deal with. Certainly, if you have an escrow shortage and don't understand how it all works then you might have a problem.

Refinancing is not a good idea since there are high costs.
However, maybe you could get a 2nd lien(home equity loan) and use it to pay off the first. The fees for those are nominal.

I would sit tight and see how things go first. But be prepared to act on the 2nd lien if necessary.
Make sure the 2nd is a fixed rate.... or if it is variable, make sure it has a conversion option so you can lock the rate at some point.

Let me know if I can answer any follow ups.

About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

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Tom Burris

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I can answer any question regarding Mortgage loans for Purchase or Refinance. I currently work as a Mortgage Banker in Dallas, TX and have experience as a Mortgage Broker. The favorite part of my job is helping First Time Home Buyers. I also consider myself an expert of Credit and Credit Qualifying for a home loan. Many of my loans are the result of showing clients how to credit qualify for a loan after they were denied in the past. We do FHA, VA & Conventional Financing. I have extensive experience in Investor Loans as well. I will NOT answer questions about 'getting around guidelines', ect. Or if I sense that you are trying to call your 'investment' property a primary residence, I will reject the question. I will ALWAYS err on the side of caution if I sense that the question is fraudulent in nature.

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