I have posted many complaints. I have a question, What exactly is a "suspense" payment?
susan
conesus, New York
3 Updates & Rebuttals
jo
bel air, Maryland,
Mary, Mary, quite contrary
#4Consumer Comment
Mon, July 29, 2002
Mary...your statement regarding the suspense account is not accurate. There was an occasion or two when I sent less than the required monthly payment and it WAS NOT put in suspense...it was kicked right back to me...REJECTED!
It simply was not accepted if it was one penny short of the required monthly payment.
For years I sent in the required payment only to find out that Ocwen was putting part of my payment in "suspense" (turns out I was sending too much!) and they STILL screwed me!
They weren't putting enough into escrow and then WHAM...you're hit with an increase of 400 a month...why wasn't the money they were "sneaking" into suspense put into escrow, like they should have been doing!!!!!!!! I lost my home of 13 years over this mess!
Mary
Orlando, Florida,
Explanation Suspense account
#4UPDATE Employee
Sat, July 27, 2002
a suspense account is usedn to the benefit of the customer not the bank you can contact any Mortgage comapny in the US and they will tell you that a suspense account is used when a customer sends less then their contracutual monthly pmt and the funds recieved are not enough to be posted as payment to the account the funds are placed in suspense until the remaining amount owed is collected then the payment is posted to the loan
example: if youur monthly payment is 1000.00 and youb send a check for 900.00 then you have not met your obligation and the 900.00 will be placed in suspense until such time that the additional 100.00 is recieved at which time your payment will be posted to the loan
Robert
Crestline, California,
What is a Suspense Payment ..The way Ocwen Bank Views it!
#4Consumer Comment
Tue, July 23, 2002
It is a place to Hold your payment until they think of a way to apply it to your loan. Of course this is always in Ocwens favor and you have no say in the matter.
How about the "Other" right next to the Suspense. This is where they create something out of nothing and believe that this is totally Legal. Well, they are wrong, you can't do that or at least legally you can't. Because they have done it and based on their false figures created out of Air really has amazed me and have gotten away with outright theft. Truley Bank Robbers.
So, Suspense is what is going to happen when these guys have to account for all the damage they have caused to innocent mortgage Borrowers.
3 Updates & Rebuttals
jo
bel air,Maryland,
Mary, Mary, quite contrary
#4Consumer Comment
Mon, July 29, 2002
Mary...your statement regarding the suspense account is not accurate. There was an occasion or two when I sent less than the required monthly payment and it WAS NOT put in suspense...it was kicked right back to me...REJECTED!
It simply was not accepted if it was one penny short of the required monthly payment.
For years I sent in the required payment only to find out that Ocwen was putting part of my payment in "suspense" (turns out I was sending too much!) and they STILL screwed me!
They weren't putting enough into escrow and then WHAM...you're hit with an increase of 400 a month...why wasn't the money they were "sneaking" into suspense put into escrow, like they should have been doing!!!!!!!! I lost my home of 13 years over this mess!
Mary
Orlando,Florida,
Explanation Suspense account
#4UPDATE Employee
Sat, July 27, 2002
a suspense account is usedn to the benefit of the customer not the bank you can contact any Mortgage comapny in the US and they will tell you that a suspense account is used when a customer sends less then their contracutual monthly pmt and the funds recieved are not enough to be posted as payment to the account the funds are placed in suspense until the remaining amount owed is collected then the payment is posted to the loan
example: if youur monthly payment is 1000.00 and youb send a check for 900.00 then you have not met your obligation and the 900.00 will be placed in suspense until such time that the additional 100.00 is recieved at which time your payment will be posted to the loan
Robert
Crestline,California,
What is a Suspense Payment ..The way Ocwen Bank Views it!
#4Consumer Comment
Tue, July 23, 2002
It is a place to Hold your payment until they think of a way to apply it to your loan. Of course this is always in Ocwens favor and you have no say in the matter.
How about the "Other" right next to the Suspense. This is where they create something out of nothing and believe that this is totally Legal. Well, they are wrong, you can't do that or at least legally you can't. Because they have done it and based on their false figures created out of Air really has amazed me and have gotten away with outright theft. Truley Bank Robbers.
So, Suspense is what is going to happen when these guys have to account for all the damage they have caused to innocent mortgage Borrowers.
Suspend them from a Tree