Ocwen Federal Bank FSB Prepayment Penalty Ripoff, Ocwen Would Rather Foreclose Orlando Florida
We were trying to sell our house in order to get out from under our high house payments. Our payments are $1875. a month and we have fallen behind.We wanted to sell the house so it wouldn't be foreclosed.
Now we find that there is a pre-payment penalty of $5500. that needs to be paid at closing. We do not have the money to pay this nor does the buyer. We contacted Ocwen to see if they would wave this fee, but they said NO. They would rather foreclose on the property than let us sell it with some dignity.
Owen
Lake Oswego, Oregon
U.S.A.
2 Updates & Rebuttals
Alice
Palm Bay,Florida,
U.S.A.
Pre-payment does not mean pay in advance!
#3Consumer Suggestion
Mon, February 23, 2004
You are a bit vague about your situation but from our experience pre-payment penalties are added to the pay off amount and are not payed prior to the closing date of sale, it is included with the pay off.
I would personally request a detailed pay off so you can view all the fees. If you are very close to foreclosure you may want to consider speaking with an attorney to see what other options you have as opposed to selling, such as bankruptcy, there are several different chapters,if you really want to stay, or refinance, try contacting different help organizations, your local bank or an attorney could be very helpful. I don't know your situation or I could be more definite with the contact list.
Our experience has been that you must make some definite decision and not expect them, Ocwen, to cooperate. They are a "business" and do not have a heart nor a conscience, they are there to forclose and make money. Do not trust Ocwen, move swiftly or they will. Good luck and let us know how things turn out. God Bless
Karen
Horton,Michigan,
U.S.A.
Get Away From OCWEN Any Way Possible
#3Consumer Suggestion
Sat, February 21, 2004
As an ex Ocwen victim do anything I mean anything to get out of their clutches. Beg borrow or see if you can increase your loan to value ratio with your mortgage company. We suffered their torment for 2 years and it cost us too to get out of their nasty ways but in the long run you will benefit. It may cost you more money now but you will save your home and sanity. Whatever the cost dollar wise now you will reap the reward by just knowing they can no longer control you with their ways.