Print the value of index0
  • Report:  #66146

Complaint Review: Ocwen Federal Bank

Ocwen Federal Bank ripoff Something needs to been done about OCWEN Orlando Florida

  • Reported By:
    Williamsville New York
  • Submitted:
    Mon, August 25, 2003
  • Updated:
    Wed, August 27, 2003
  • Ocwen Federal Bank
    12650 Ingenuity Drive
    Orlando, Florida
    U.S.A.
  • Phone:
  • Category:

BEWARE OF OCWEN.....

In Septmeber of 1995 my husband had two heart attacks and a stroke, we had only owned our home for 9 months and had a 6 month old son. Our original loan was FHA so when my husband was out of work for almost a year we did not loose our house. HUD took over and reduced our mortgage payments and what ever we hadn't paid got tacked onto the end as an "interest arrearage".

In 1997, OCWEN took over our mortgage from HUD, they were to honor the original agreement with HUD {FHA loan, etc.} Well 3 years into the deal I realized my real estate tax bills were coming directly to my home, they had been since OCWEN took over, but I never really thought about it. Then I would get late notices about our taxes not being paid etc. I would call OCWEN and nothing was ever said about it except for they would take care of it.

Come to find out, they were never escrowing our taxes all these years. Instead they would put an advance on our account everytime they paid our taxes. Now, the original agreement with HUD was to escrow our taxes, we didn't have 20% equity in the property and it was an FHA loan, it was required by law. It didn't matter. We had an almost $10,000 bill added to our mortgage because they never escrowed our taxes. We still paid the same amount we were paying HUD, but the portion that went to the taxes they put toward the P&I.

So now they increased our mortgage to start paying that off. Our mortgage went from $700 to $1440 and that's what we are paying at this time for a loan of $74,550. It's insane. Not to mention, their harassing phone calls.

Our mortgage is paid every month, not on the 1st of the month, but it is always paid in the month it's due. They don't care, two days into the month they are calling and harassing you about your payment. Half the time you can't understand what they are saying because they have hired people in other countries to staff their call centers. Even when you have made your payment with Speed pay or by the internet, it some how doesn't register in their computer and they are still calling even though the payment is made. We are trying too sell our house and I have read some of the horror stories people have gone through with selling & refinancing. Something needs to been done about OCWEN.

Samantha
Williamsville, New York
U.S.A.

1 Updates & Rebuttals


Cynthia

Zephyrhills,
Florida,
U.S.A.

There is something being done

#2Consumer Comment

Tue, August 26, 2003

Samantha,
Please look through all of the posts for the past few months. We are doing something about Ocwen.

Believe me, we all know what you are going through. It is a very painful thing. You have a home that you love, live in a neighborhood with neighbors that you truly like and then you have to deal with the "professionals" at Ocwen.

When dealing with them, you either make a deal with the devil to keep your home, or like some of us, lose it to Ocwen.

Again, read through the posts. By then, you will get an idea of what you have to do.

Good luck to you!

Respond to this Report!