Nothing worth having is given away. When you want something of value, it usually takes some work to get it. So when you apply for a home-saving loan modification to avoid foreclosure and have a lower mortgage payment, don't expect the process to be easy.
To get a loan modification, which is a permanent change to one or more of the terms of a mortgage, you have to complete a request for mortgage assistance (RMA). It's a thorough application requiring documentation of income, a debt to income ratio, a hardship affidavit, and more.
The loan modification application must be filed with your loan servicer, and one of the largest mortgage servicers in the country is Ocwen Financial Corporation. Although Ocwen actually has a reputation as one of the better loan servicers to work with when trying to get a loan mod, it's still challenging.
Here are some common complaints of homeowners trying to work with Ocwen for a loan modification: