Complaint Review: Ocwen Loan Servicing

I took out a mortgage on my house about a year ago (2004). The mortgage was subsequently sold to Ocwen Federal Bank FSB.

I was shocked to discover all the negative information on this company (after the fact)and am very concerned that I not be a victim of its predatory practices. At this point in time there seems to be nothing terribly alarming but I do have concerns. This is what has occurred to date: I received a letter from Ocwen Loan Servicing, LLC stating that my loan is being transferred from Ocwen Federal Bank FSB to Ocwen Loan Servicing, LLC. The content of the letter contained a certain area of double-talk, IE: Payments made to Ocwen Federal will be no longer be accepted after July 1., but continue to make your payments there until the payee change has been made.

I sent an email inquiry concerning the letter mentioned above and their reply indicated that there is nothing I have to do personally to accomodate this change in payee. However they also indicated that as of July 6, 2005, my house payment was still due (due date July 1). Hence, my area of concern - I make my payments through direct deposit from my bank and they claim the payment was not received. So, is this where it all starts?

I have a ton of dough invested in this house and would appreciate any advice on safeguards I should be taking (or warning signs I should be paying attention to).

Thanks for any help.

Larry
moorhead, Minnesota
U.S.A.