I have never seen any paperwork/documents from Ocwen other than statements. I have never signed anything for them. The forbearance plan is something they told me about over the phone. Kind of like " we can help you catch up these payments, by paying a little bit more each month. It's called our forbearance plan. You pay on it for 2 years." That was the extent of it. I am used to working with a hometown bank, where someone isn't trying to break one off in you, every time you turn around. Unfortunately, they sold out to a big bank while I was going through this.
You need to understand and appreciate that Ocwen IS one of the subprime servicers.
They have servicing fraud down to a science. As Bill points out, they will purposefully misapply payments, pad your mortgage and escrows with unexplained, unwarranted and unsupportable fees and then avoid telling you about it.
What you describe as to the amortization of your loan does NOT sound unusual though. VERY LITTLE principal is paid down in the early years of most loans.
In seeking to refinance, you are a bit "over a barrel". Ocwen KNOWS THIS. This is a fundamental principle of predatory fraudulent servicing. In order to refinance, your new lender has to PAY OFF THE OLD LOAN. The outstanding balance turns out to be WHAT OCWEN SAYS IT IS.
That is, if Ocwen presents a loan payoff amount, THAT AMOUNT and no other is what is required for them to RELEASE THE OLD LIEN.
Now if Ocwen has been hosing you and padding your monthly payment and balance in a variety of their creative ways, such as adding a generous (to them) LATE FEE every month, adding Broker Price Opinions, a "modification fee", "attorney's fees" or the like, the trouble is that while you MIGHT have a valid cause of action to get these trash fees REMOVED, it will usually COST YOU MORE IN LEGAL FEES TO DO THIS THAN THE AMOUNTS IN DISPUTE.
You will NOT get the new loan without paying off whichever figure they identify. The refinance looks sufficiently attractive that you probably ought to do this as quickly as possible EVEN IF YOU ARE BEING HOSED.
This is NOT to say that you should turn a blind eye. CHECK THE NUMBERS. EXPECT TO FIND SOME MISCHIEF. Then be prepared to make a business decision that it is better to pay what they ask and GET RIPPED OFF, since the alternative is to continue getting ripped off at the predatory interest rate every month.
Also, bear in mind that Ocwen has probably been reporting you are DELINQUENT to the credit bureau every month, even in respect of the "modification". This is also part of the servicing fraud scam.
The idea is to TRAP YOU in an uneconomic mortgage. First, they will usually post a payment late and charge you a late fee, even if you pay ON TIME. You neglect or refuse to pay the late fee and the next month, you are charged another LATE FEE for not having paid the first late fee. This cascades.
Eventually, they fold in other strategies. These include pretending that you let your insurance expire and then putting an expensive forced placed insurance policy on your house and then charging you the inflated premium.
Everything they do is designed to rip you off. When you cannot make a payment, they offer you a modification. They use this as a pretext to tack on additional fees and charges.
They will report you as being delinquent from the very first payment that they misapply. The ALWAYS over-report delinquencies, because this will KEEP YOU FROM GETTING A REFINANCE WITH ANOTHER LENDER.
You really need to carefully check ALL of the loan paperwork. It is very likely that your loan also includes a PREPAYMENT PENALTY. They will charge you an ENORMOUS FEE to pay off the loan. This is also put in place to discourage you from refinancing.
IF YOU HAVE SUBSTANTIAL EQUITY IN THE PROPERTY, REFINANCING IS PROBABLY A VERY GOOD IDEA. IF YOU HAVE THIN OR NEGATIVE EQUITY AND FACE A STIFF PREPAYMENT PENALTY, YOU ALSO NEED TO ASSESS WHETHER A STRATEGIC DEFAULT MAKES SENSE.
On the other hand, if you have net negative equity, you are very UNLIKELY to get a refinance loan from another lender.
Finally, realize that you are entitled to send your lender a RESPA Qualified Written Request (QWR). There are some older threads where this is discussed. You might consider putting together some good questions for a QWR and sending these to Ocwen.
I do not mean to come across as overly negative, but unless you are already well acquainted with what your credit report shows, you may be in for a rude awakening. IF Ocwen has been reporting you late every month, this has been for the express purpose of PREVENTING YOU FROM REFINANCING and it is VERY LIKELY TO HAVE THIS EFFECT! A combination of thin equity and poor credit would make you a bad candidate for refinancing.