Advice needed re: Ocwen

[Frank Beans]

As I understand, the recent CFPB settlement that punishes Ocwen for reprehensible actions related to foreclosures ALSO mandates Ocwen spend 2Billion on principle reductions for underwater homeowners.

I believe Ocwen was supposed to initiate contact with "eligible" homeowners. I have been after a principle reduction from Ocwen for YEARS yet at no point did Ocwen ever mention they have a mandate to oblige people like me. My house is underwater (a LOT).

We'd like to stay, but not at the current $2800/mo payment. This incidentally is $1000 LESS than it was a year ago. We managed to use a govt agency with an "inside" Ocwen guy that helped get our 7+% int rate down to %4.6. Great, but not enough. The house is worth 1/2 of the $400K we owe. Nov 2010 we discharged this house via chap7.

Now I'm worried because Ocwen is TRANSFERRING my mortgage to another servicer on June16th!! So I have almost NO time to get this principle reduction process started! Ocwen wants us to complete a "mod" package. I am angry because I know the info a mod package requires: what we make, what we pay, who we pay, etc. I FAIL to see how ANY of that has any bearing on how much my house is worth vice what I owe on it. Seems like a stall-tactic. Why can't they order an appraisal & adjust the principle to a reasonable match?

I am wondering if  transferring my loan on June 16th absolves Ocwen of the obligation they had to help me with a principle  reduction. I suppose the smart approach is to shut-up & get on with completing the mod-package asap so as to get the process started. Thoughts?

Background (if interested):

We bought this place in 2007...we emptied our condo, fixed it up, listed it & watched is sit on the market a YEAR! We paid this new mortgage AND the condo for a year. We even tried to short-sell the condo, but B of A never responded to even ONE of the 5 offers we got. We broke-down & rented, but the renters left in the middle of the night. We fixed the damaged condo & re-listed. After 4 years on the market we finally claimed chap7 (included both properties) because it seemed the condo would NEVER sell & the new house was already underwater. Ironically the condo sold the following summer...B of A finally decided to honor a short-sale offer once we stopped sending the mortgage.