Loan modification,collection,foreclosure

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review

In XXXX we modified our loan and we were put in a ” Shared Appreciation ” Agreement as attached. We understood at the time that what this meant was that they were ” forgiving ” a portion of the ” Principal Balance ” at the time and that the ” New Principal Balance ” during the trial period ( which was only through XXXX/XXXX/XXXX ). We then understood that the modification became permanent and that out of the ” New Principal Balance ” of {$280000.00}, {$170000.00} would be forgiven over 3 years commencing in XXXX. The agreement states that the portion of the New Principal Balance that is not deferred, shall bear interest ” The Interest Bearing Principal Balance. ” That was {$110000.00} at the rate of 2 % interest and began accruing on XXXX/XXXX/XXXX. We want to sell our home and we called Ocwen today and spoke to two gentlemen, one who cut us off and another who stated ” although we forgave the ” Deferred Principal Balance ” of {$170000.00}, if you sell the house you would be responsible to pay 25 % equity ( if any ) up and above the ” New Principal Balance ” ( described above ) which was {$280000.00}. We argued that this is not what the agreement said but rather it said it was based on the {$280000.00} instead of the {$110000.00}! We argued some more and he then said actually it is the total you refinance the home for in XXXX which was {$390000.00}! We then said you did not forgive anything! We can never sell our house then and it will never, ever be worth {$390000.00} and it will likely be years before it is worth {$280000.00} as it stands right now ; it is worth at the most about {$220000.00}! We believe that if they said that {$170000.00} was forgiven ; it really was n’t and especially if they are saying that they go back to the original loan amount of {$390000.00}!

Please see the attached agreement which again states that ” Maturity Date The Shared Appreciation amount, if any, at the Maturity Date shall be 25 % of the difference between the Valuation of the Property as of such date and {$110000.00} ( the Interest Bearing Principal Balance ” as of the Modification Effective Date ( emphasis added ) less any credit determined by Servicer for Subsequent Capital Improvements and any amount of appreciation in excess of Deferred Principal Balance. ” When we pulled these documents up on their website today, they had the wrong Modification Agreement attached with Notary Signatures also.
Questions : Was {$170000.00} really forgiven? It does n’t sound like it to me.
Why would we be told this reverts back to the original loan of {$390000.00}? This is absolutely no where on the Agreement.
We kept asking about reduction for ” Capital Improvements ” and they did not firmly state that applies!

Thanks XXXX

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