Complaint Review: OCWEN FEDERAL BANK

Ocwen Federal Bank should be ashamed of the way that they conduct business. they are the Trickiest, most Underhaded, Lieing,Spit Ball Throwing, bunch of wolves dressed in sheeps clothing that exist in the home morgtage banking industry today.

Their tricks include but are not limited to misleading their customers when they call for advice or quotes on the amounts that their accounts are due. Giving them lower amounts so that their payments would apear lacking funds to bring the loans current. This practice, they are famous for. End result putting the borrower into forebearance.

Avoiding calls from customers that are having trouble with their loans but are trying despartly to get caught up with payments so that they will not loose their homes. Here is a some prime examples of the business practices that they are acustomed to delivering to their customers.

( I ) Confusing Statements

( A.) November, 2004 I received three different billing statements from them With up to $1,649.60 difference in the amount due segment of statement!!

(1.) November 11, 2004 Ocwen billed me for $1,669.66
(2.) November 17, 2004 Ocwen billed me for $3,319.26
(3.) November 18, 2004 Ocwen billed me for $2,569.89

( II ) Total Lack of Courtesy and Respect

(A.) Either my husband or I made at least 30 or 40 calls directly concerning the two home loans that we had with Ocwen over a several month period of time. Leaving detailed messages, and request for a returned call on the voicemail machine supposedly assigned to
NANCI MIRANDA (Loan Resolution Consultant)
We desperately tried to get our loans current and totally up to date, so that Ocwen's figures, and ours would add up to be the same.

(It is my opinion that Nanci Miranda did nothing to help me resolve the relationship between Ocwen and myself. She dodged my calls, giving me the impression that she did not seem to care if I was able to keep my home or not. She deliberately lied to the HUD Counselor that Ocwen had recommended for us to see, by saying that Ocwen had never received not even one payment from me sine June 2004.)

We had the payment history report that Ocwen had sent to us upon our request for a fee of $15.00 that showed that we had made the payments.

We bought our home in August 2003. We acquired two separate loans from Fieldstone Mortgage Company to complete the purchase.
We never had any trouble with Fieldstone and have a very good payment record with them as our payments always had been paid in advance of their due date.

Ocwen Federal Bank acquired my loan from Fieldstone Mortgage Company in November 2003. Our November 2003 payment had been paid in advance to Fieldstone.

Following what seems to have been tens of years,
dealing with Ocwen has been the worst business transaction that I have ever encountered in my entire life.
Both my husband and myself have I have cried an ocean of tears over having to sell our home, because of Ocwens mistakes and outright lies.

I had put my life's savings into getting this house and making a home out of it. My husband put all of his retirement funds into trying to save our home the first time that Ocwen foreclosed on my home.

In December 2003 my husband lost his job and we were unable to make our December 2003, January 2004, payments.
Ocwen and I had agreed that I would pay them the total amount past due in February of 2004, when we received our Federal Income Tax return

When we received our tax return we called Ocwen to inquire of the amount due on both accounts necessary to make up for December and January payments along with any late charges that we had encountered as well.

We were told by Ocwen to send $1506.28 for our principle loan and $643.40 for our interest loan. These two payments would bring us up to date.

We sent both payments in the same envelope with (ATTENION) and the name of Ocwen employee that had been dealing with us.

After we sent Dec. 2003 and Jan. 2004 payments in I called to find out about our February2004 payments since it would be due any day, I sent The Feb. 2004 payment only three days after sending my Dec. 2003 and Jan. 2004 payments so that Ocwen would receive the payment before the due-date of February 15,2004

By March 2004, I am receiving a foreclosure notice. When Ocwen sent my March monthly payment bill to me, they had added over $600.00 extra, calling it legal fees. They also were billing me for $164.70 in late fees.

At this point, I find out that Ocwen themselves had applied my payment of $1506.28. (My Bank statement shows that the payment of $1,506.28 was taken out of my account on February 13, 2004) along with the payment of $643.40 (this payment was not taken out until February 17, 2004 (MAKING IT LATE) to the interest account only. Therefore leaving my principle account unpaid, foreclosure being the end result.

I called Ocwen to resolve this mix-up, and was told that the reason for the mix-up was due to the fact that I had multiple loans with their company, and that they had mistakenly applied both payments onto the interest loan only (I have only two loans with Ocwen, One principle and one interest loan.) Ocwen assured me that I was not in foreclosure and that they would get my accounts straightened out immediately. I should proceed in making my regular monthly payments.
However Ocwen never fully straightened out my accounts. They never removed the legal fees of over $600.00 that were incurred by their own mistakes.

On April 12, 2004 I called Ocwen to make a payment over the telephone so that the payment would not be late, and to be assured that we had the same amount due on the billing statement for the month of April 2004.

I was appalled when I was told that I needed to pay Ocwen a payment of $832.33 instead of $710.72, which was my supposedly usual monthly payment. The payment of $832.33 was made that very day, April 12, 2004 even though I realized that Ocwen was overfilling me for $121.61 minus the $35.00 fee for using the telephone method of payment. I chose to overpay them with the $832.33 payment so that I would feel once and for all that I was even with Ocwen and that I would not have the worries of being in default on my home loan.

During the months that Ocwen was charging us all of these extra fees and so called charges my Husband and I both had to take on extra hours at our current jobs as well as get part time work to try to keep up with our mortgage.

Our home mortgage was placed ahead of all other bills. Our credit rating was falling because of this.

For most of three months we cut our budget drastically by eating only potatoes for our evening meal and peanut butter and jelly sandwiches for our lunch. To make light of the situation we would ask each other, how would you like your potatoes prepared this evening. (MASHED, BAKED, BOILED, or FRIED!!) We lived like this because we desperately wanted to keep our home, and our credit in good standings.

These are just a very few of the hardships that we endured to try to keep our mortgage payments paid on time.

We were advised by an Ocwen Customer Service represenetive that we only had to pay our usual $710.72 payment even though our billing statements had a different amount.

We had placed many calls to Ocwen to find out why our billing statements reflected a totally different amount due, all of them in vain. No one seemed to know what to tell us other than you are not delinquent in your payments and that you should only send your regular payment and "don't worry about it. At the end of the loan they will adjust all of those little discrepancy

We had paid May, June, July, and August 2004 payments. We did not understand why on our billing statement, (CURRENT AMOUNT DUE) was escalating in leaps and bounds even though we had been making all of our payments.

I called Ocwen in August to try and figure out the current amount due differences only to be informed that there had been no recorded payments from the beginning of the loan in November 2003 until May 2004.

Ocwens own statement of my payment history shows that the February 2004 payment was never posted to my mortgage account until May of 2004. (MAKING THE PAYMENT AT LEAST FOUR MONTHS LATE) (This was also the first payment on record for my loans according to OCWEN) My bank statement from Washington Mutual bank showed that Ocwen had deposited the check and that the funds were transferred to them on February 25, 2004.

I was being charged LATE FEES from the time that Ocwen had acquired my loan in December 2003 until now August 2004. I also found out that all of the late fees were being compounded monthly and was growing like a weed. (it would be like working for a penny a day and doubling it every day. See how much you would have in 30 days.)

I had talked until I was blue in the face with many Ocwen representatives and had spent nine hours with my accountant going over every detail of the statements trying to figure what Ocwen was doing that made my bill fluctuate so much. I wrote Ocwen a letter stating that I should have been current on my mortgage payment and that their statement should have figures that matched the figures that I had. As I had taken them right off of the statements that Ocwen sent to me.

After all of the times that I had spoken to a representative of Ocwen, all of the voicemails that I had left, and the telephone payment in April, not to mention the two statements of payment history that we had requested at a $15.00 fee each. How could they not know that payments had and were still being made on these two accounts???

I had paid my August, and September 2004 payments,

In October 2004 my personal check for the amount of $710.72 was unpaid by my bank due to insufficient funds.
Instead of giving me the courtesy of a phone call to inform me of my returned check they placed my account in the accounts past due list.Thus placing my account into the forbearance status.

They charged my mortgage account $1,149.92 for what they called prev-legal collection expense.

Granted, I was upset that my October 2004 payment didn't clear my bank. I corrected this mistake by immediately sending another payment to Ocwen for the month of October 2004 including their normal late charge fee.

When I sent my November 2004 mortgage payment only to find a foreclosure notice with the balance of $2,551.67. This was my late charge even though I had included the late charge in my October 2004 payment.

Since the very first day that Ocwen acquired my Home Mortgage Loan I received nothing from them except for, outrageous fees and hidden charges, and confused employees that never seemed to know what was going on with my loans. Because of Ocwen's torturous treatment and deception. I may never trust a financial institution again. I believe that I am permanently scared from the sharp knife of Ocwen

I only hope that justice will be done, and all of the guilty parties at Ocwen will have their day in front of a fair judge that will teach them not to ever break the laws that this country has set forth, and to be punished for all of the lives that they have wrecked with their greedy ways!

Carla
Phoenix, Arizona
U.S.A.

Click here to read other Rip Off Reports on OCWEN Federal Bank Financial Services