Complaint Review: Ocwen Federal Bank/Ocwen Financial

Ocwen got me also. I refinanced thru New Century Mortgage, who subsequently sold the mortgage to Ocwen Federal Bank. I was going along fine until about a six months later when my mortgage payment went from 1500 to 2000. I called and asked what had happened and they told me there was an escrow defeciency and had to raise the payment. With the new higher payment, I got one month behind, and was immediately put into foreclosure.

I called again and was put into a forebearance agreement, which required a 3000 immediate payment, and then monthly payments of 2600. This was an agreement to stop forclosure proceedings, and to pay own the escrow defeciency.

About 6 months after that, I found out that the escrow was never paid down, and that all of the money had gone to interest payments. After a year of trying in vain to save my home from foreclosure by paying almost twice the mortgage payment required, I lost the home in July of 2006. I attempted to sell the property via a quick sale to realize a small protion of the equity I had built. I bought for $175,000 and the value at this time was around $255,000.

I was not allowed by Ocwen to realize any profit, or they would not allow the closing. I was told by Dan Begley, Ocwen Collections, that I will walk away with nothing or not at all. I ended up on the streets because of terror tactics and shady business prcatices. I want to get them for what they did!

Lakewoodfool
Aurora, Illinois
U.S.A.