Ocwen Federal Bank FSB ripoff forbearance agreements hidden costs not revealed to consumer excessive fees charged Pay off amount is $11,333.00 higher than is stated on monthly stateme Orlando Florida
Our loan was assigned to Ocwen in 1998. We always paid our loan on time until April 2000. Because of a serious illness we fell 6 months behind on our payment. We owed 7,200.00. Ocwen forclosed. Ocwen wanted $12,500.00 to reinstate our loan.
Well, we paid the 12,500.00 dollars and signed their forbearance agreement. I called repeatedly for a break down of the $12,500.00 that I had sent them but they ignored me. We continued to pay our monthly payments and we were never informed of all the hidden charges we had accumulated on our account until today, Friday, September 13, 2002.
We want to refinance our house. We called for a pay off of our loan. The pay off balance is $11,333.00 higher than the stated pay off amount on our monthly statement. The additional $11,333.00 consists of interest, and Ocwens attorneys fees, plus late charges. We were shocked to see our pay off. I called for an explanation. The attorney laughed at me and told me that most people were shocked at their pay off balance. We have no choice but to pay them in full when we refinance. Ocwen wins. We lose.
Donna
Parma, Ohio
1 Updates & Rebuttals
Starla
Warner Robins,Georgia,
Bad Forebearance Agreement
#2Consumer Comment
Mon, September 23, 2002
I had to do a forebearance agreement as a result of a divorce and serious illness. I could not make the forebearance payments for they were exceedly high. As a result, I filed a Chaper 13 bankruptcy to save my home.
The pay-off for my house was suppose to be 56,000. Which it appraised for 85,000. During the bankruptcy proceedings Ocwen charged me 24,000. just for the back payments and extremely high fees and abuse of their powers to do to the homeowner whatever they want to.
In the bankruptcy hearing I wanted to dispute this outrageous amount but my attorney advised me not to because they could not grant me the Chapter 13. Again I am in the same boat as before in the forebearance agreement because the payments are to high.
I struggle every month to make the payments to keep my home. i am a single parent with two kids. Sometimes we do without so we can keep our home. Im very tired of all this. Im about ready to let Ocwen have my house just so I can have a peace of mind.