From: http://www.ripoffreport.com/reports/0/303/RipOff0303381.htm
I started in early 2007 to try and get help with my loan. My spouse lost his job and I was diagnosed with cancer. I called the HOPE line and the deal they worked out with OCWEN still was too much money in a lump sum. I found an investor who was willing to pay what they have listed as the FMV on my 1099A. They were so diffcult to get int touch with and it seemed that we kept resending the same papers every two weeks. Finally the date of auction fast approached. Sale was set for Nov 15th. My investor grew tired but kept on trying. Fearful of being without a home, one week before the sale we moved out. I had enough. My investor tried up to day of auction to get his offer accepted. They just wanted more of the same paperwork resent. Auction came and went. I just got in the mail a 1099 A from OCWEN. The Principal and FMV are the difference of my second note. I have tried to call to see if I am getting a 1099 A for the second note...of course, the lines are all busy, my wait time is 2 hrs . They said I can set up an appt. I tried that and the phone keeps getting disconnected. I have had enough of these people. They got a home in much better condition than when I bought it.What more do they want?????I barely make enough to pay the bills now. So when I file my taxes I guess the 79K profit they list on my 1099 A is my problem with the IRS. Thanks OCWEN for nothing!!!DebbieColton, CaliforniaU.S.A.
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Mortgage Forgiveness Act Signed into Law
Yesterday, President Bush signed H.R. 3648, The Mortgage Forgiveness Act of 2007, into law, sparing homeowners the tax burden associated with canceled mortgage debt.
Prior to this action, forgiven mortgage debt due to foreclosure, short sale, or deed in lieu of foreclosure, was considered taxable income. The new law, however, temporarily waives these taxes for debts forgiven (as high as 35%) from the beginning of 2007 to the end of 2009. The bill also extends the tax deduction for mortgage insurance premiums through 2014.
"This is going to make a happy holiday for many homeowners," President Bush said yesterday before signing the bill in to law. During the press conference he added the following:
"When you're worried about making your payments, higher taxes are the last thing you need to worry about. So this bill will create a three-year window for homeowners to refinance their mortgage and pay no taxes on any debt forgiveness that they receive. And it's a really good piece of legislation. The provision will increase the incentive for borrowers and lenders to work together to refinance loans – and it will allow American families to secure lower mortgage payments without facing higher taxes."
"There's more work to be done," Bush added, saying that Congress needs to pass legislation to strengthen Freddie Mac and Fannie Mae, to modernize FHA, and to allow the government to issue tax-exempt bonds for refinancing existing home loans.
H.R. 3648 Summary
I am a Realtor in Tampa and I am working on a short sale for a buyer that has a loan with Ocwen. I was looking for a physical address to turn the offer into as I keep speaking to these folks in India. www.redshoerealty.com I was told that I could not personally deliever the offer to the Orlando site. Does anyone know if there is a loss mitigation office in Orlando?
Cheryl
you're so not alone.....im having the same experience and its happening all over, im in NJ.im loosing my home after 25 yrs with no where to go in 3 wks and i have a 6 yr old that i am single parenting.
---Huggs from NJ
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