Ocwen Federal Bank excessive prepayment penalty fees unable to speak with payoff dept. potentially forcing us to default on our loan HUGE RIP-OFF! Orlando Florida
We refinanced our home with Worth Funding. The loan was sold to Ocwen even before our first payment. We were aware of a 1 possibly 2% prepayment penalty (approx. $1-2,000). We are now told the prepayment penalty is 6 times the monthy interest paid on our loan or $4600.
Or home has been listed for four months and the only offers are lower than the amount we owe plus the penalty.
Ocwen refuses to work with us, despite the reason for the sale of the home is a job transfer. I would never again do business with this company. They wouldn't allow me to speak with their payoff department and basically let the "customer service" department to the heat. Hardly customer service where I come from.
Their suggestion for our situation...after our mortgage is more than 30 days late, we can provide tons of documentation and maybe they would consider a "short payoff". Either way...default on the loan or short payoff our credit is ruined.
Great suggestion and outstanding customer service....NOT!
Donna
Mitchell, South Dakota
U.S.A.
1 Updates & Rebuttals
D
Miserable,Texas,
U.S.A.
Can you get the employer involved???
#2Consumer Comment
Mon, February 10, 2003
I don't know if this is any consolation or not, but can you get the employer involved in this? It has been my experience with a former husband and his new jobs which took us across the country, part of the relocation expense was the dealings with the home. It is worth a try.
I am a victim of Ocwen on another level and am involved in the class action suit. You should get involved too!
Don't forget that if they (Ocwen) reports to the credit bureaus and you have documentation to the contrary of Ocwen, you can by LAW file a 100 word statement with the bureaus stating your side. Every time a potential creditor pulls a bureau on you, the report is attached, that's the law. So, your side will always been seen and it has to be taken into consideration.
Good luck to you and all of us in this suit..Keep praying for K. Hanson!!