- Report: #143546
Complaint Review: OCWEN FEDERAL BANK FSB - ORLANDO Florida
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OCWEN FEDERAL BANK FSB
12650 INGENUITY DRIVE ORLANDO, 32826-2703 Florida, U.S.A.
Phone:
800-746-2936
Web:
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Ocwen Federal Bank FSB on a fixed income Ocwen is charging up every 6 months Orlando Florida
I've recently become aware of the serios trouble my mother is in with Ocwen. Some time ago she took out a loan, it looks like it was a consolidation loan but it includes her mortgage. The loan is an adjustable rate which is already bad news.
It looks like evry six months the interest rates increase and it seems like the Ocwen people call her every so often to refinace this loan but still at this adjustable rate. Now she doesn't know that they are charging this high fee to do this every year or however long (I haven't been able to determine this yet).
My mom has become ill and I have POA for her. I am afraid that these rates are going to become so high that her social security will not be enough to cover them.
If there is anyone out there that can give me some direction or advice, I would greatly appreciate it. I am so afraid that my mom will soon lose her home if I don't do something. I desperately need help.
Diane
Columbus, Ohio
U.S.A.
It looks like evry six months the interest rates increase and it seems like the Ocwen people call her every so often to refinace this loan but still at this adjustable rate. Now she doesn't know that they are charging this high fee to do this every year or however long (I haven't been able to determine this yet).
My mom has become ill and I have POA for her. I am afraid that these rates are going to become so high that her social security will not be enough to cover them.
If there is anyone out there that can give me some direction or advice, I would greatly appreciate it. I am so afraid that my mom will soon lose her home if I don't do something. I desperately need help.
Diane
Columbus, Ohio
U.S.A.
1 Updates & Rebuttals
Julie
Guthrie,Oklahoma,
U.S.A.
Refinance ARMS are trouble in my opinion
#2Consumer Suggestion
Fri, May 27, 2005
ARMS are trouble in my opinion. Usually, people to do them at first to save money, but when they rates increase, they are stuck in a hole and can't refinance because they rapidly get behind. She should either look at refinancing to get a fixed rate. If a fixed rate makes her payment too high, she simply needs to find a place that is less expensive to live. (Easier said than done, trust me, I know this.) It is really hard to own a home on a fixed income. Taxes/insurance goes up every year, but SSI doesn't have a cost of living increase substantial enough to cover this. This is incredibly unfortunate, but extremely true. Something else she might look into is a reverse mortgage. Basically, they would let the balance sit, with her not making payments. Speak to a housing counsler, there is a toll free number, 800.569.4287, that can assist her with all of these issues. Good luck!
