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Ocwen FSB, Ocwen Loan Servicing LLC And Affiliates Violate terms of mortgage contract with forced placed insurance Springfield Ohio
Ocwen Loan services has placed forced placed insurance in violation of the terms of the mortgage contract.
They state that mortgage insurance must be carried by all individuals with loans. My mortgage states that it may( May ) be required to ( protect the interest in the property of the lender) Ocwen did not determine if if meets this requirement and blindly places insurance on the property . I have demanded that they remove the insurance and all the charges for the insurance and they refuse to do so .
They are placing $200,000 of insurance on my property to cover fire . Their interest is $64,000. I state they would not be allowed to place insurance on the amount that is in excess of their loan amount and that is not payable by me . Furthermore, I have provided them with a real estate land appraisal on my 48 acres showing that the land without structure is worth from $1300 to $2100 per acre. This shows that the lender does not even have an interest in providing insurance on the property as they are already protected by the absolute value of the land alone. This shows a land alone value of over $100,000, far in excess of the loan ammount.
It is my intent to charge copyright fees to any insurance company who comes out to take pictures of my property. for each picture copy or fax of such at a rate in excess of $1000 ea. I will also consider Filing a lawsuit against any insurance company who knowingly attempts to insure the property when they learn that ocwen is illegally trying to punish borrowers into submission.
Furthermore I believe that the improper activities of Ocwen Loan servicing are criminal and i am looking for another loan service provider to take my payments and forward them to the proper lender... I cannot see paying a crooked loan service provide and i will demand thet they be removed as an escrow agent by my lender. If i can ever get their information.
Dianne at seneca lake
Salesville, Ohio
U.S.A.
2 Updates & Rebuttals
Mdluk
Tucson,Arizona,
U.S.A.
Question?
#3Consumer Comment
Wed, August 05, 2009
I was wondering do you need info on Ocwen loan servicing,or were you talking about your lender info?
I have a lot of info on Ocwen loan serviceing if you need it.
Mike
Dianne at seneca lake
Salesville,Ohio,
U.S.A.
Ocwen charges Illegal and usurous fees
#3Author of original report
Mon, July 13, 2009
Please note that when Ocwen charges you 10% interest on a payment which is 15 days late, that is to say they are charging you 240 % APR interest rate on your payment.. My note states that illegal fees are not subject to being paid... 240 % interest is Illegal in Ohio......
It Is Interest because they report it as interest on you federal tax forms at the end of the year as interest paid. One should be able to go to court and state that Ocwen illegally misapplied your payment to themselves and shorted you. That if they applied the payments properly more would be applied to other catagories on your mortgage.
Also the note states that they may charge the note interest rate for escrow balances and fees , not 240%.
There is a clause of separation in the contract which may be interpreted to sever the illegal operations of Ocwen loan servicing from paying your mortgage to Ocwen loan serviceing ,if they are operating or suspected of operating illegally. I need to find a friendly new loan service provider. can anyone help. I would like to pay my loan to an unbiased and ethical escow company. Dianne